Ness-Ziona, Israel (ots/PRNewswire) - Vidac Pharma LTD (Vidac) a
clinical-stage Israel biopharmaceutical company, announced today that
it has signed an agreement with GEM Global Yield LLC SCS ("GEM") a
Luxemburg-based private alternative investment group for a EUR 20
million capital commitment.
Under the agreement, GEM commits to provide Vidac with a share
subscription facility of up to EUR 20 million for a 36-month term
following the public listing of the company shares on a European
National Stock Exchange. Vidac will control the timing and maximum
amount of drawdown under the facility and has no minimum drawdown
obligation. Concurrent to the public listing of Vidac Shares, GEM
will receive warrants to purchase shares of the company.
Subject to the funding becoming available, the proceeds will be used
to further progress the clinical development of Vidac's lead product,
VDA 1102, currently in Phase 2 clinical trials for the treatment of
the pre-cancerous condition Actinic Keratosis (AK) and for Cutaneous
T-Cell Lymphoma (CTCL) a rare type of Non-Hodgkin Lymphoma. Proceeds
will also be used for developing additional products from the
company's proprietary HK2-focused discovery platform. This platform
is based on the novel paradigm that detachment of HK2, a key enzyme
in cellular metabolism, from the VDAC mitochondrial channel restores
normal metabolism in malignant cells, resulting in the elimination of
tumors through apoptosis (Programed death) without harming the
surrounding normal cells.
"We are very pleased by the GEM commitment" said Max Herzberg PhD,
founder and active chairman of Vidac. "This funding, and becoming a
public entity, will help us to continue the development of drugs
based on our novel anti-cancer paradigm of selectively restoring
normal metabolism in malignant cells. These are presently being
developed for skin related cancers, such as AK, CTCL and later
squamous cell carcinoma (SCC), but are expected to fight solid tumors
as well. Unlike many of today's anti-cancer drugs, safety and
tolerability of the new treatments are projected to be very good as
normal cells are not affected by the new paradigm. "
Vidac Pharma was founded in Israel in 2012 by Dr Max Herzberg and
aims to develop anti-cancer drugs based on restoring normal cellular
metabolism. Cancer cells are characterized by a high rate of
glycolysis and by suppressed apoptosis (programmed death) both of
which favorizes high cellular reproduction and Tumor formation.
Vidac's platform technology restores normal glycolysis and triggers
apoptosis in these malignant cells. As normal cells are not subject
to overexpression of HK2 they are not affected by Vidac's drugs.
Vidac's lead drug, VDA-1102, has successfully completed a Phase 2b
clinical trial in actinic keratosis (AK) under an IND from the FDA
and is presently in a Phase 2a clinical trial in CTCL in Israel. The
company's strategic intellectual property portfolio covers broadly
its general approach as well as its drug candidates.
About the GEM group:
Global Emerging Markets (GEM) is a 3.4 Billion $ alternative
investment group with operations in Paris, New York and Los Angeles.
GEM manages a diverse set of investment vehicles focused on emerging
markets and has completed 400 transactions in 70 countries. Each
investment vehicle has different sets of operational concepts of risk
adjusted return and liquidity profile. The family of funds and
investment vehicles provide GEM and its partners with exposure to:
Small-Mid Cap Management Buyouts, Private Investments in Public
Equities and select venture investments. For more information :
Digital press kit: http://www.ots.at/pressemappe/PR154937/aom
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