Mark Cohen, Senior Partner and Chair of the Life Science Practice Group, represents Israel Biotech Fund in intellectual property and patent matters, and was patent counsel for Israel Biotech Fund on patent diligence matters for the investment in Vidac Pharma.
The Jerusalem company will use the proceeds for a Phase II clinical trial of its dermatological ointment to treat actinic keratosis.
Israeli startup Vidac Pharma has closed a $9 million a Series A financing round. The financing was led by a new investor, Israel Biotech Fund. Existing investors, including Mivtach Shamir Holdings, also participated in the financing. Dr. Robert Spiegel and Mr. Ed Saltzman, members of Israel Biotech Fund’s Venture Advisory team, will join Vidac’s board of directors.
Based in Jerusalem, Vidac Pharma is a privately-held clinical stage pharmaceutical company developing novel small molecule therapeutics for the treatment of cancer and oncodermatology disease.
Vidac Pharma plans to use the proceeds to advance the development of its lead product, VDA-1102 ointment, which is in Phase II clinical trial in patients with actinic keratosis. Actinic keratosis (AK) is one of the most common dermatological conditions worldwide effecting 58 million people in the US alone with estimated treatment costs in 2004 of $1.2 billion.
Vidac Pharma is dedicated to discovering and developing first-in-class medicines to help people suffering from a range of oncologic and onco-dermatologic diseases. Vidac’s breakthrough technology targets the cancer-specific VDAC/HK2 system without affecting the surrounding healthy tissue. It thus holds the promise of delivering novel drugs that are both efficacious and well tolerated by patients.