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HealOr announces $15 million investment led by Mori Arkin to heal chronic wounds


Ness Ziona, Israel, September 24th, 2008 - HealOr, a leading biopharmaceutical company in the fields of wound management and dermatology, announced today a $15 million investment from Moshe (Mori) Arkin, former Vice Chairman and General Manager of Perrigo Global (Nasdaq: PRGO; TASE).

'We are excited to have Mori Arkin as both our Chairman and investor,” said Dalia Kleiman, Board Member of HealOr. “We believe this to be both a major endorsement and milestone for HealOr, as we develop our treatments for the wound healing market. Mr. Arkin's extensive experience and knowledge in the development of dermatological products will contribute greatly to the Company, and the capital infusion will accelerate both the development and introduction of our products into the marketplace.'

Mori Arkin served as Chairman of the Board of Directors and was the principal shareholder of Agis Industries Ltd. from its establishment in 1983 until it was purchased by Perrigo in 2005. The transaction includes the immediate expansion of the HealOr’s board of directors to seven members and the appointment of Mr. Arkin as HealOr's Chairman of the Board.

This latest financing of $15 million is HealOr’s third round of financing. It’s last round of financing was closed last November with $8 million invested by Pitango Ventures. Previously the Company raised $4 million from private investors in addition to $1.5 million from Israel's Ministry of Industry, Trade and Labor.

'There is an enormous need for a solution to the severe problem of chronic wounds, due primarily to the rapid growth in diabetes patients, and an aging bedridden population known to suffer from chronic wounds. The prevalence of chronic ulcerated wounds surpasses 5.4 million in the U.S and 19.8 million worldwide. Standard therapy for these wounds close only a third of them with recurrence rates of wounds reopening in the same area - as high as 70%. The necessity for an effective solution beyond the human tragedy also arises from the economic cost surpassing $15 billion annually to the healthcare system,' said Dr. Tamar Tennenbaum, founder and CEO of HealOr.

HealOr’s leading family of products are based on groundbreaking cell signaling technology, which is effective in treating three sorts of chronic wounds: diabetic, venous and pressure ulcers. The solution is based on a family of enzymes called Protein Kinase C (PKC) that instruct the skin to complete certain tasks at certain times during the wound healing process. Where one isoform of PKC may be involved in wound closure, another one may be responsible for keeping the wound uninfected or ensuring that the epidermal cells remain unscarred. By isolating particular isoforms and their respective inhibitors and activators, HealOr can moderate and or stimulate certain phases of the wound healing process that are stunted or not functioning properly.

HealOr lead product, HO/03/03 is indicated for diabetic foot ulcers. Unlike existing therapies that target only a single stage of the wound healing process, HO/03/03 affects almost every stage of the healing process. It protects the wound area from external pathogens, halts the inflammation response, and expedites dermal closure to ensure optimal wound healing and the return of skin aesthetics. It is also a simple, painless topical that is applied to a wound on a daily basis. The results of the phase I trials have shown that treatment with HealOr's HO/03/03 is safe to use and is associated with marked efficacy. When tested upon patients there appeared to be no patient side effects and a nearly 70% wound closure rate within a short period of 3 to 12 weeks.

“The initial results of the clinical trials conducted in Israel seem to be extremely promising, and provide the basis for a breakthrough in the field of diabetic wounds,” said Ruti Alon, Senior Partner at Pitango Ventures and Board of Directors of HealOr.

The Company will soon commence Phase II clinical trials in the USA and India. In addition to developing products for chronic wounds in humans, the Company has developed a pipeline of products for acute wounds, chronic wounds in animals, as well as other dermatological indications as well.

About HealOr:
HealOr is a leading Israeli biopharmaceutical company that develops innovative topical therapeutics for dermatology and wound healing. Heal-Or was founded in 2002 by Dr. Tamar Tennenbaum, a world-renowned researcher of wound healing at Bar-Ilan University. The company's lead application candidate and product pipeline demonstrates a novel scientific approach to the treatment of skin pathologies. This approach is based on the proprietary discovery of how to modulate biochemical mechanisms of action which promote skin repair and cellular regeneration.

For further information:
Yamit Nissanov, PR for HealOr Ltd.
Account Executive, IDAN Communications
+972-9-951-4666 (office), +972-52-5541810 (mobile)

Publisher Contact Information:

IDAN Communications

Company profile of HealOr
Past press releases of HealOr.


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