Uber Israel Fares Rise 20%

NeuroDerm shares surge, Chiasma raises $33.8 million.

AFP

Uber Israel fares rise 20%

Ride prices in Israel for UberTaxi, the global app-based transportation company, jumped 20% as of January 1, when a four-month introductory discount expired. An introductory offer for cab drivers, waiving commissions and other fees, is still in effect, the company emphasizes. The passenger fare increase comes despite the 9.1% reduction in gasoline prices in Israel that also goes into effect on January 1. Uber, which in Israel is available only in Tel Aviv for now and which operates only as a taxi service, has attracted criticism elsewhere for a business model that has enabled private individuals without a cab driver’s licenses to transport passengers. Uber has hinted that it might seek to introduce its ride-sharing operation in Israel, but in order to do so. it would have to persuade the Transportation Ministry, which is opposed to the idea. (Daniel Schmil)

NeuroDerm shares surge after disclosure of drug trial results

NeuroDerm shares skyrocketed in value on Tuesday on the Nasdaq exchange after the Rehovot-based company said data from a mid-stage study suggested that a higher dose of its Parkinson’s drug could provide an alternative to treatments that require surgery. The stock of the company, which went public on November, closed up 193% at $18.12 on Tuesday. The trial evaluated two liquid formulations of the drug, levodopa/carbidopa, in 16 patients with an advanced form of the disease to assess its capacity to reduce Parkinson’s-related motor complications, the company said. Delivered through a belt-worn pump, the two versions of the drug were compared with oral forms of LD/CD, the standard of care for Parkinson’s. NeuroDerm said on Tuesday that the data allows for further development of the two formulations in the United States and the European Union in 2015. NeuroDerm is also testing two other Parkinson’s drugs. (Reuters)

Chiasma raises $33.8 million

Israeli pharmaceutical company Chiasma has raised $33.8 million of a $56.5 million financing round, according to regulatory filings submitted to the U.S. Securities and Exchange Commission. Chiasma, which is based in Jerusalem and was founded in 2001, reportedly raised the money from prior investors as well as new ones. The company’s lead product is oral octreotide, a drug for the treatment of acromegaly, a disorder caused by excessive levels of growth hormone. The company’s pursuit of the development of the drug on its own follows news in August that Roche, the Swiss pharmaceutical giant, was withdrawing from the project. Roni Mamluk is Chiasma’s CEO. (TheMarker)