Healthcare Industry News: skin patch
News Release - July 23, 2007
NeuroDerm Raises $2.5 Million in Series A Financing
OFAKIM, Israel--(HSMN NewsFeed)--NeuroDerm, Ltd., a privately held pharmaceutical company developing transdermal therapies for CNS diseases, announced today that it has raised $2.5 million in a series A round private equity round.The financing round was raised from select private investors including Robert Taub, founder and CEO of Omrix Biopharmaceuticals, Inc. (OMRI: Nasdaq). In conjunction with the financing, Robert Taub and Uwe Wascher, managing director of Wascher & Partner, will join NeuroDerm's Board of Directors. Previous investors in the company include Ofakim High Tech Ventures and Shmuel Cabilly, PhD.
NeuroDerm, established in 2004, develops transdermal drugs for the treatment of various CNS diseases. The company's lead product, ND0601, is the first skin patch for the continuous delivery of levodopa, currently under development for treating Parkinson's disease. ND0601's development is supported by The Michael J. Fox Foundation for Parkinson's Research through its Clinical Discovery Program.
"I am delighted that NeuroDerm has received this vote of confidence in our program to develop a widely available solution for the continuous delivery of levodopa, thus improving many disabling motor complications common in Parkinson's patients", said Oded S. Lieberman, PhD, NeuroDerm's Chairman. "We are especially excited to be supported by such seasoned professionals, who have a unique track record of repeatedly building viable, profitable biopharmaceutical companies that have commercialized highly successful products".
"We were impressed with NeuroDerm's program and potential", commented Robert Taub. "Their innovative yet practical approach to overcome one of the toughest hurdles in the treatment of Parkinson's disease - the continuous delivery of levodopa - holds great hope for millions of Parkinson's patients. The team at NeuroDerm has successfully developed drugs in the past and I look forward to supporting them".
Source: NeuroDerm
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