Kahr Medical Ltd., a Jerusalem, Israel-based biotech company, raised $12m at the first closing of a $15M Series B private equity financing.
A second closing of the round, in which the additional $3M will be invested, is anticipated to take place prior to February 15th.
Backers included Korea Investment Partners, Mirae Asset Venture Investment and DSC Investment as well as existing investor Flerie Invest AB.
The company intends to use the funds to for the clinical development of its lead product, KAHR-102, which recently received regulatory approval in Israel to initiate a Phase-I/IIa in lymphoma, as well as pre-clinical development of KAHR-101 and new pipeline programs.
A company established by Hadasit Bio Holding (TASE: HDST) and led by Dr. Noam Shani, CEO, Kahr develops a drug platform known as DSP (Dual Signaling Proteins), bi-functional fusion proteins that are based on the TNF-superfamily, the proteins that control the immune system.
The technology allows the construction of biological drugs with two functional sides that allow them to block or activate two reinforcing biological signals at the same time.