Private investors have finally backed Mapi Pharma’s project with €9.1M. Shavit Capital has led the Series A financing round to support the company’s clinical development plans. The cash raised is sufficient to advance the company’s lead product Glatiramer Acetate (GA) Depot to its Phase III.
The Israeli company has a bitter record of failed NASDAQ listings. The company tried to raise cash on the American stock market twice last year, but both operation were aborted. After the public investors’ rejection, the biotech company has now turned to private capitalists that have finally come to Mapi’s aid.
Shavit Capital has led the investment round of €9.1M, that will help Mapi to take its lead product to Phase III. The drug candidate, Glatiramer Acetate (GA) Depot, consists in a once every four weeks injection to cure multiple sclerosis, currently at Phase II clinical trial.
The Israeli company is not giving up and its product could reach the market by 2019. The multiple sclerosis market is, however,