Israel-based pharmaceutical company Avraham Pharmaceuticals secured $3m in financing yesterday from investors including Clal Biotechnology Industries (CBI), the corporate venturing unit for investment holding company Clal. Participants in the round also included Yissum Research Development Company, the technology transfer unit belonging to the Hebrew University of Jerusalem, venture capital firm Pontifax and the Technion Research and Development Foundation Ltd., a subsidiary of the government-backed Israel Institute of Technology. CBI, Yissum and Pontifax previously invested $9m in Avraham’s series A round, in April 2010, and with the completion of the latest round Yissum will own a 30% share of Avraham. Yissum is planning to transfer its share to its forthcoming biotechnology holding company when it is formed, as an asset. Avraham is currently working Ladostigil, on a molecule designed to treat neurodegenerative diseases. The money will be used to advance Phase II clinical tests for the treatment on patients diagnosed with mild cognitive impairment, starting in 2012.

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