Shavit Capital has led a $10 million Series A funding round in Israeli startup Mapi Pharma Ltd., whose chairman and CEO Ehud Marom also participated in the round.
The funding will be used to support the company’s clinical development plans; the funding is sufficient to advance the company’s lead product, the Glatiramer Acetate (GA) Depot, a once every four weeks injection, currently at Phase II, up to the initiation of the single pivotal Phase III needed for registration. This path follows the recommendations made during a pre-IND meeting the company had with the FDA in March 2015.
“Mapi Pharma has a strong portfolio and an experienced management team with an impressive track record. We are confident that our investment will serve as the foundation for the long term success of the company,” Gary Leibler, managing partner of Shavit Capital.
“We are delighted to have a quality investor such as Shavit Capital, which will strengthen Mapi’s capability to maximize the potential of its clinical-status product pipeline and pursue its strategy to obtain high-value, co-development deals and other financial opportunities as well as bring to the market a superior Glatiramer Acetate product for the benefit of MS patients,” said Ehud Marom, chairman of the board and CEO of Mapi Pharma.
Shavit Capital manages private equity funds that invest primarily in Israeli related companies with a clear path to an IPO and public companies traded in the US, Israel or other international markets (PIPE/secondary offerings). Shavit Capital which recently closed its third fund, seeks investment opportunities in successful, small to medium-sized companies with strong management teams and demonstrated growth potential. During the last couple of years it has been one of the most active mezzanine investors in the Israeli life sciences sector.
Mapi is a development stage pharmaceutical company, engaged in the development of high-barrier to entry and high-added value life cycle management (LCM) products that target large markets and generic drugs that include complex active pharmaceutical ingredients (“APIs”) and formulations. The GA Depot once every four weeks injection is the first in a series of depot long-acting injections in the company’s pipeline for the treatment of MS an LCM of Copaxone, which requires daily or every second day injections. Mapi is built on strong chemical and pharmaceutical R&D capabilities, a deep understanding of the global market and of regulatory needs and its ability to foster local cooperation and enduring relationships in all of the countries in which it operates. Mapi is headquartered in Israel and has R&D facilities in Israel and China. Mapi has a strong IP position, having filed numerous patent applications for APIs and formulations.