Closely-held BioSight has closed an investment of $13-million led by Mori Arkin’s pharmaceutical investment firm, Arkin Holdings, and the U.S.-based venture firm, Primera Capital.
Proceeds will be used for a multi-center, Phase 2b clinical trial with the company’s lead product, Astarabine, for the treatment of acute myeloid leukemia (AML).
Under the accord, Arkin Holdings and Primera will invest $5-million each, and an additional $3-million will come from existing shareholders, including Michael Ilan Management & Investments.
BioSight is currently completing a Phase 1/2a clinical trial to evaluate the safety and efficacy of Astarabine as a monotherapy for AML and acute lymphoblastic leukemia (ALL) at Rambam Hospital in Israel.
Results obtained to date indicate a good safety profile with no significant drug-related side effects, including in 80-and 90-year-old patients. In addition, Astarabine treatment achieved high response rates in newly diagnosed AML/ALL and secondary AML patients unfit for conventional chemotherapy.
BioSight is preparing a multi-center Phase 2b trial in the U.S., Europe, and Israel, to further evaluate the efficacy and safety of Astarabine in the treatment of AML.