News
Dr Reddy's Laboratories acquires Preferred A-1 shares of Israel-based Edity Therapeutics
IMT News Desk
9 months ago
Dr Reddy’s Laboratories acquires Preferred A-1 shares of Israel-based Edity Therapeutics
IMT News Desk
9 months ago
The funds invested by Dr Reddy's would be utilised by Edity to further develop its technology platform
Dr Reddy's Laboratories, the wholly-owned step-down subsidiary of Dr Reddy's Laboratories, has acquired 1,014,442 Preferred A-1 shares of Edity Therapeutics ("Edity"), a biotechnology company, equivalent to 6.46 per cent of the shareholding of Edity on a fully diluted basis.
The acquisition is done through cash consideration, by way of conversion of SAFE (Simple Agreement for Future Equity) investment of $2 Million to Preferred A-1 Shares.
Edity is an Israel-based development-stage biotechnology company focusing on a breakthrough platform technology for intracellular delivery of therapeutic proteins utilising immune cells. Therapeutics based on the Edity technology could be useful in multiple therapeutic areas including gene editing, rare genetic disorders, oncology and inflammation.
Edity has not yet commercialised its technology/products and hence does not generate any revenues.
The funds invested by Dr Reddy's would be utilised by Edity to further develop its technology platform. This includes performing pre-clinical studies for safety and efficacy evaluation, securing intellectual property through patent filings, and exploring licensing opportunities, collaborations, and market entry strategies to optimise the commercial viability of Edity's technology platform.