OrbiMed Invests $8M in BioLineRX

OrbiMed Israel Partners LP, an affiliate of OrbiMed Advisors LLC will invest $8 million in BioLineRX.

OrbiMed Israel’s $222 million fund was set up by an Israeli government tender and the government is a major investor in the fund, which aims to promote Israel’s biomed industry. The Fund, which is led by three full time Israel-based partners Dr. Nissim Darvish, Anat Naschitz and Erez Chimovits and US partner Jonathan Silverstein, has made investments in endoscopic developer Medigus Ltd. (TASE:MDGS), ear medication developer Otic Pharma, monitoring company Ornim, cCam Biotherapeutics, and anal drug delivery company RDD Pharma. However, this is its long awaited first investment in a later stage drug development company.