Drug developer BioSight closes $13 mln funding led by Arkin, Primera

BioSight Ltd, the Karmiel, Israel, developer of less-toxic chemotherapy drugs, closed a $13 million investment led by Arkin Holdings of Herzliya Pituach, Israel, and Primera Capital of Littleton, Colorado. BioSight said in a statement that it would use the proceeds to fund a multi-center Phase IIb clinical trial of its lead product, Astarabine, which is designed to treat acute lymphoblastic leukemia. Arkin and Primera are to invest $5 million each and current holders, including Michael Ilan Management & Investments of Kadima, Israel, will put in $3 million. The investment will come in two steps, the first immediate and the second conditioned on the company meeting a milestone.

Source: PR Newswire