Two Israel-based health spinouts of Weizmann Institute of Science have collectively secured $12m in funding from biomedicine developer BioLeaders and venture capital firm Yozma Group Asia.
The financing includes $10m supplied by BioLeaders, which is itself backed by Yozma, for a new, as-yet unnamed Weizmann Institute-founded oncology spinout. The round is anticipated to close in the coming months.
The spinout will focus on exploiting a peptide capable of binding to a tumour suppressor protein called p53, a gene in which malfunctions have been linked to the progression of cancer in approximately two-thirds of cases.
The funding will help establish the business and enable it to hire staff at its headquarters in Kiryat Weizmann Science Park, which is situated close to the institute.
Weizmann’s spinout is based on research by Varda Rotter and Moshe Oren, two professors from the institute’s molecular cell biology department. The peptide has already undergone initial preclinical trials on tumours in mice with no significant side effects.
Yozma Group has meanwhile contributed $2m to a funding round for ultrasound guidance technology developer On-Sight Medical, though other investors and the round’s overall tally were not disclosed.
The original version of this article appeared on our sister site, Global University Venturing.