Novartis-backed cancer biotech raises $30M

May 30, 2019

Ayala Pharmaceuticals has raised $30 million in a series B funding round, led by Novartis.

The Israel-based clinical-stage biotech develops targeted therapies for rare cancers that are clinically underserved. The new capital will fuel Ayala’s plans to advance the clinical development of lead product candidate AL101, a pan-Notch inhibitor that is currently being evaluated for adenoid cystic carcinoma (ACC). 

Ayala is broadly developing  AL101 and AL102, best-in-class gamma secretase inhibitors, with studies underway in solid tumors (AL101) and in hematologic malignancies (AL102) and in collaboration with Novartis in multiple myeloma.

The U.S. FDA's Office of Orphan Products Development recently granted Orphan Drug Designation to AL101 for the potential treatment of ACC.

Read the press release.

Don't miss your Daily Dose. Sign up to get news like this delivered right to your inbox.