Ayala Pharmaceuticals, Inc., a clinical-stage company announced the successful completion of a $30 million Series B financing. Ayala has offices in Wilmington and Israel
The investment was led by pharma giant Novartis with participation from SBI JI Innovation Fund and all existing investors, including Israel Biotech Fund, aMoon and Harel Insurance & Finance Group.
The new capital will fuel Ayala’s plans to advance the clinical development of lead product candidate AL101, which is being evaluated for adenoid cystic carcinoma (ACC). The company intends to advance the phase 2 study in ACC and initiate a phase 2 clinical trial in triple negative breast cancer (TNBC).
“The strategic investment by Novartis coupled with the continued support from our investors in this round underscores the potential for both AL101 and AL102, pan-Notch inhibitors being investigated in patient populations with high unmet needs,” said Roni Mamluk, Ph.D., CEO at Ayala Pharmaceuticals. “With this funding we are well positioned to complete the ongoing phase 2 study of AL101 in ACC and begin a phase 2 study with AL101 as a targeted therapy for patients living with TNBC bearing Notch activating mutations/fusions.”
The U.S. Food and Drug Administration’s Office of Orphan Products Development recently granted Orphan Drug Designation to AL101 for the potential treatment of ACC.
Ayala was founded in November 2017. For more information, visit www.ayalapharma.com.
