Enlivex Therapeutics, a clinical stage immunotherapy company, announced the closing of an $8 million financing round at a company valuation of $50 million. The financing led by Korea Investment Partners will fund Phase III clinical trials.
Israeli clinical stage immunotherapy company Enlivex Therapeuticshas announced the closing of an $8 million financing round at a company valuation of $50 million. Korea Investment Partners (KIP) invested $6 million in the financing round, and Hadasit Bio Holdingings Ltd. (HBL) (TASE:HDST) co-invested $2 million. Following the closing, KIP has appointed two new members to Enlivex’s Board of Directors. The company raised $7 million in 2014.
The financing will fund Phase III clinical trials of Enlivex’s lead compound, Allocetra for the prevention of Graft Vs Host Disease (GVHD) post bone-marrow transplantation. Based in Jerusalem’s Hadassah Ein Kerem bio-park, Enlivex will also continue pre-clinical and clinical development for other immunotherapy indications.
Enlivex chairman Shai Novik said, “We are pleased to welcome KIP as a significant shareholder. KIP, which is the largest Venture Capital fund in Korea, brings a superb track record of success in the Korean Venture Capital market with specific domain expertise in the pharmaceutical sector. We look forward for a fruitful cooperation, building shareholder value together.”
KIP executive director Sangwoo Lee said, “This is our third investment in the bio-tech space in Israel. We are truly excited about the potential of Enlivex to affect a change in the space of immunology.”
HBL chairman Baruch Halpert said, “As co-founders of Enlivex and co-investors in this round, we are confident that the combination of a highly-experienced management team, which was responsible for one of the largest exits in Israeli biotech history, along with new investors with domain expertise and long standing relationships with industry players in Asia, can position Enlivex as a leading immunotherapy company.”