On April 27, 2023 Biomica Ltd., a clinical-stage biopharmaceutical company developing innovative microbiome-based therapeutics and a subsidiary of Evogene Ltd. (Nasdaq: EVGN) (TASE: EVGN), reported that it has closed a financing round of $20 million (Press release, Biomica, APR 27, 2023, View Source [SID1234630592]). The round was led by a $10 million investment from Shanghai Healthcare Capital (SHC), a leading Chinese private equity fund based in Shanghai, focused on biotech and healthcare investments globally. Following the investment, SHC holds 20% of the share capital in Biomica on a fully-diluted basis. Evogene also invested $10 million in Biomica in the current financing round.

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The $20 million investment enables Biomica to forge ahead with developing its pipeline of microbiome-based therapeutics. Biomica plans to use the proceeds to complete its current BMC128 phase 1 immuno-oncology study and advance to phase 2 clinical trial; scale up and complete GMP production of BMC333 in preparation for a phase 1 clinical trial for the treatment of inflammatory bowel disease (IBD); as well as advance additional programs.