Developing new drug
צילום: shutterstock
Orbimed Israel invests $7.15 million in RDD Pharma
In first significant financing round, Orbimed sets sights on company currently developing intra-anal drug delivery device
Orbimed Israel will invest $7.15 million in RDD Pharma, a company currently developing an intra-anal drug delivery device that delivers a drug to the anal canal. This is the company's first significant financing round since its establishment in 2009 by Dr Nir Barak.
RDD Pharma is a graduate of the Ofakim Hi-Tech Ventures incubator, owned by Capital Point Ltd. Dr Nissim Darvish and Erez Chimovits from Orbimed Israel will be joining the company's board of directors.
The company focuses on drugs for proctologic treatments; one such drug treats spinal cord injury. The drug is in the clinical trials while another drug is at the initial clinical trial stages.
Dr. Nissim Darvish noted that Orbimed decided to invest in RDD Pharma thanks to the essential function of the two products the company is currently developing and their necessity on the global market.
The agreement will see 10 employees transfer from the Ofakim incubator to new offices in Tel Aviv.
An estimated 175,000 people in the US suffer from incontinency as a result of spinal injuries. In countries with extensive military activity, such as Israel, the number of people suffering from spinal injuries is relatively higher when compared to other countries.
