Weizmann Institute duo nab $12m

Two Israel-based health spinouts of Weizmann Institute of Science have collectively secured $12m in funding from biomedicine developer BioLeaders and VC firm Yozma Group Asia.
The capital includes $10m supplied by BioLeaders, itself backed by Yozma, for a new, as-yet unnamed Weizmann Institute-founded oncology spinout. The investment is anticipated to close in the coming months.
The spinout will focus on exploiting a peptide capable of binding to a tumour suppressor protein called p53.
Dubbed the “guardian” of the human genome, malfunctions in the p53 gene have been linked to the progression of cancer in approximately two-thirds of cases. The capital injection will help establish the business and enable it to hire staff at its headquarters in Kiryat Weizmann Science Park, which is situated close to the institute.
Weizmann’s spinout is based on research by Varda Rotter and Moshe Oren, two professors from the institute’s molecular cell biology department. The peptide has already undergone initial pre-clinical trials on tumours in mice with no significant side effects.
Meanwhile Yozma Group has contributed $2m to a funding round for ultrasound guidance technology developer On-Sight Medical, though other investors and the round’s overall tally were not disclosed.
On-Sight Medical’s device utilises artificial intelligence and machine learning algorithms to recognise geometric shapes, helping professionals unfamiliar with ultrasound apply the technology in emergency rooms, general practices, ambulances and home care settings.
The spinout is based on a joint research initiative of Weizmann Institute with New York University (NYU) led by Yaron Lipman, a professor at the institute’s computer science and applied mathematics department, and Achi Ludomirsky, professor and associate chair for outreach at NYU’s Department of Paediatrics.