Israeli biomed firm Mapi Pharma Ltd., which is a development stage pharmaceutical company, received a $10 million investment led by Shavit Capital in a Series A financing round that included participation by the company’s chairman and CEO Mr. Ehud Marom. The funding will be used to support the company’s clinical development plans.
The company says tha the new funds are sufficient to advance its lead product, the Glatiramer Acetate (GA) Depot, a once every four weeks injection, currently at Phase II, up to the initiation of the single pivotal Phase III needed for registration. This path follows the recommendations made during a pre-IND meeting the company had with the FDA in March 2015.
“Mapi Pharma has a strong portfolio and an experienced management team with an impressive track record. We are confident that our investment will serve as the foundation for the long term success of the company,” Gary Leibler, managing partner of Shavit Capital.
“We are delighted to have a quality investor such as Shavit Capital, which will strengthen Mapi’s capability to maximize the potential of its clinical-status product pipeline and pursue its strategy to obtain high-value, co-development deals and other financial opportunities as well as bring to the market a superior Glatiramer Acetate product for the benefit of MS patients,” said Ehud Marom, chairman of the board and CEO of Mapi Pharma.