Fat Melting Startup Raziel Therapeutics Raises $22 Million

Central Israel-based pharmaceutical company Raziel Therapeutics Ltd. has raised a $22 million series C funding round, the company announced Wednesday. The round was led by Pontifax, with participation from Catalyst Fund, Quark venture, Peregrine Investments, Wille AG, and existing investors.

Raziel Therapeutics intends to use the funds for to advance trails for its product, a fat-melting drug, the company said. Founded in 2012, Raziel develops a new chemical entity drug used to treat fat disorders such as Dercum's disease. The drug is injected into subcutaneous fat, where it causes immediate fat cell death at the injection site, resulting in a significant reduction of fat tissue, according to the company’s statement. The company has raised more than $27 million to date, according to Pitchbook data.