Nucleix Ltd raises $3 million in second round of funding
May 23, 2016 – REHOVOT. Nucleix Ltd, a life science company specializing in development of epigenetic biomarkers for early detection and monitoring of cancer, announced today that it has completed a $3 million fund raising. The round was led by Aurum Ventures MKI Ltd, the tech investments arm of Morris Kahn, and the existing shareholder Zohar Zisapel, a well-known Israeli entrepreneur and private investor.
This is Nucleix’s second round of funds raised by investment firms, following a previous major round in 2014, when $5.5 million were raised mainly from OrbiMed, along with Zisapel and other private investors. Since Nucleix was founded in 2008, the company has raised over $13 million.
The capital that was raised will be used to continue the execution of the clinical trials required for FDA clearance, initiate the marketing of Nucleix’ s first product, Bladder EpiCheck, in Europe and accelerate the development of its coming applications. In addition, the company expects to continue investing in expanding its workforce, which currently counts 16 people.
Nucleix’s Bladder EpiCheck addresses the need to monitor bladder cancer patients. Bladder cancer is the fifth most common cancer in the world and the fourth most common cancer among men, with more than 200,000 new patients that are diagnosed annually; and 800,000 (in the US alone) patients that are subjected to a lifelong cycle of testing and surveillance of this highly recurring disease.
The cancer detection diagnostic and monitoring market mainly uses invasive tests, which are unpleasant and expensive. Therefore, accurate and simpler noninvasive test, coined as a “liquid biopsy tests” (blood, urine), such as Bladder EpiCheck, are expected to gradually replace the invasive methods. Bladder EpiCheck is a urine test with 90% sensitivity, 83% specificity and 97% negative predictive value for diagnosis and monitoring of bladder cancer. The test is expected to be available in Europe in the third quarter of 2016, following CE approval.
Dan J. Gelvan, Ph.D. Managing Director of Life Sciences at Aurum Ventures MKI Ltd who joined the company’s board, commented: “We are excited to join this great company and are hopeful that this not only will turn into a great financial success, but also make a sustainable and significant contribution to mankind. Nucleix has a winning combination of top-notch people and a great technology, which is quite unique these days. With that in hand, we are honored to be part of this journey.”
“This additional round will further strengthen our ability to execute our plan of becoming a world leader in Epigenetics in general and in cancer diagnosis and monitoring specifically. Aurum is the latest addition of first class healthcare investors to become shareholders in Nucleix, along with OrbiMed, one of the world’s largest healthcare VCs, and others. We consider this to be another vote of confidence for our current product, as well as future products based on Nucleix advanced epigenetics technologies.” said Elon Ganor, Chairman and CEO, Nucleix.
Source: Nucleix Ltd