PolyPid Raises $22 Million Series D to Complete its Ongoing Clinical Trials
Date: Friday , March 04, 2016
PolyPid, an Israeli clinical stage pharmaceutical company, successfully closes its series D round worth $22 million led by Shavit Capital and Aurum Ventures along with angel investor Chaim Hurvitz who will now be the head of PolyPid\'s Board of Directors. The amount from the latest funding will enable PolyPid to support the completion of its ongoing confirmatory European clinical trial in severe open tibia fractures.
Since its inception, the company has raised $33.54 million in four funding rounds from three investors. Just last week, the company had raised $8.14 million series C round from undisclosed 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,\" says Amir Weisberg, CEO, PolyPid.
Commenting on the latest investment, Gary Leibler, Founder & Managing Partner, Shavit Capital, quotes, \"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 has ensured that we were able to complete a relatively large round of finance comprising first tier investors\".
Headquartered in Petah Tikva, Israel, PolyPid has developed a technology platform exclusively for the healthcare industry. This platform enables the healthcare businesses to prolong & control the release of any active pharmaceutical ingredients. By combining polymers and lipids, PolyPid\'s innovative technology enables small & large API entrapment in various protected environments regardless of their chemical or physical nature.