AIRPORT CITY, Israel, March 11, 2020 (GLOBE NEWSWIRE) -- Biosight Ltd., a pharmaceutical development company developing innovative therapeutics for hematological malignancies and disorders, today announced the raising of a $19M Series C financing.
The investment is led by Israel Biotech Fund (IBF) with participation by SBI JI Innovation Fund, Arkin Bio Ventures, and additional new and existing investors. The new capital will advance the clinical development of Biosight’s lead asset BST-236 (aspacytarabine), currently being investigated in a Phase 2b study as a single-agent, first-line treatment of acute myeloid leukemia (AML).
“We are thrilled with this financing,” said Dr. Ruth Ben Yakar, Chief Executive Officer of Biosight. “The increase of our investor base as well as the continued support from our existing shareholders are testaments to the potential of BST-236 as an important new therapy to cancer patients with limited therapeutic options. With this funding we are well positioned to complete enrollment of our ongoing Phase 2b trial in patients with AML, and to advance BST-236 to additional indications to address the unmet needs in the treatment of patients who are currently medically unfit to receive intensive chemotherapy.”
Dr. David Sidransky of IBF said, “The encouraging interim data presented at the 2019 ASH Annual Meeting bolster our confidence in the ability of BST-236 to serve as a safer and more tolerable chemotherapy agent. We believe BST-236 has the potential to dramatically change standard of care for patients with hematologic malignancies and are thrilled to partner with the Biosight team to help the company succeed in its clinical development.”
About BST-236 (Aspacytarabine)
BST-236 (aspacytarabine) is a novel proprietary anti-metabolite. It is composed of cytarabine covalently bound to asparagine, acting as a pro-drug of cytarabine. Cytarabine serves as the backbone of AML therapy for over 40 years due to its superior efficacy, however, it is associated with severe bone marrow, gastrointestinal, and neurological toxicities, which significantly limit its use, especially in older and medically compromised patients. Due to its unique kinetics and metabolism, BST-236 is designed to enable high-dose therapy with lower systemic exposure to free cytarabine and relative sparing of normal tissues. As such, BST-236 may serve as a superior therapy for AML and other hematological malignancies and disorders, including for older adults who are unfit for intensive therapy.
BST-236 was granted Orphan Drug Designation from the FDA, which entitles Biosight to seven years of market exclusivity upon BST-236 marketing approval for the treatment of AML.
Integrated results from an ongoing Phase 2b study and a completed Phase 1/2a study of BST-236 as a single-agent first-line AML therapy for patients unfit for standard chemotherapy were presented at the ASH 2019 Annual Meeting. The data include a 57% complete remission (CR) rate in de novo AML patients, a 45% CR rate in patients with adverse cytogenetics, and a potential increase in overall survival. For more information regarding the Phase 2b clinical study of BST-236, please visit www.clinicaltrials.gov.
About Biosight Ltd.
Biosight is a private clinical-stage biotech company, developing innovative therapeutics for hematological malignancies and disorders, including acute myeloid leukemia (AML) and myelodysplastic syndrome (MDS). For additional information, please visit www.biosight-pharma.com.
About Israel Biotech Fund
Israel Biotech Fund is a venture fund focused on at or near clinical stage biotechnology and pharmaceutical companies with exceptional technologies or product opportunities. The Fund provides its portfolio companies not only with capital, but with executive talent, strategic, operational, and business development resources, enabling them to design and execute clinical development programs efficiently and successfully. The Managing Partners are joined by a group of top-tier biotech industry experts who act as venture advisors of the Fund and its portfolio companies. Additional information about Israel Biotech Fund is available at www.israelbiotechfund.com.
About Arkin Bio Ventures
Arkin Bio ventures is a pharma and biotech specialized strategic partnership established in 2016 by Arkin Holdings, a leading Israel-based life sciences investor, and the Phoenix Group. Arkin Bio ventures invests globally in promising innovative pharmaceuticals in pre-clinical and early clinical stages and offers a distinctive combination of practical pharmaceutical knowledge, wide acquaintance with the market along with significant financial capabilities.
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