Ayala Pharmaceuticals Raises $30 Million in Series B Financing

Proceeds to enable the advancement of lead product candidate AL101 in
ACC and TNBC

REHOVOT, Israel & WILMINGTON, Del.–(BUSINESS WIRE)–Ayala Pharmaceuticals, Inc., a clinical-stage company developing
medicines for cancers that are genetically defined, today announced the
successful completion of a $30 million Series B financing.

The investment was led by Novartis with participation from SBI JI
Innovation Fund and all existing investors, including Israel Biotech
Fund, aMoon and Harel Insurance & Finance Group. The new capital will
fuel Ayala’s plans to advance the clinical development of lead product
candidate AL101, a pan-Notch inhibitor that is currently being evaluated
for adenoid cystic carcinoma (ACC). The company intends to advance the
phase 2 study in ACC and initiate a phase 2 clinical trial in triple
negative breast cancer (TNBC).

The strategic investment by Novartis coupled with the continued support
from our investors in this round underscores the potential for both
AL101 and AL102, pan-Notch inhibitors being investigated in patient
populations with high unmet needs,” said Roni Mamluk, Ph.D., Chief
Executive Officer at Ayala Pharmaceuticals. “With this funding we are
well positioned to complete the ongoing phase 2 study of AL101 in ACC
and begin a phase 2 study with AL101 as a targeted therapy for patients
living with TNBC bearing Notch activating mutations/fusions.”

Ayala Pharmaceuticals is broadly developing its product candidates,
AL101 and AL102, best-in-class gamma secretase inhibitors, with studies
underway in solid tumors (AL101) and in hematologic malignancies (AL102)
and in collaboration with Novartis in multiple myeloma.

The U.S. Food and Drug Administration’s Office of Orphan Products
Development recently granted Orphan
Drug Designation
to AL101 for the potential treatment of ACC.

About AL101
AL101 is a gamma secretase inhibitor developed
as a Notch inhibitor for oncology indications. Notch signaling pathway
plays an important role in tumorigenesis in several solid and
hematological malignancies. Upon ligand binding of the Notch receptor,
an important step in the activation of Notch receptors is cleavage by
gamma secretase, which frees the Notch intracellular signaling domain.

AL101 is currently in Phase 2 for adenoid cystic carcinoma patients with
tumor bearing Notch activating mutations (ACCURACY). For additional
information about the AL101 ACCURACY clinical trial, please go to www.clinicaltrials.gov.
Interested patients and physicians can contact Medical Affairs at Ayala
Pharmaceuticals for more information at: [email protected]
or call +1-857-444-0553.

About Ayala Pharmaceuticals
Ayala Pharmaceuticals, Inc. is a
clinical-stage biopharmaceutical company dedicated to developing
targeted cancer therapies for people living with genetically defined
cancers. Ayala is broadly developing its product candidates, AL101 and
AL102, best-in-class gamma secretase inhibitors, with clinical and
preclinical studies underway in both solid tumors (AL101) and
hematologic malignancies (AL102).

As a precision oncology company, Ayala was founded in November 2017 with
an experienced global management team and a strong investor base. For
more information, visit www.ayalapharma.com.

Contacts

Investors
Ayala Pharmaceuticals
+1-857-444-0553
[email protected]

Media
Katie Dodge
+1-617-657-1304
[email protected]

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