Biosight Closes $46M Series C Financing to Advance Clinical Oncology Programs
Proceeds support expanded clinical program of BST-236, a proprietary anti-metabolite enabling high-dose chemotherapy with reduced systemic toxicity
AIRPORT CITY, Israel, Dec. 02, 2020 (GLOBE NEWSWIRE) -- Biosight Ltd., a pharmaceutical development company developing innovative therapeutics for hematological malignancies and disorders, today announced the deferred closing of its Series C financing, raising an additional $27M to the $19M announced earlier this year for total proceeds of $46M.
The round was led by Israel Biotech Fund (IBF) with participation from new investors, The Phoenix Insurance Company and Migdal Insurance Company, two of Israel's leading institutional investors, and Biotel, as well as existing investors including Arkin Bio Ventures and Primera Capital. These additional proceeds will be used to advance the clinical development of Biosight’s lead asset BST-236 (aspacytarabine), currently being investigated in a multi-center Phase 2b study in the U.S. and Israel as a single-agent, first-line treatment of acute myeloid leukemia (AML), and soon to be expanded to two additional Phase 2 trials, one in Europe and another in the U.S., to evaluate BST-236 in relapsed/refractory myelodysplastic syndrome (MDS) and AML.
“2020 has been a transformative year at Biosight, marked by meaningful clinical, regulatory and corporate progress,” said Dr. Ruth Ben Yakar, Chief Executive Officer of Biosight. “This increased round, with participation by existing and new shareholders, validates the potential of BST-236 to transform the standard of care in AML and other hematological disorders. These funds leave us well positioned to launch our additional clinical programs, expanding the reach of BST-236 to additional hematological indications, while also continuing our steady progress in the ongoing Phase 2b trial. We look forward to reporting updated data from the trial at the upcoming 2020 ASH Annual Meeting and importantly, are on track to complete study enrollment early next year. We look forward to continued execution as we advance BST-236 to address the unmet needs in the treatment of patients who are currently medically unfit to receive intensive chemotherapy.”
Dr. David Sidransky, Co-Founder and Managing Partner at IBF, said, “We remain encouraged by the accumulating data which demonstrate that BST-236 may serve as a safer and more tolerable chemotherapy agent that provides meaningful benefits beyond current standard of care options. We are impressed by the steady execution of the Biosight team who have rapidly enrolled their ongoing study despite the challenging COVID environment while also making regulatory progress, gaining Fast Track Designation from the FDA, and promoting collaborations and expansion of the clinical development program of BST-236. We look forward to continued momentum and partnership throughout a milestone rich 2021.”
About BST-236 (Aspacytarabine)
BST-236 (aspacytarabine) is a novel proprietary anti-metabolite. It is composed of cytarabine covalently bound to asparagine, acting as a pro-drug of cytarabine. Cytarabine serves as the backbone of AML therapy for over 40 years due to its superior efficacy, however, it is associated with severe bone marrow, gastrointestinal, and neurological toxicities, which significantly limit its use, especially in older and medically compromised patients. Due to its unique kinetics and metabolism, BST-236 is designed to enable high-dose therapy with lower systemic exposure to free cytarabine and relative sparing of normal tissues. As such, BST-236 may serve as a superior therapy for AML and other hematological malignancies and disorders, including for older adults who are unfit for intensive therapy.
BST-236 was granted Fast Track Designation and Orphan Drug Designation from the FDA, which entitles Biosight to seven years of market exclusivity upon BST-236 marketing approval for the treatment of AML.
Updated results from the ongoing phase 2b trial of BST-236 as a single agent first-line therapy for AML patients unfit for standard chemotherapy will be presented at the upcoming 2020 ASH Annual Meeting. For more information regarding the Phase 2b clinical study of BST-236, please visit www.clinicaltrials.gov.
About Biosight Ltd.
Biosight is a private Phase 2 clinical stage biotech company developing innovative therapeutics for hematological malignancies and disorders. Biosight’s lead product, BST-236 (aspacytarabine), is an innovative proprietary anti-metabolite which addresses unmet medical needs by enabling high-dose chemotherapy with reduced systemic toxicity. BST-236 is currently being investigated as a single agent in a Phase 2b for first-line treatment of acute myeloid leukemia (AML), following completion of a Phase 1/2a study which demonstrated tolerability with promising efficacy in the challenging population of AML patients unfit for standard of care chemotherapy. A Phase 2 study in relapsed/refractory AML and myelodysplastic syndrome (MDS) will be launched in the coming weeks under a collaboration agreement recently signed with the European cooperative group, GFM. For additional information, please visit www.biosight-pharma.com.
About Israel Biotech Fund
Israel Biotech Fund is a venture fund focused on at or near clinical stage biotechnology and pharmaceutical companies with exceptional technologies or product opportunities. The Fund provides its portfolio companies not only with capital, but with executive talent, strategic, operational, and business development resources, enabling them to design and execute clinical development programs efficiently and successfully. The Managing Partners are joined by a group of top-tier biotech industry experts who act as venture advisors of the Fund and its portfolio companies. Additional information about Israel Biotech Fund is available at www.israelbiotechfund.com.
About Arkin Bio Ventures
Arkin Bio ventures is a pharma and biotech specialized strategic partnership established in 2016 by Arkin Holdings, a leading Israel-based life sciences investor, and the Phoenix Group. Arkin Bio ventures invests globally in promising innovative pharmaceuticals in pre-clinical and early clinical stages and offers a distinctive combination of practical pharmaceutical knowledge, wide acquaintance with the market along with significant financial capabilities.
LifeSci Advisors, LLC