JERUSALEM, Sept. 11, 2013 /PRNewswire/ -- Hadasit Bio-Holdings (TASE: HDST, OTC: HADSY) a publicly traded portfolio of biotech companies, based on intellectual property developed and owned by the Hadassah University Hospital, today announced that KAHR Medical Ltd. ("KAHR"), a portfolio company in which Hadasit Bio hold approximately 55%, will raise $2.5M at a valuation of $13.5M pre-money. Of the investment, $1.65M will be invested by Flerie Invest AB, a company controlled by Thomas Eldered, co-owner of Recipharm (www.recipharm.com), one of the largest pharmaceutical Contract Development and Manufacturing Organizations (CDMO) in Europe. Sanofi, the third largest pharmaceutical company in the world, will maintain its current holdings with an investment of $500K and Hadasit Bio will invest an additional $200K. An additional $150K will be offered as a one year option to Flerie and Hadasit Bio.
Dr. Rafi Hofstein, Chairman of Hadasit Bio-Holdings: "We are happy to announce the closing of this important financing for KAHR. This funding will allow the company to advance its lead product into a Phase I trial – thus proving the groundbreaking science and technology within a controlled clinical setting. We are proud of the strong partnerships the company has established with Sanofi and Flerie and look forward to working together in order to move this promising drug platform towards commercialization."
Dr. Noam Shani, CEO of KAHR: "We are especially excited about this investment because we are planning a first-in-men clinical trial with KAHR-102 in Lymphoma patients and this investment should allow its completion. The partnerships we have formed with major strategic partners such as Mr. Eldered, co-founder and CEO of one of the leading pharmaceutical CDMOs in
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