PolyPid Announces Completion of $50 Million Series E-1 Financing
Petah Tikva, Israel, September 4, 2019 — PolyPid Ltd., a clinical-stage biopharmaceutical company focused on developing and commercializing novel, locally administered therapies, announced today the closing of its $50M Series E-1 preferred shares financing round. The financing was led by existing institutional shareholders and included US-based high-net worth investors. National Securities Corporation acted as the placement agent for the financing.
PolyPid plans to use the proceeds from the financing to advance the clinical development of its lead product D-PLEX100 into two phase 3 pivotal registration trials.
“We are delighted to welcome this new syndicate of US-based investors, who share our passion, commitment, and vision for bringing D-PLEX100 to patients undergoing surgery worldwide,” said Amir Weisberg, PolyPid’s CEO. “With this financing in place, we are well positioned to advance D-PLEX100 further towards commercialization and continue to develop the rest of our pipeline of locally administered therapies.”
PolyPid’s lead drug product candidate, D-PLEX100, is a novel pharmaceutical agent designed to provide local and prolonged anti-bacterial activity to prevent surgical site infections. Following the administration of D-PLEX100 into the surgical site, D-PLEX technology enables the constant and prolonged release of a broad-spectrum antibiotic, generating high local concentrations for up to four weeks. Through this mechanism, D-PLEX100 has demonstrated the ability to effectively prevent surgical site infection including those caused by antibiotic resistant bacteria. D-PLEX100 has received Fast Track status and two Qualified Infectious Disease Product (QIDP) designations from the FDA for the prevention of sternal wound infection post cardiac surgery and for the prevention of post-abdominal surgery incisional infection.
PolyPid is a clinical stage biopharmaceutical company focused on developing and commercializing novel, locally administered therapies using its transformational PLEX (Polymer-Lipid Encapsulation Matrix) technology to treat a wide variety of localized medical conditions with an initial focus on the management of surgical site infections. PLEX-based products have demonstrated an excellent efficacy and safety profile during extended clinical trials. More than 200 patients have been treated in clinical trials to date. PolyPid’s technology and products are based on the inventions of Dr. Noam Emanuel, the Founder and the Chief Scientific Officer of the company. For additional company information, visit polypid.com.
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