A doctor performing a botox injection. Photo: Dr. Braun via Wikicommons.

CTech – Israel-based biotech company Polypid has closed a $50 million funding round led by unspecified institutional shareholders, the company announced Monday. Polypid intends to use the proceeds to advance the development of its pipeline and conduct two phase 3 pivotal registration trials of its flagship product.

Founded in 2008 and based in central Israeli town Petah Tikva, clinical-stage Polypid develops encapsulating drug delivery technology that enables extended and localized release of tricky compounds like those sensitive to heat or pH levels, or drugs that are toxic in large doses. The company raised $15 million in November according to a pre-money valuation of $180 million. In March, the company postponed its planned initial public offering on Nasdaq, through which it intended to raise $75 million.