Ayala Pharmaceuticals Raises $30 Million in Series B Financing
REHOVOT, Israel & WILMINGTON, Del.--(BUSINESS WIRE)--May 28, 2019--
Ayala Pharmaceuticals, Inc., a clinical-stage company developing medicines for cancers that are genetically defined, today announced the successful completion of a $30 million Series B financing.
The investment was led by Novartis with participation from SBI JI Innovation Fund and all existing investors, including Israel Biotech Fund, aMoon and Harel Insurance & Finance Group. The new capital will fuel Ayala’s plans to advance the clinical development of lead product candidate AL101, a pan-Notch inhibitor that is currently being evaluated for adenoid cystic carcinoma (ACC). The company intends to advance the phase 2 study in ACC and initiate a phase 2 clinical trial in triple negative breast cancer (TNBC).
“The strategic investment by Novartis coupled with the continued support from our investors in this round underscores the potential for both AL101 and AL102, pan-Notch inhibitors being investigated in patient populations with high unmet needs,” said Roni Mamluk, Ph.D., Chief Executive Officer at Ayala Pharmaceuticals. “With this funding we are well positioned to complete the ongoing phase 2 study of AL101 in ACC and begin a phase 2 study with AL101 as a targeted therapy for patients living with TNBC bearing Notch activating mutations/fusions.”
Ayala Pharmaceuticals is broadly developing its product candidates, AL101 and AL102, best-in-class gamma secretase inhibitors, with studies underway in solid tumors (AL101) and in hematologic malignancies (AL102) and in collaboration with Novartis in multiple myeloma.
The U.S. Food and Drug Administration’s Office of Orphan Products Development recently granted Orphan Drug Designation to AL101 for the potential treatment of ACC.
AL101 is a gamma secretase inhibitor developed as a Notch inhibitor for oncology indications. Notch signaling pathway plays an important role in tumorigenesis in several solid and hematological malignancies. Upon ligand binding of the Notch receptor, an important step in the activation of Notch receptors is cleavage by gamma secretase, which frees the Notch intracellular signaling domain.
AL101 is currently in Phase 2 for adenoid cystic carcinoma patients with tumor bearing Notch activating mutations (ACCURACY). For additional information about the AL101 ACCURACY clinical trial, please go to www.clinicaltrials.gov. Interested patients and physicians can contact Medical Affairs at Ayala Pharmaceuticals for more information at: email@example.com or call +1-857-444-0553.
About Ayala Pharmaceuticals
Ayala Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company dedicated to developing targeted cancer therapies for people living with genetically defined cancers. Ayala is broadly developing its product candidates, AL101 and AL102, best-in-class gamma secretase inhibitors, with clinical and preclinical studies underway in both solid tumors (AL101) and hematologic malignancies (AL102).
As a precision oncology company, Ayala was founded in November 2017 with an experienced global management team and a strong investor base. For more information, visit www.ayalapharma.com.
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KEYWORD: UNITED STATES NORTH AMERICA DELAWARE MIDDLE EAST ISRAEL
INDUSTRY KEYWORD: HEALTH BIOTECHNOLOGY CLINICAL TRIALS ONCOLOGY PHARMACEUTICAL
SOURCE: Ayala Pharmaceuticals, Inc.
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PUB: 05/28/2019 09:30 AM/DISC: 05/28/2019 09:30 AM