Israeli Pharma Two B Ltd., a developer of treatments for Parkinson’s disease, has completed its third round of financing.
The $30 million 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.
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 privately held biopharmaceutical company Pharma Two B’s announcement states that 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. The company says that this round will enable it to expand its portfolio to include additional products.
“The financing 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 founder and chairman Ehud Marom, “We are thrilled by the strong support of our existing investors, and by the addition of our new investors.”
Pharma Two B CEO Dr. Nurit Livnah 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.”
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.