Israel Biotech Fund reports first closure of 2nd fund - (Globes via NewsPoints Desk)

  • Israel Biotech Fund has announced the first closure of its second fund, Globes reported Tuesday.

  • Although the volume of the fund was not disclosed, it is expected to be similar to that of $70 million for the firm's first fund.

  • The portfolio companies of the first fund include Ayala Pharmaceuticals, which has licenced a number of investigational cancer drugs from Bristol-Myers Squibb, and Biond Biologics, which recently raised $17 million in a round of financing supported by drugmakers such as Celgene.

  • "The appointment of members of our team of venture advisors as directors and advisors for the fund's portfolio companies changes the equation in these companies," remarked Israel Biotech Fund manager David Sidransky.

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