World leader in developing stem cell technologies, Israel’s Gamida on Sunday announced that Swiss drugmaker Novartis is going to invest an additional $15 million in Gamida Cell technologies. NiCord can be an scientific invented to control affected individuals by using higher risk cancers or kinds of bloodstream types of cancer like blood cancer and lymphoma and likewise sickle lodge disorder. The goal of the Novartis investment is to advance the NiCord clinical development program. Phase III trials are expected to begin in mid-2016.
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“We are very pleased to receive continued support from Novartis”.
Investors in Gamida include Elbit Medical Technologies now 22.5 percent stake; Clal Biotechnology Industries now have a 18 percent stake; and Israel Healthcare Venture, Teva Pharmaceutical Industries, Auriga Ventures and Denali Ventures. It will invest an additional $10M if Gamida is successful in closing equity financing by the end of 2017.
This financing follows the initial August 2014 agreement under which Novartis invested $35 million in return for a 15% equity interest in Gamida Cell. So far, the toal investment is $50 million.
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However, in June Novartis said it had decided not to buy the company despite the fact that all predetermined milestones had been met. Instead, the company indicated that it would “explore suitable alternatives” to stay close to Gamida. However, under the terms of this current agreement, Novartis does not have options to purchase Gamida Cell.
