Ayala Pharmaceuticals Raises $30 Million

Israel-based Ayala Pharmaceuticals Inc., a clinical-stage company developing therapies for genetically-defined cancers, has raised a $30 million series B funding round, the company announced Tuesday. The round was led by pharma multinational Novartis International AG, an existing investor. Israel Biotech Fund and Israeli insurer Harel Insurance Investments & Financial Services Ltd. also participated in the round.

Founded in November 2017 and headquartered in the central Israeli city of Rehovot, Ayala is a precision oncology company developing targeted therapies for rare cancers that are clinically underserved. The company intends to use the funding to advance the clinical development of its signal inhibitor product, currently being evaluated for treating adenoid cystic carcinoma (ACC), the company said.