PolyPid closes $22 million private equity financing

Feb 24 2016

PolyPid Ltd., an emerging clinical-stage specialty pharmaceutical company, focused primarily on the development of post-surgical anti-infection pipeline, announced today that it closed a $22 million private equity financing. The financing was co-led by new investor Shavit Capital and current investor Aurum Ventures. The round also included participation of Chaim Hurvitz who will now head the Company's board of directors, as well as other existing shareholders.

The new investment is expected to facilitate the completion of an ongoing confirmatory European clinical trial in severe open tibia fractures for BonyPid-1000™, the company's proprietary investigational doxycycline-loaded synthetic bone substitute, which is planned to be completed by 2017. The company also plans to finance the initiation of phase III clinical study for its lead product, D-PLEX™ designed to prevent post-cardiac surgery Sternal infections, where approximately 40% of infections are fatal.

Gary Leibler, Founder and Managing Partner of Shavit Capital said, "PolyPid joins our portfolio of companies which have developed a core technology that has the potential to serve as the foundation of several multi-billion dollar product lines. The company's recent progress, as evidenced by the initiation of the final CE mark certification clinical trial for BonyPid-1000™ as well as the preparation for a phase III clinical trial for D-PLEX™ in the US has ensured that we were able to complete a relatively large round of finance comprising first tier investors."

"The commitment from both new and existing investors provides us with the necessary resources to advance our pipeline towards commercialization, initiate our own GMP manufacturing facility and further invest in early-stage PLEX™ programs that can fuel our growth over the long term in the area of post-surgery infections and pain management" stated Amir Weisberg, CEO of PolyPid. "With this financing in place, we are well positioned to advance our drug candidates that address unmet medical needs in post-surgical care."