Cancer treatment co UroGen invests $7m in Israel’s IntraGel
UroGen Pharma, a $2.4 billion market cap company, invests $7 million in IntraGel Therapeutics. The deal includes $4 million upfront and $3 million in milestones. IntraGel's biodegradable, injectable gel targets solid tumors, complementing UroGen's existing urinary-tract gel. If Phase II trials succeed, UroGen will exercise an option to continue development and market the treatment.
UroGen Pharma, a $2.4 billion market cap company traded on Wall Street, announced a strategic collaboration with Israeli injectables developer IntraGel Therapeutics. UroGen will invest $7 million in IntraGel, with $4 million paid immediately and another $3 million tied to near-term milestones, as part of a financing round IntraGel is currently raising. If IntraGel's lead product, TumoCure, succeeds in Phase II trials (set to begin soon), UroGen will exercise an option to continue development and market the treatment upon approval, in exchange for additional milestone payments and royalties. The key advantage of IntraGel's technology is that its gel is injectable and biodegradable inside the body, unlike UroGen's existing gel, which is washed out by urine after releasing the drug. This makes IntraGel's platform suitable for treating solid tumors in various locations, potentially expanding UroGen's market beyond the urinary tract and digestive system. UroGen reported annual revenue of about $100 million from its first product, Jelmyto, and $50 million in the last quarter from Zusduri, launched this year. The company employs 250-300 people, including 45 in Israel.