Kadimastem (TASE: KDST), a Ness Ziona, Israel-based biotech company, raised $5.15m in a private placement.
Participants in the round included the Altshuler Shaham Investment House ($2.5 million), which is thereby increasing its holdings in the company to around 20%, as well as the company’s controlling shareholders, Prof. Michel and Claire Revel ($500K) and Julien Ruggieri ($600K), as well as company stakeholders (Mr. Yigal Fatran, member of the BOD of the company; Dr. Michal Izrael, VP R&D for ALS and Neurodegenerative Diseases; Dr. Arik Hasson, VP R&D; and Mr. Yehuda Feinberg, CFO) and additional private investors ($1.55 million).
The company intends to use the funds to reach product efficacy results from cohorts A and B in the Phase I/IIa clinical trial in ALS patients.
The Phase I/IIa clinical trial is being conducted by the Department of Neurology of the Hadassah Ein Karem Medical Center, expected to include 21 participants. The objective of the trial is to evaluate the safety and efficacy of the company’s product, AstroRx®, in patients.
Led by Yossi Ben Yossef, CEO, Kadimastem is a clinical stage biotechnology company developing industrial regenerative therapies based on human embryonic stem cells (hESC) for the treatment of neurodegenerative diseases such as ALS, as well as diabetes.
The company was founded in 2009 by Prof. Michel Revel and Yossi Ben Yosef and is listed on the Tel Aviv Stock Exchange (TASE: KDST). The company’s chairman is Dr. Eli Opper, formerly the Chief Scientist of Israel’s Ministry of Industry, Trade, and Labor.
It was founded on the basis of patent-protected technologies developed in Prof. Michel Revel’s laboratory at the Weizmann Institute of Science.
FinSMEs
02/10/2018