Vensica Therapeutics Closes $16 Million Investment Round

Rhea-AI Summary

Vensica Therapeutics, a clinical-stage biopharmaceutical company based in Israel, announced a successful investment round, closing $16 million. The round was led by Israel Biotech Fund and included notable investors such as Laborie and The Trendlines Group. The funds will support Vensica's phase II clinical trials in the US and Europe, focusing on its needle-free ultrasound-assisted drug delivery platform for treating urological conditions like overactive bladder. CEO Avner Geva expressed optimism for innovative treatment solutions in bladder diseases, while the company plans to expand its workforce in Israel.

Positive

• Raised $16 million to fund phase II clinical trials in Europe and the USA.
• Partnership with Merz Therapeutics enhances credibility and support for development.
• Innovative needle-free platform expected to improve patient experience and treatment efficacy.

Negative

• None.

TEL AVIV, Israel, Nov. 1, 2021 /PRNewswire/ -- Vensica Therapeutics ("Vensica"), a clinical stage biopharmaceutical company, announced that it has closed an investment round of $16 million. The investment round was led by Israel Biotech Fund ("IBF"), a venture fund investing in Israeli and Israeli-related biotechnology and pharmaceutical companies. Other investors in the round include Laborie, a global urology device company, Lew Pell, an experienced medical device investor, Agriline, a trust of which Vincent Tchenguiz is a discretionary beneficiary, and The Trendlines Group, an investor in innovation-based medical and agricultural technologies. The funds raised will support the company's phase II multicenter clinical trials in Europe and the USA.

The investment round follows an announcement by Vensica earlier this year on the signing of a strategic license and collaboration agreement with Merz Therapeutics, a business of the Merz Group and a leader in the field of neurotoxins. Vensica licensed Merz's botulinum neurotoxin A (XEOMIN®) for needle-free use in urological procedures. Vensica will expand its workforce in Israel for the next stage of clinical and regulatory development of its device together with XEOMIN®, focusing on overactive bladder treatment.

Vensica's needle-free platform for drug delivery will be utilized for botulinum toxin type A delivery into the urinary bladder for the treatment of different urological indications including overactive bladder, neurogenic bladder, and interstitial cystitis. Today's gold standard treatment requires needle injections of the neurotoxin into the bladder wall. Vensica's needle-free platform is expected to enable a far superior patient experience, to resolve many needle-associated issues, including pain, urinary retention, and to make a generally more complicated procedure easier. Vensica's platform is also anticipated to facilitate a more efficacious treatment through a more uniform delivery of the neurotoxin to the bladder wall.

Vensica CEO Avner Geva, commented, "Closing this investment round is an exceptional step for Vensica. Together with our partner and shareholder, Merz Therapeutics, and with the necessary funding, we are poised to plan and complete clinical and regulatory processes that will enable us to bring innovative and less invasive treatment of bladder diseases to the market."

Vensica Chair, Nissim Darvish, M.D., Ph.D., added, "It is our pleasure to welcome and thank our new investors, IBF and Agriline, joining our longstanding supporters Laborie, Lew Pell and The Trendlines Group. Vensica's team will work hard to get this solution to patients worldwide suffering from overactive bladder as well as other urinary bladder indications."

IBF's Co-Founder and Managing Partner, Ido Zairi, commented, "IBF is happy to join Vensica in this journey which may be life changing for many people suffering from bladder related conditions or diseases. We look forward to seeing Vensica's unique needle-free platform embedded as a method of treatment for overactive bladder and other indications."

About Vensica Therapeutics

Vensica is a urology therapeutics company based out of Israel. The company is developing a unique platform for drug delivery for several urinary bladder indications, based on a proprietary ultrasound-assisted drug delivery system. The company was founded in 2015 by Avner Geva, (Yale, B.Sc, Technion, M.Sc) and is led and backed by medical and therapeutics leaders, including Chairman M.D., Ph.D, Nissim Darvish, Lew Pell, Laborie, Merz Pharmaceuticals, The Trendlines Group (SGX: 42T) (OTCQX: TRNLY), and The Israel Innovation Authority.  

Contact:
Avner Geva, Chief Executive Officer
avner@vensica.com
Phone: 972-54-4959544

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SOURCE Vensica Therapeutics

FAQ

What company closed a $16 million investment round on Nov 1, 2021?

Vensica Therapeutics closed a $16 million investment round on Nov 1, 2021.

Who led the investment round for Vensica Therapeutics?

Israel Biotech Fund led the investment round for Vensica Therapeutics.

What will the funds from Vensica Therapeutics' investment round be used for?

The funds will support phase II clinical trials in Europe and the USA.

What innovative treatment is Vensica Therapeutics working on?

Vensica Therapeutics is developing a needle-free platform for drug delivery to treat overactive bladder.

What strategic partnership did Vensica Therapeutics announce earlier in 2021?

Vensica Therapeutics announced a strategic collaboration with Merz Therapeutics for the use of botulinum neurotoxin A in urological procedures.