RAANANA, Israel--(BUSINESS WIRE)--TheraCoat Ltd. (TheraCoat), a clinical stage specialty pharmaceutical company focused on innovative drug-delivery solutions for the treatment of intra-cavital diseases, announces today the completion of a successful capital raise of $7M from private investors and venture Funds, both in Israel and abroad. Amongst the investors are Pontifax, and Chaim Hurvitz's CHealth Fund. Mr. Hurvitz and Mr. Ran Nussbaum, a manager partner at Pontifax, have both joined the company's board, chaired by Professor. Arie Belldegrun MD FACS.
Gil Hakim, TheraCoat's CEO, noted, "We thank the investors for the vote of confidence in the company. The funds raised will allow the company to move forward to clinical trials with the company's lead product, which has recently received CE approval for marketing in Europe. We believe the trials will form the foundation and assist in our marketing strategy of the lead product and in creating strategic collaborations."
Prof. Arie Belldegrun, Chairman of TheraCoat, noted, "Our unique platform technology, currently under development by TheraCoat, represents a significant unmet clinical need for many patients with urothelial cancer in the bladder and upper urinary tract as well as for patients with overactive bladder. The company's financial strength will allow us to expand development of our planned urological products."
TheraCoat developed an innovative platform technology to improve drug delivery into internal cavities. It is a specialized system that overcomes current delivery impediments in the clinical, pharmaceutical and commercial aspects. By reformulation with TheraCoat’s polymeric system, a pharmaceutical company will be able to improve the therapeutic index (TI) of their drugs, improve patient benefit, compliance and safety, and extend the patent protection and product life cycle.
The capital raised will be used for the ongoing R&D efforts, for clinical trials and commencing the marketing process of the company's products. TheraCoat has recently received CE approval for marketing the system in Europe and is preparing to commence clinical trials in a number of urologic applications. The company focuses today on three bladder indications – non-muscle invasive bladder and Urothelial cancer (NMIBC & UTUC) and overactive bladder (OAB) addressing over 50 million patients in U.S. and Europe only. Current treatments utilizing intravesical drug instillations, however their efficiency is low: once a drug is delivered into the bladder, it is quickly diluted and excreted. TheraCoat's novel drug delivery system effectively overcomes this drawback.
About TheraCoat
TheraCoat is a specialty pharmaceutical company founded in 2004 by uro-oncologists and biomaterial specialists. TheraCoat’s Board of Directors and Scientific Advisory Board feature renowned scientific experts in the fields of urology, pharma top executives and experienced business veterans; among them Prof. Belldegrun and Mr. Hurvitz, both TEVA Board members. TheraCoat is using its unique set of targeted drug delivery technologies for improving the efficacy and safety profiles of off-the-shelf drugs. The company has completed a phase I safety and tolerability study and has commenced efficacy clinical trials in two bladder indications – non-muscle invasive bladder cancer (NMIBC) and overactive bladder (OAB). For more information about the company, please visit www.theracoat.com.
