Biomica Ltd., a subsidiary of Evogene Ltd., has signed a definitive agreement for a $20 million financing round, to be led by Shanghai Healthcare Capital (SHC). The financing is subject to customary closing conditions, including clearance by Chinese regulatory authorities.
The financing round will enable Biomica to develop its pipeline of microbiome-based therapeutics. The company plans to use the proceeds to complete its current BMC128 phase 1 immuno-oncology study and advance to phase 2 clinical trial; scale up and complete GMP production of BMC333 in preparation for a phase 1 clinical trial for the treatment of inflammatory bowel disease (IBD); as well as advance additional programs.
Biomica’s drug candidates are based on microbes selected through high-resolution functional microbiome analysis using PRISM, a computational platform powered by Evogene’s MicroBoost AI tech engine.
Biomica has made ‘Tremendous progress’
Elran Haber, chief executive officer of Biomica, said: “Biomica has made tremendous progress in the past year. This includes the initiation of the first in-human phase 1 immune-oncology clinical trial of BMC128 as well as advancing our infectious and gastrointestinal-related disease programs. We look forward to working closely with our shareholders, as we continue our advancements and meet our milestones in the coming years.”
Ofer Haviv, chairman of Biomica and president and CEO of Evogene, said: “We are pleased to bring this new strategic partner, Shanghai Healthcare Capital, to join us. This external and independent endorsement validates our belief in the long-term potential of Biomica. It shows that all our hard work in building and investing in Biomica’s development, whose underpinning technology leverages our AI tech engine, MicroBoost AI, is a successful strategy and continues to bear fruit.”