The European Innovation Council (EIC) Fund has decided to make a direct equity investment in Jerusalem-based Betalin Therapeutics in the amount of 500,000 Euros. The investment is intended to fund its flagship product the Engineered Micro Pancreas (EMP) that produces insulin independently in the body and renders further injections unnecessary toward human trials.
The European Innovation Council (EIC) was established under the EU Horizon Europe program. It has a budget of €10.1 billion to support game-changing innovations throughout the lifecycle from early-stage research to proof of concept, technology transfer, scale-up of start-ups and SMEs.
“This investment will help Betalin Therapeutics to further develop its revolutionary therapy for diabetes treatment. The EIC Fund is thrilled to support unique technologies aiming to have a global impact improving patient’s life conditions” said Jose Fernando Figueiredo, member of the Investment Committee of the EIC Fund.
“Batalin is a company with exceptional potential in its field. Its contribution to medicine may revolutionize global diabetes thanks to the company’s unique technology that developed the first engineered pancreas of its kind. The field of diabetes is booming today, with the breaking of scientific boundaries, and attracts great interest from the market and among investors. The EIC investment will allow Betalin accelerate the preparation toward clinical trials” said Betalin chief executive officer, David Nitsan.
The new investment follows 3.6 million Euros in grants Betalin Therapeutics received from the EU’s prestigious Horizon 2020 R&D program.
To date, Betalin Therapeutics has raised NIS 45 million in capital investments and grants. Betalin Therapeutics has also recently appointed David Nitsan as its new CEO. Nitsan has 20 years of experience in promoting start-up companies in the field of Biomed and medical equipment, including development, regulation, clinical trials, marketing, and sales, as well as leading companies for collaborations and exits.
Nitsan joins Betalin Therapeutics after a successful exit as CEO of Jetprep, a product that improved the percentage of cancer lesions detected during a colonoscopy, which was sold to a global leading American company traded on the NYSE.
In his most recent role, he served as CEO of ProArc Medical, which has developed a tiny implant that can relieve symptoms because of an enlarged benign prostate that blocks urine passage. Nitsan has also raised a €2 million EU grant under the Horizon 2020 program. Nitsan also served as a member of the Board of Directors for IATI, the Israel Advanced Technology Industries Association.
About Betalin Therapeutics
Betalin Therapeutics was established in 2015 to commercialize technology acquired from the Hebrew University and is based on research by Professor Eduardo Mitrani. The innovation in Betalin’s technology entails the development of supportive tissue, a biological scaffold that provides support for pancreatic beta cells, without which the cells have difficulty functioning. This revolutionary technology works as a “micro pancreas” in people with diabetes ensuring long-term secretion of vital insulin into their bodies.
Existing solutions for implanting insulin-producing beta cells are complicated. The accepted procedure today is the injection of beta cells directly into the liver in a process known as the Edmonton Protocol. One common problem is that many cells die immediately upon injection, which necessitates the donation of cells from three donors. Also, after a few years, the active cells stop producing insulin. And finally, it is a very expensive operation, costing about $200,000.
Betalin’s products are intended to treat type 1 diabetes (juvenile diabetics) and 25% of type 2 diabetes patients who require insulin injection. This ground-breaking technology could radically improve the lives of 170 million people worldwide.
The treatment is being further optimized with the support of an advisory board, which includes among others a Nobel Prize winners Professor Sidney Altman and Professor Arieh Warshel.
For further information: David Nitsan,
Contact: David AT betalintherapeutics.com
Source: Jerusalem Post https://www.jpost.com/business-and-innovation/tech-and-start-ups/article-694626
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