Israeli stem cell startup raises $4 million for chemo effectiveness technology
NewStem Ltd., a Jerusalem-based biotech startup with a precision-medicine technology that it says can increase the effectiveness of chemotherapy, said Monday it has raised $4 million in seed financing from a US-based company.
The US firm is Hollywood Media Corp., a shell company whose shares are traded over the counter. On Monday, Hollywood Media, which previously operated in ad sales, said that it is undergoing a strategic transformation via its investment in NewStem, and refocusing on NewStem’s diagnostic technology. The US company is replacing its officers and directors, and intends to change its name to NovelStem International Corp.