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Israeli Check-Cap $CHEK in Strategic Development Deal With $GE

Israeli Check-Cap $CHEK in Strategic Development Deal With $GE

Fosun International (HK: 656), a global Chinese conglomerate founded in 1992 by billionaire Guo Guangchang, was the top institutional holder of Check-Cap stock, with a 14.19 percent stake. Last week, Fosun Pharma agreed to acquire an 86 percent stake in India’s generic injectable pharmaceuticals company Gland Pharma Ltd., for $1.26 billion. In February 2012, both GE Capital and GE Healthcare, the financial services and healthcare divisions of General Electric Co. (NYSE: GE), announced their first investment in Check-Cap. “Over the past 15 years GE Healthcare has benefited from Israel’s spirit of innovation and scientific discoveries,” said Oded Meirav, manager of the GE Global Research–Israel Technology Center. “Seeking partnerships between a global company such as GE and Israeli high-tech companies like Check-Cap can truly be a win-win for all. This represents the first GE healthymagination Fund investment in Israel,” added Meirav at the time of the investment in 2012. Founded in early 2005 by Dr. Yoav Kimchy, who received his PhD from Israel’s Technion and serves as the company’s CTO, Check-Cap recruited a team of world-class experts in physics, software engineering, electronics, mechanics and physiology, who have been developing a multi-disciplinary imaging solution for imaging and screening of the colon. Check-Cap is a clinical-stage medical diagnostics company developing the world’s first ingestible capsule system for preparation-free, less-invasive colorectal cancer screening. The capsule utilizes innovative ultra-low dose X-ray and wireless communication technologies to scan the inside of the colon as it moves naturally, while the patient follows his or her normal daily routine. After passage, the system generates a 3D map of the inner surface of the colon which enables detection of polyps and cancer. Designed to increase the willingness of individuals to participate in recommended colorectal cancer screening, the Check-Cap system addresses many frequently-cited barriers, including laxative bowel preparation, invasiveness, and sedation. “We are very excited to commence this strategic relationship with GE Healthcare as we continue our efforts to optimize the supply chain for the Check-Cap system,” said Bill Densel, CEO of Check-Cap. “GE Healthcare is a global leader in the development, manufacturing, and distribution of diagnostic imaging agents and radio-pharmaceutical drugs and devices. We believe that leveraging their experience and expertise provides us with a significant opportunity to meet our goal of increasing the time and cost efficiencies of production of our capsule for use in future clinical trials and commercialization,” Densel added. check-cap_capsuleCheck-Cap is currently conducting a multi-center clinical feasibility study and expects to file a CE Mark submission for the Check-Cap system in the first half of 2017. The Check-Cap system is currently not cleared for marketing in any jurisdiction. Colorectal cancer is the second leading cause of cancer death in the U.S., with an estimated 134,000 diagnoses and 49,000 deaths in 2016. Despite compelling evidence that screening can detect colorectal cancer and precancerous polyps, nearly one-third of the recommended adult population has never been screened. The Check-Cap system was designed to improve the patient experience by eliminating the features of existing screening methods, such as bowel preparation, invasive procedure, and stool handling, that pose a barrier to test completion. Check-Cap’s advanced technology has been proven in animals and promises to offer several significant advantages compared to other colonic screening procedures.]]>

@OrbiMed Joins $12.5M Funding in Israeli Diagnostics Startup NovellusDX

@OrbiMed Joins $12.5M Funding in Israeli Diagnostics Startup NovellusDX

OrbiMed, the largest investment firm focused on the healthcare sector, has joined a previously announced $10 million funding round. In December, NovellusDx reportedly raised $10 million in a round led by life sciences investors IntraCure and Pontifax. OrbiMed is said to have invested an additional $2.5 million. According to CrunchBase, this brings the company’s total funding raised to date to $28.5 million. NovellusDx, based at the Hadassah Medical Center Campus in Jerusalem, was founded in 2011 by CEO Haim Gil-Ad. NovellusDx delivers actionable intelligence that oncologists require to choose the right therapy for each patient. NovellusDx provides comprehensive, fully-automated, functional gene profiling of individual patient tumors including charting the full landscape of known and unknown mutations that drive the cancer’s progression. By measuring the activity of signaling pathways, NovellusDx’s FACT functional annotation for cancer treatment assesses the activity of mutations and combination of mutations and their response to targeted drugs. In addition, the FACT system support biopharma companies throughout the entire life cycle of the drug. Last month, OrbiMed closed its second Israel-focused venture capital fund, OrbiMed Israel Partners II, LP, with approximately $307 million in capital commitments. Investors in the Fund include several of the world’s largest healthcare companies, in addition to dozens of institutional investors and family offices. “Israel is a compelling locus of life sciences innovation, on par with top regions in the U.S. and Europe,” commented Jonathan Silverstein, co-head of OrbiMed’s global private equity effort. “With this fund we will further accelerate our investment pace in Israel and help nurture local innovations into leading healthcare companies.” OrbiMed’s Israel office was opened in 2010, and is led by Dr. Nissim Darvish, Erez Chimovits, and Anat Naschitz. OrbiMed’s Israel private equity strategy invests in the full spectrum of Israeli life sciences innovation including pharmaceuticals, biotechnology, medical devices and diagnostics. Portfolio companies range from seed stage to commercial growth equity. OrbiMed’s dedicated local team brings a strong combination of operating, scientific and business experience to help companies develop successfully. In December, OrbiMed raised $950 million, closing OrbiMed Private Investments VI LP, its sixth venture capital fund. OrbiMed Advisors was founded by the legendary Samuel D. Isaly, the firm’s Managing Partner. Despite being a paraplegic since high-school as a result of a wrestling accident, he became one of the world’s most recognized healthcare fund managers and has been active in global healthcare investing and analysis since 1968 when he joined Chase Manhattan Bank in New York. During his career, he has been a pharmaceutical analyst with Chase Manhattan Bank, Merrill Lynch, Legg Mason, and S.G. Warburg. Mr. Isaly launched OrbiMed’s asset management business in 1989. Mr. Isaly has a B.A. in Economics from Princeton University and a M. Sc. (Econ.) from The London School of Economics. OrbiMed is a leading investment firm dedicated exclusively to the healthcare sector, with over $15 billion in assets under management. OrbiMed invests globally across the spectrum of healthcare companies, from venture capital start-ups to large multinational companies utilizing a range of private equity funds, public equity funds, royalty/debt funds, and other investment vehicles. OrbiMed maintains offices in New York City, Herzliya, San Francisco, Shanghai, and Mumbai. Photo: OrbiMed team.]]>

AbbVie $ABVV to Acquire Biotech Startup Stemcentrx for $5.8B to $9.8B

AbbVie $ABVV to Acquire Biotech Startup Stemcentrx for $5.8B to $9.8B

Abbott Laboratories (NYSE: ABT). The company’s mission is to use its expertise, dedicated people and unique approach to innovation to develop and market advanced therapies that address some of the world’s most complex and serious diseases. Together with its wholly-owned subsidiary, Pharmacyclics, AbbVie employs more than 28,000 people worldwide and markets medicines in more than 170 countries. The company is headquartered in North Chicago, Illinois. As of April 28, 2016, AbbVie had a market capitalization of $99 billion.]]>