Raziel Therapeutics Secures $22 Million Series C Financing to Advance Obesity Drug RZL-012 into Phase 2b Development

VCBeat (WeChat Official Account: vcbeat) learned from foreign media reports that on December 18, 2019, Israeli biopharmaceutical company Raziel Therapeutics announced the completion of a $22 million Series C financing round. The round was led by Pontifax, with participation from existing investors Dr. Shmuel Cabilly and Docor International Management, as well as new investors Catalyst Fund, Quark Venture, Peregrine Investments, and Wille AG.

Raziel Therapeutics, founded in 2012, is a clinical-stage pharmaceutical company based in Israel that is dedicated to developing specialized drugs for localized fat reduction in patients with obesity.

Currently, Raziel Therapeutics is developing RZL-012, a new chemical entity (NCE) for aesthetic restoration. Administered as a single subcutaneous injection to patients with obesity, RZL-012 can improve adipose tissue disorders and has also demonstrated efficacy in treating related dermatological conditions. This round of financing will support the Phase 2b development of RZL-012.

It is reported that Raziel Therapeutics received FDA approval on November 19 to designate RZL-012 as an orphan drug for the treatment of obesity. The Phase 2b clinical study of RZL-012 is also scheduled to officially commence in the second quarter of 2020. If progress remains favorable, Raziel Therapeutics may submit a New Drug Application (NDA) in 2021.

Commenting on this round of financing, Alon Bloomenfeld, CEO of Raziel Therapeutics, stated, “RZL-012 has advanced to the Phase 2b development stage. Raziel Therapeutics has developed best-in-class products that demonstrate significant clinical benefits, addressing the diverse needs of patients with obesity and related indications. In this financing round, we are honored to receive strong support from top-tier healthcare investors, which provides momentum for our next steps in development.”

Concurrent with this financing round, Philippe Schaison has been appointed Chairman of the Board of Directors of Raziel Therapeutics. Mr. Schaison previously served as Chief Executive Officer of Syneron Candela’s North American division. Commenting on his appointment, Mr. Schaison stated, “Raziel Therapeutics’ technology platform far surpasses any currently available on the market. I am delighted to join Raziel Therapeutics as Chairman of the Board and will dedicate my efforts to helping the company establish RZL-012 as a flagship product in the next generation of obesity treatments.”

Pontifax, established in 2004, is an Israeli venture capital firm. The firm focuses on investing in startups in innovative biopharmaceuticals, life sciences, healthcare, and other fields.

Docor International Management is an Israeli investment company that, backed by a strong reputation, extensive experience, and leadership, provides practical management skills, a long-term approach, and added value to Israeli technology companies and innovative entrepreneurs.

(Compiled by Wang Fang)