28 April 2023, Israel: Biomica Ltd., a clinical-stage biopharmaceutical company developing innovative microbiome-based therapeutics and a subsidiary of Evogene Ltd. (Nasdaq: EVGN, TASE: EVGN), today announced that it has closed a financing round of $20 million. The round was led by a $10 million investment from Shanghai Healthcare Capital (SHC), a leading Chinese private equity fund based in Shanghai, focused on biotech and healthcare investments globally. Following the investment, SHC holds 20% of the share capital in Biomica on a fully- diluted basis. Evogene also invested $10 million in Biomica in the current financing round.
The $20 million investment enables Biomica to forge ahead with developing its pipeline of microbiome-based therapeutics. Biomica 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.
(For Latest Agriculture News & Updates, follow Krishak Jagat on Google News)