Doron Therapeutics Raises $11M Series A to Progress Biologic Regenerative Osteoarthritis Drug into Phase 3 Clinical Studies
New Members Strengthen Board of Directors
Online, November 25, 2024 (Newswire.com) - Doron Therapeutics, a clinical-stage biotech company focusing on degenerative musculoskeletal conditions, today announced it has successfully raised an aggregate $11 million as an initial Series A round to take MOTYS™ into Phase 3 clinical studies. SPRIM Global Investments (SGI), a prominent health sciences investment firm, is leading the round.
Doron's most advanced product, MOTYS™, is an intra-articular biologic drug developed for the management of symptomatic knee osteoarthritis. Data from a Phase 2 clinical trial were recently presented on podium at the Osteoarthritis Research Society International (OARSI) World Congress 2024 in Vienna, Austria - where MOTYS™ was identified as a highly promising program to address the significant impact of debilitating osteoarthritis.
With compelling pre-clinical evidence of superiority when compared to currently available therapies, including steroids and hyaluronic acid, a robust CMC package and clinical data from over 350 patients, MOTYS™ is being developed to provide potent and durable effects from a single injection.
As part of the Series A financing, Doron is also adding two new board members. Karen Zaderej, who previously served as chief executive officer and as chairman of the board of directors of Axogen Inc. from 2010, led the company's transformation from a start-up to a public company. Her experience advancing Avance Nerve Graft®, a biologically active human tissue graft, through BLA submission will be invaluable to Doron. Also joining the board is Tassos Konstantinou, SPRIM's managing director, an investment professional with life science venture capital and business development experience that brings a broad and diversified global perspective.
"We are excited for Doron to join our portfolio of companies - and see a great opportunity for their program to be successful and disrupt the vast and growing global market of osteoarthritis," said Michael Shleifer, managing partner of SPRIM.
"We are grateful to our Series A investors, for their confidence in our initiative," said Alessandra Pavesio, chief executive officer and co-founder of Doron. "This is an exciting time for Doron as we progress our lead product into Phase 3 clinical studies. The unmet need for non-surgical interventions in osteoarthritis is immense and growing. We believe MOTYS™ will allow patients to have reduced pain and regain function, allowing them the opportunity to get back to healthy and active lives."
About Osteoarthritis
OA is the most common form of arthritis, affecting millions of people worldwide. It occurs when the protective cartilage that cushions the ends of the bones wears down over time. This can lead to pain, stiffness, and swelling in the joints, most commonly in the knees, hips, hands and spine. Risk factors include age, sex, obesity and a history of participation in active sports. Women are more likely to develop OA.
About Doron Therapeutics
Doron Therapeutics is a clinical-stage biotechnology company that has developed a Phase 3 ready, intra-articular biologic drug derived from placental tissue. The lead product, MOTYS™, includes a host of beneficial growth factors with pre-clinical data that suggests potent anti-inflammatory, tissue-protective and regenerative capabilities pivotal to treating the progressive and degenerative disease of osteoarthritis.
About SPRIM Global Investments
SPRIM Global Investments (SGI) is a leading health sciences venture capital firm with deep industry expertise and decades of operating experience across 17 countries. SGI invests in biotechnology, digital health and R&D service companies to commercialize the newest technologies and accelerate innovations that are the future of health around the world.
Media Contact:
Sarah Caley
Head of Business Development and Strategy
Doron Therapeutics
info@dorontherapeutics.com
Source: Doron Therapeutics
