US-headquartered, life sciences-focused investment banking firm RM Global has launched a venture capital fund that will support Israel-based, corporate-backed biopharma incubator FutuRx.
The RM Global fund has reached its first close with $30m of capital and plans to seek out external limited partners for a second close.
FutuRx was launched in 2014 with at least $28m of funds from pharmaceutical firms Johnson & Johnson and Takeda, which participated through subsidiaries Johnson & Johnson Development Corporation and Takeda Ventures, and investment firm OrbiMed’s OrbiMed Israel Partners unit.
FutuRx, which is also backed by the Chief Scientist’s Office of the Israeli government, has so far been responsible for the launch of 10 companies, and it has plans to form another 30.
The RM Global fund will support its work in immuno-oncology, nervous system diseases and orphan diseases.
Einat Zisman, chief executive of RM Global, said: “RMG’s establishment of this fund is an important strategic milestone for FutuRx.
“The fact that the fund will provide a dedicated and unique source of capital to the incubator’s portfolio companies will enhance FutuRx’s competitive advantage as a best-in-class platform for early-stage drug development.”