Israeli insurers back pharmaceutical development company BioSight
Pharmaceutical development company BioSight announced a $46 million Series C financing round led by Israel Biotech Fund (IBF) with participation from new investors, The Phoenix Insurance Company and Migdal Insurance Company, two of Israel’s leading institutional investors, and Biotel, as well as existing investors including Arkin Bio Ventures and Primera Capital.
These additional proceeds will be used to advance the clinical development of Biosight’s lead asset BST-236 (aspacytarabine), currently being investigated in a multi-center Phase 2b study in the U.S. and Israel as a single-agent, first-line treatment of acute myeloid leukemia (AML), and soon to be expanded to two additional Phase 2 trials, one in Europe and another in the U.S., to evaluate BST-236 in relapsed/refractory myelodysplastic syndrome (MDS) and AML.
“2020 has been a transformative year at Biosight, marked by meaningful clinical, regulatory and corporate progress. This increased round, with participation by existing and new shareholders, validates the potential of BST-236 to transform the standard of care in AML and other hematological disorders. These funds leave us well positioned to launch our additional clinical programs, expanding the reach of BST-236 to additional hematological indications, while also continuing our steady progress in the ongoing Phase 2b trial. We look forward to reporting updated data from the trial at the upcoming 2020 ASH Annual Meeting and importantly, are on track to complete study enrollment early next year. We look forward to continued execution as we advance BST-236 to address the unmet needs in the treatment of patients who are currently medically unfit to receive intensive chemotherapy.” – Biosight CEO, Dr. Ruth Ben Yakar.
“We remain encouraged by the accumulating data which demonstrate that BST-236 may serve as a safer and more tolerable chemotherapy agent that provides meaningful benefits beyond current standard of care options. We are impressed by the steady execution of the Biosight team who have rapidly enrolled their ongoing study despite the challenging COVID environment while also making regulatory progress, gaining Fast Track Designation from the FDA, and promoting collaborations and expansion of the clinical development program of BST-236. We look forward to continued momentum and partnership throughout a milestone rich 2021.” – Dr. David Sidransky, Co-Founder and Managing Partner at IBF.
