Ayala Pharmaceuticals, Inc., a Wilmington, DE-based clinical-stage company developing medicines for cancers that are genetically defined, closed a $30m Series B financing.
The round was led by Novartis with participation from SBI JI Innovation Fund and existing investors Israel Biotech Fund, aMoon and Harel Insurance & Finance Group.
The company intends to use the capital to accelerate plans to advance the clinical development of lead product candidate AL101, a pan-Notch inhibitor that is currently being evaluated for adenoid cystic carcinoma (ACC).
Led by Roni Mamluk, Ph.D., Chief Executive Officer, Ayala Pharmaceuticals is broadly developing its product candidates, AL101 and AL102, gamma secretase inhibitors, with studies underway in solid tumors (AL101) and in hematologic malignancies (AL102) and in collaboration with Novartis in multiple myeloma.
AL101 is a gamma secretase inhibitor developed as a Notch inhibitor for oncology indications. Notch signaling pathway plays an important role in tumorigenesis in several solid and hematological malignancies. Upon ligand binding of the Notch receptor, an important step in the activation of Notch receptors is cleavage by gamma secretase, which frees the Notch intracellular signaling domain.
AL101 is currently in Phase 2 for adenoid cystic carcinoma patients with tumor bearing Notch activating mutations (ACCURACY).