Global Health Sciences Fund (Quark Venture LP and GF Securities) Participates in $22 Million Series C Preferred Stock Financing in Raziel Therapeutics for Development of an Orphan Drug Treating Fat Disorders
VANCOUVER, British Columbia, Jan. 28, 2020 (GLOBE NEWSWIRE) — Quark Venture LP and GF Securities participated in the $22 million Series C financing announced in December 2019 for Raziel Therapeutics (Raziel), a company developing RZL-012 for fat disorders, including Dercum’s disease. This investment, made through Global Health Science (GHS) fund, was led by Pontifax and included existing investors Dr. Shmuel Cabilly and Docor International along with new investors, Catalyst CEL, Peregrine Investments and Wille AG.
Dercum’s disease is an extremely rare fat disorder characterized by multiple, painful growths consisting of fatty tissue (lipomas). Pain associated with Dercum’s disease can often be severe, and treatment via surgical removal of the lipomas frequently leads to more growths.Raziel will initiate a Phase 2b study of RZL-012 in Dercum’s disease during 2020 and, if successful, could lead to NDA filing as soon as 2021. As a single injection treatment into subcutaneous fat, RZL-012 may also have aesthetic applications in submental fat reduction as well as broader medical applications treating lipomas and lipedema. “The GHS Fund is particularly interested in supporting companies developing therapeutics for rare diseases, such as Dercum’s disease, where there is a clear opportunity to assist suffering patients,” says Karimah Es Sabar, Chief Executive Officer & Partner, Quark Venture LP and Director of the GHS Fund. “We are very pleased to support Raziel in their efforts to address the unmet needs of these patients as they advance RZL-012.”Alon Bloomenfeld Chief Executive Officer of Raziel, said, “As we advance RZL-012 into Phase 2b development in therapeutic and aesthetic indications, we are privileged to have strong support from top-tier healthcare investors who share our vision of creating a best-in-class product with clear clinical benefits that address the unmet needs of many people with fat disorders and aesthetic conditions.”In addition, Zafrira Avnur, Ph.D. Chief Scientific Officer & Partner of Quark Venture LP will be joining Raziel Therapeutics’ Board of Directors. Ms. Avnur is world renowned for her leadership and ability to create innovative academic collaborations. A testament to this is her time spent at Roche, where she was the Global Head of Academic Innovation, responsible for creating relationships with the world’s leading academic institutions and world class innovators.About Quark Venture LP
Quark Venture LP invests in innovative biotechnology and health technology companies and supports them with its expertise in bioscience commercialization and equity financing. The company’s strategic focus is global investments in disruptive platforms and technologies impacting human health. Through its China affiliate, Global Drug Commercialization Center (GDCC), Quark’s leading-edge Development Centre and SME Accelerator in China helps small- and medium-size enterprises successfully access the China market, grow, innovate and bring better health outcomes to millions of people. Quark Venture LP partners with scientific and commercial thought leaders across the globe. For more information visit www.quarkventure.comAbout Global Health Sciences Fund
Global Health Science Fund was jointly established by Quark Venture LP and GF Securities in late 2016. Global Health Science Fund is a health sciences venture fund that invests globally in a diversified portfolio of innovative biotechnology and health sciences companies who are addressing unmet medical needs through innovations in drug development, medical devices, health IT and emerging convergent technologies.About Raziel Therapeutics
Raziel Therapeutics is a clinical-stage pharmaceutical company developing a novel synthetic small molecule (NCE) for aesthetics and fat disorders. A single multi-site injection of RZL-012 into subcutaneous fat causes immediate fat cell death at the injection site, resulting in significant reduction of fat tissue for long time periods.