Pharma Two B Ltd. Closes $30 Million Financing Round
REHOVOTH, Israel, Feb. 27, 2017 /PRNewswire/ -- Pharma Two B Ltd., a privately held biopharmaceutical company focused on developing treatments for Parkinson's disease, announced today it has completed its third round of financing. The $30MM funding round was led by Israel Biotech Fund (IBF) which identified the company, led the due diligence, and syndicated with leading US and Israeli biotechnology investors, including aMoon and JVC. Current investors, including JK&B and Generali Financial Holdings FCP-FIS SF2 participated in this round as well. Mr. Jeff Kindler, a member of Israel Biotech Fund's Venture Advisory Team, will join Pharma Two B's Board of Directors. Mr. Kindler is the former CEO and chairman of Pfizer.
The funds raised will be used to complete the final pivotal phase III clinical trial needed to register P2B001, the company's lead combination product for the treatment of Parkinson's disease. This round will enable Pharma Two B to expand its portfolio to include additional products.
"We are happy to have secured the financing that will support our drug candidate through its phase III trial and enable us to offer better and safer treatment for early-stage Parkinson's patients," said Pharma Two B's Founder & Chairman, Mr. Ehud Marom. "We are thrilled by the strong support of our existing investors, and by the addition of our new investors. We are confident that with their assistance, Pharma Two B can build a thriving commercial biopharmaceutical company. The presence of IBF in the Israeli Biotech space is something we have all been waiting for. Their rigorous scientific and clinical due diligence and deep networking capabilities present a significant contribution to the investment landscape in Israel."
Dr. Nurit Livnah, Pharma Two B's CEO said, "The phase IIb trial we conducted for P2B001 has met all primary and secondary end-points and demonstrated optimized efficacy and safety of the low dose combination product. This unique set of properties was obtained through the complementary mechanisms leading to synergetic effects, which are further enhanced by the unique sustained release delivery profile. We are confident that the phase III trial will follow the same path and will enable us to bring P2B001 to the market soon. Parkinson's disease is defined as the second most prevalent neurodegenerative disease, treated mostly with Levodopa today. P2B001 has the potential to initially fill a significantly unmet need in the treatment regime for early stage Parkinson's disease patients and could be expanded into treatment as an add-on to Levodopa as well."
"I was impressed by the strong leadership team and by the work done so far by Pharma Two B. I'm excited to join its board of directors" said Jeff Kindler, "Our goal is to provide a safe and effective solution to early-stage Parkinson's patients which would allow them to maintain a regular daily regime in the early years of onset."
About Pharma Two B
Pharma Two B develops clinically differentiated and value-added products, based on approved drugs. The company focuses on Fixed-Dose-combinations of two or more drugs with complementary and synergistic effects, providing high clinical value and shorter regulatory pathways (US 505(b)(2) approach). The company develops products in two therapeutic areas with great unmet needs. The company's leading product is a combination drug for the treatment of early stage Parkinson's disease.
About Israel Biotech Fund
Israel Biotech Fund seeks high value returns by identifying and maximizing the success of therapeutic assets of Israel-based biotech companies. Based in Rehovot, Israel's main Biotech hub, Israel Biotech Fund invests exclusively in Biotech companies developing drugs at or near clinical stages. The Fund has the tools, experience and network required to identify the best opportunities and partner with its portfolio companies to help them go the distance.
About JK&B Capital
Founded in 1996, JK&B Capital is a Chicago-based venture capital firm with more than $1.1 billion cumulative under management. JK&B focuses on Information, healthcare and communications technologies. JK&B is an active investor that works closely with their portfolio companies to help them grow and prosper.
About Generali Financial Holdings FCP-FIS SF2
Generali Financial Holdings FCP-FIS SF2 is an open-ended venture fund established by the Generali Insurance Group as the sole investor. The fund is managed by Allegro S.a.r.l., an independent management company operating in Luxembourg, BIT Enterprises Ltd., is the Israeli representative and advisor of Allegro.
About Marius Nacht and aMoon Partners
Founded in 2016 by Marius Nacht Chairman of Check Point and Dr. Yair Schindel former CEO of Digital Israel, aMoon Partners is an investment management firm focused innovative Israeli healthcare and life science ventures. The fund is investing in a broad spectrum of healthcare sub sectors, including; Biopharmaceuticals, Devices and Digital Health. The fund puts further emphasis on precision, personalized and preventive medicine and on companies which offer either lifesaving solutions or significant cost savings for global healthcare systems.
About JVC Investment Partners
JVC Investment Partners ("JVC") is a Chicago-based private investment firm established in 2000 to invest in low middle-market and growth platforms in the health care industry. JVC brings over fifty years of operating and investing experience in the health care industry across a wide spectrum of businesses and markets.
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SOURCE Pharma Two B Ltd
