A drug developed by ORA BIO will be used to treat a variety of cancers and retinal diseases
The ORA BIO company, which operates under the auspices of the NGT technology incubator, recently completed a fundraising round in the total amount of approximately 1.2 million dollars. An American company, which specializes in managing clinical trials in the US and around the world, led the fundraising round and was joined by a number of private investors. According to the investment agreement, the company will accompany ORA BIO in the approval process for conducting a Phase II clinical trial at the American Drug Administration (FDA). After receiving FDA approval, the company will conduct the trial in the US.
Amichai Brown, co-venturer and responsible for ORA BIO R&D: "This is a strategic investor of great importance thanks to experience in drug development, working with the FDA and managing and monitoring clinical trials in the US and Europe.
Yossi Israeli, CEO of ORA BIO: "This round of recruitment will allow the company to speed up the development processes, and start a Phase II trial in the US for lung cancer and another clinical trial for eye diseases in the coming year."
ORA BIO is developing the drug ORA 101, which inhibits the formation of new blood vessels, for the treatment of lung cancer and a variety of other types of cancer. The company is conducting a clinical trial in four hospitals in Israel, in lung cancer patients at an advanced stage. Also, the company is developing another drug, for the treatment of common eye diseases.
Dr. Sharon Dvir, CEO of NGT: "ORA BIO joined the incubator two years ago and during a relatively short period of time went through a fascinating development process. We are proud of the company's success and its membership in NGT's portfolio of companies."
About ORA 101ORA 101 was developed to treat patients suffering from malignant tumors and metastases in the body, while inhibiting the growth of new blood vessels. The new drug, given orally and in contrast to the chemotherapy treatment, damages in a targeted manner only the cancer tumor and the development of metastases and therefore does not cause significant side effects.
About NGT (New Generation Technology)NGT is a privatized, Arab-Jewish owned technology incubator founded in July 2002 and located in the industrial area of the city of Nazareth. NGT encourages and supports initiatives in the fields of technology and biotechnology, as part of the incubator program in the Office of the Chief Scientist, which is in the Ministry of Science and Technology.
The incubator aims to encourage entrepreneurs - Jews and Arabs alike - in the Israeli population. The entrepreneurs receive a package of services from NGT, which includes management and marketing infrastructure, office and laboratory space and comprehensive administrative services.
Today, a number of companies operate within the NGT framework, among them: "Ranopharm" which develops drugs to reduce hypertension based on NO donors on a natural basis; "Neutrinia" which develops a breast milk substitute enriched with insulin; D-Herb, which is engaged in the development of a natural medicine for the treatment of lowering blood sugar; "Florynx" which is engaged in the development of a preparation and method for the preventive treatment of dental caries; "Novofeed" is engaged in the development of supplements
for the animal food industry; MST operating in the field of medical devices; CartiCure, which develops replacement cartilage fillers; ORA BIO, which develops a drug that inhibits the development of cancer.
