Israel Biotech Fund (IBF), a $100m venture capital fund backed by several pharmaceutical firms, has made its first investment, leading a $9m series A round for Israel-based pharmaceutical startup Vidac Pharma.
Vidac is developing small-molecule therapeutics to treat cancer and oncodermatology disease. The round, which also featured existing investors including investment firm Mivtach Shamir Holdings, will help it advance its lead candidate, an ointment treatment for actinic keratosis, through phase 2 clinical trials.
Max Herzberg, founder and chairman of Vidac, said: “The new financing will allow Vidac Pharma to realise its vision of turning breakthrough science in the field of mitochondria and cancer metabolism into first-in-class therapies that help millions of patients suffering from cancer and related diseases.”
IBF’s limited partners include biotechnology company Biogen, pharmaceuticals marketer Medison and an undisclosed pharmaceutical company, according to Globes. It plans to fund between eight and 10 portfolio companies.