Andromeda will also see investment from their parent company Clal Biotechnology. Teva will be investing $11.9 million, whilst Clal will invest $5.6million, bringing the total investment to $17.5million.
Andromeda plans to use this investment to fund the continuation of the Phase III clinical trial of its leading drug candidate DiaPep277 and to obtain marketing approval for it in Europe and the US. DiaPep277 a unique peptide representing a novel therapeutic approach to prevent the destruction of insulin producing cells in the pancreas. It will be used to treat type 1 diabetes.
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