Ayala Pharmaceuticals Raises Series B Round
Posted on 05/29/2019
Rehovot, Israel-based Ayala Pharmaceuticals, Inc., a clinical-stage company developing medicines for cancers that are genetically defined, raised US$ 30 million in a Series B round. Novartis International AG led the Series B round. Other investors in the round include SBI JI Innovation Fund and all existing investors, including Israel Biotech Fund, aMoon and Harel Insurance & Finance Group. Ayala plans to use that capital to advance the clinical development of its lead product candidate AL101, a pan-Notch inhibitor that is currently being evaluated for adenoid cystic carcinoma (ACC). Ayala Pharmaceuticals was founded in November 2017.
The U.S. Food and Drug Administration’s Office of Orphan Products Development recently granted Orphan Drug Designation to AL101 for the potential treatment of ACC. AL101 is a gamma secretase inhibitor developed as a Notch inhibitor for oncology indications.
Keywords: Harel Insurance Investments and Financial Services Ltd.
