Israel's Optimata secures $1.5M in placing

Israeli firm Optimata says it has successfully completed a private placement of $1.5 million from a new group of private European investors, said Michael Agur, the firm's chief financial officer.

The proceeds will enable Optimata to complete the evaluation process required for the selection of discontinued drug candidates most suitable for repurposing. The funding will also significantly enhance the firm's computational capabilities. Optimata is currently in the final stages of selecting discontinued oncology compounds for in-licensing and repurposing using the company's proprietary biosimulation technology.

"After closely examining more than one hundred drug candidates we have short-listed several that we believe have good prospects for repurposing and renewed clinical development," said chief executive Guy Malchi. "We plan in the next few months to make a final selection of one or two compounds and then to use our technology to significantly improve the compounds' safety and efficacy profiles," he noted, adding: "the in-licensing of drug candidates for in-house development represents an additional approach to our business development and one that we expect to substantially increase revenues."