KAHR Medical Reports Raising $12M at First Closing of Its Series B Private Equity Financing
JERUSALEM, December 15, 2015 /PRNewswire/ --
KAHR Medical Ltd. ("KAHR") (http://www.kahr-medical.com), a company established by Hadasit Bio Holding (TASE: HDST) ("HBL"), today announced that it raised $12M at the first closing of a $15M Series-B private equity financing. A second closing of the round, in which the additional $3M will be invested, is anticipated to take place prior to February 15th. Proceeds of the new financing will be used primarily to fund the clinical development of KAHR's lead product, KAHR-102, which recently received regulatory approval in Israel to initiate a Phase-I/IIa in lymphoma, as well as pre-clinical development of KAHR-101 and new pipeline programs.
Korea Investment Partners, Mirae Asset Venture Investment and DSC Investment, participated in the first closing, along with an existing investor, Flerie Invest AB, a company controlled by Thomas Eldered, CEO and a major shareholder in Recipharm (RECI-B.ST), one of the largest pharmaceutical Contract Development and Manufacturing Organizations (CDMO) in Europe.
Mr. Sang-Woo Lee, representing Korea Investment Partners: "We are very happy with our investment in KAHR and we are looking forward to working with KAHR's management and with our partner shareholders in taking KAHR and its drug products to the next steps of development."
Dr. Noam Shani, CEO of KAHR: "We are very happy to announce this important financing round. This funding will allow the company to advance our lead products through their initial pre-clinical and clinical development stages; KAHR-102 is now clinic-ready, regulatory approved in Israel to initiate a Phase I/IIa clinical trial in lymphoma patients. Our second drug program, KAHR-101, is ready for the final stages of its pre-clinical development and we plan to explore our two DSP platforms for exciting new future pipeline candidates. As KAHR-102 is getting ready to enter the clinic in 2016, we are very happy with the recent joining of Prof. Arnold Freedman from Harvard Medical School and head of the Lymphoma Program at Dana Farber Cancer Institute, as a member of our Scientific Advisory Board."
RM Global Partners advised KAHR on the financing.
KAHR was represented by the law firm of Pearl Cohen Zedek Latzer Baratz.
KAHR is an Israeli biotech company developing a drug platform known as DSP (Dual Signaling Proteins), bi-functional fusion proteins that are based on the TNF-superfamily, the proteins that control the immune system. KAHR's technology allows the construction of biological drugs with two functional sides that allow these drugs to block or activate two reinforcing biological signals at the same time. KAHR's DSP platforms, named DSP-Hexamers and DSP-Clusters, form a new generation of biological drugs with great diversity and superior efficacy for the treatment of multiple cancer and autoimmune disease indications.
The company's technology is based on 15 years of research by Professor Michal Dranitzki Elhalel, Head of Nephrology at the Hadassah Medical Center, and Professor Mark Tykocinski, Dean of the School of Medicine at Jefferson University in Philadelphia and former Chief of Pathology at the University of Pennsylvania. KAHR is managed by Dr. Noam Shani.
For more information please visit - http://kahr-medical.com
About Korea Investment Partners:
Korea Investment Partners (KIP), a Korea Investment Holdings company, is a private equity company specializing in small- and mid-cap business and has been discovering, investing in and promoting growth of promising businesses since establishment in 1986. From 2000, KIP has been managing Venture Capital funds worth over $750 million, PEF funds worth $850 million, and an overseas fund worth $100 million. KIP is also maintaining robust relationships with major long-term institutional investors including National Pension Service, Korea Finance Corporation and Korea Development Bank based on its solid track record. For more information please visit - http://www.kipvc.com/
About Mirae Asset Venture Investment:
Mirae Asset Venture Investment, a venture capital arm of Mirae Asset Financial Group which is one of the leading financial groups in Korea managing over $70 billion assets, is a specialized investor of enterprises of creativity, high technology, and potential, and a supporter of invested enterprises to become a successful business by providing various consults such as business management, M&A, re-structuring, finance. For more information please visit - http://venture.miraeasset.com/eng/index.jsp
About DSC Investment:
DSC Investment is a Venture Capital firm led by seasoned professional managers and partners with ample experience in early-stage investments and diverse expertise in the field. Guided by its mission statement, "Dream, Shelter, Charity", DSC has grown to be a leading firm known for its precise and unconstrained investment decision process, and transparent incentive compensation system. DSC is the first VC with all of its members participating as shareholders. It has won the Best Venture Capital House for early-staged investment sector in 2015, and received grade A from SMBA's VC evaluation only 2 years after its foundation. For more information please visit - http://www.dscinvestment.com
Dr. Noam Shani
SOURCE KAHR Medical Ltd.