Jerusalem-based Gamida Cell today announced raising $16 million dollars in a "Preferred D" financing round.
- Gamida Cell receives buyout offer that could reach hundreds of millions of dollars
- Novartis to take 15% of Gamida Cell plus option to buy rest
This fourth financing round was led by Israel Healthcare Ventures (IHCV). Current shareholders Elscint Biomedical Investment, Denali Ventures, Biomedical Investments and Teva Pharmaceuticals (Nasdaq: TEVA) also participated, the company said.
The proceeds will be used to advance three major initiatives, Gamida Cell explains. One is to expand its tissue regeneration product pipeline, including the cardiac regeneration product, now at the advanced pre-clinical stage of development.
The money will also be used to pay for clinical testing of the company's flagship product - StemEx - for indications, other than hematological diseases, where the current protocol is also bone marrow transplantation.
Thirdly, it will be used to advance ongoing pre-clinical development of products, based on Gamida Cell's proprietary expansion technologies, for conditions such as neurological disorders and peripheral vascular disease.
Gamida Cell also announced today a reorganization of its board. Biomedical Investments' Ruben Krupik has been named chairman. Other board members include Mordechai Zisser, president and chairman of the board of Elscint Biomedical Investment, Dr. Hadar Ron, managing partner of IHCV, Noam Karstaedt, president of Denali Ventures and Dr. Yael Margolin, Gamida Cell president and CEO.