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news.Pharma Two B, a privately held biopharmaceutical firm engaged in the development of treatments for Parkinson’s disease, has closed $30m financing round.
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The $30m funding round was led by Israel Biotech Fund (IBF) which identified the company, led the due diligence, and syndicated with leading US and Israeli biotechnology investors, including aMoon and JVC.
Current investors, including JK&B and Generali Financial Holdings FCP-FIS SF2 participated in this round as well. Jeff Kindler, a member of Israel Biotech Fund's Venture Advisory Team, will join Pharma Two B's Board of Directors. Kindler is the former CEO and chairman of Pfizer.
The funds raised will be used to complete the final pivotal phase III clinical trial needed to register P2B001, the company's lead combination product for the treatment of Parkinson's disease. This round will enable Pharma Two B to expand its portfolio to include additional products.
Pharma Two B founder & chairman Ehud Marom said: "We are happy to have secured the financing that will support our drug candidate through its phase III trial and enable us to offer better and safer treatment for early-stage Parkinson's patients.
"We are thrilled by the strong support of our existing investors, and by the addition of our new investors. We are confident that with their assistance, Pharma Two B can build a thriving commercial biopharmaceutical company.
“The presence of IBF in the Israeli Biotech space is something we have all been waiting for. Their rigorous scientific and clinical due diligence and deep networking capabilities present a significant contribution to the investment landscape in Israel."
Pharma Two B CEO Dr. Nurit Livnah said: "The phase IIb trial we conducted for P2B001 has met all primary and secondary end-points and demonstrated optimized efficacy and safety of the low dose combination product. This unique set of properties was obtained through the complementary mechanisms leading to synergetic effects, which are further enhanced by the unique sustained release delivery profile.
“We are confident that the phase III trial will follow the same path and will enable us to bring P2B001 to the market soon. Parkinson's disease is defined as the second most prevalent neurodegenerative disease, treated mostly with Levodopa today.
“P2B001 has the potential to initially fill a significantly unmet need in the treatment regime for early stage Parkinson's disease patients and could be expanded into treatment as an add-on to Levodopa as well."
Jeff Kindler said: "I was impressed by the strong leadership team and by the work done so far by Pharma Two B. I'm excited to join its board of directors.
"Our goal is to provide a safe and effective solution to early-stage Parkinson's patients which would allow them to maintain a regular daily regime in the early years of onset."
