BioMarCare Receives Strategic Investment From Micromedic Ltd., a Subsidiary of BioLight Ltd. Hadasit Bio-Holdings Ltd. portfolio company receives $1 million strategic investment
JERUSALEM, March 29, 2012 /PRNewswire/ -- Hadasit Bio-Holdings Ltd. (TASE: HDST, OTC: HADSY) a publicly traded portfolio of biotech companies, all based on intellectual property developed and owned by Hadassah University Hospital, Israel's foremost medical research center, today announced that one of its portfolio company's, BioMarCare, received a $1 million strategic investment from Micromedic Ltd. with an option to invest an additional $1 million.
Ophir Shahaf, CEO of Hadasit Bio-Holdings commented, "The investment validates the technology and research behind BioMarCare's diagnostic kits as BioLight looks to increase its presence in the cancer detection market by forming a 'cluster' of promising companies addressing this market posed to lead the industry."
"Not only will the agreement secure funds to advance the research and development of its kits, but more importantly, it will allow for collaboration between the companies with significant synergies utilizing resources, expertise and knowledge that the companies have acquired in the field of cancer diagnostics. This field is generating increasing interest and demand both from pharmaceutical companies developing new drugs as well as from clinical care providers looking for more effective and personalized medicine."
BioMarCare is in the process of developing novel diagnostic kits, all for the early detection of cancer based on a minute amount of a blood sample or standard biopsy. BioMarCare's kits will also enable prediction of treatment success as well as real-time monitoring of a treatment's effectiveness, otherwise termed 'Companion Diagnostics.'
The products currently in development are for breast and colon cancer, two of the most prevalent and fatal cancers in which early detection and effective treatments can drastically improve patient's outcome. The company's research and IP stems from the Hadassah hospitals, which provide world class clinical expertise, state of the art labs and most importantly a vast amount of clinical samples that can be used for validating the diagnostic markers and kits. The quantity and quality of these samples can ultimately enable the approval and commercialization of the biomarkers and diagnostic kits.
BioLight, a company currently chaired by former President and CEO of Teva Pharmaceuticals, Mr. Israel Makov, and managed by Ms. Suzana Nahum has been developing his cluster approach, by which promising companies addressing a single area of medicine are brought together in a synergistic way that will increase each company's chances of success. BioMarCare is proud to be a part of this vision and sees BioLight's investment as a vote of confidence and appreciation of the underlying value BioMarCare has to offer – science, products, management and affiliation with a leading medical center.
Micromedic Life Sciences Investments Ltd. is a holding company engaged, through its subsidiaries, in various fields of research and development of pharmaceuticals and medical products and devices. The company was founded in 2005 and as of April 21, 2011 a group led by Mr. Israel Makov gained control in the company introducing a new approach of value creation through knowledge synergies (the "Clusters Approach").
Micromedic is a public company traded on the Tel Aviv Stock Exchange.
About BioMarCare Technologies
BioMarCare Technologies Ltd. develops diagnostic kits based on novel biomarkers for early cancer identification, monitoring and assistance with personalized drug treatment, by a simple blood test or standard biopsy. The company's intellectual property is based on extensive studies by senior doctors and researchers at Hadassah.
The company is managed by Mrs. Dana Cohen and the company's intellectual property is based on the work of the best doctors and researchers of the world renowned Hadassah Hospital. Prof. Tamar Peretz, director of the department of oncology at Hadassah Ein Kerem is BioMarCare's CMO.
About Hadasit Bio Holdings
Hadasit Bio-Holdings Ltd., established in 2006, is the publicly traded subsidiary of Hadasit Ltd. - the technology transfer company of the Hadassah University Hospital, Israel's foremost medical research center. The Company was established for the purpose of promoting and commercializing the intellectual property and R&D capabilities generated by Hadassah.
Hadasit Bio-Holdings focuses on advancing companies that are past successful preclinical trials and close to completion of Phase I/II clinical trials. Its portfolio companies develop drugs with blockbuster potential (with markets worth over one billion dollars) and operate in the fields of cancer, inflammatory diseases and tissue regeneration using stem cells - areas in which the Hadassah Hospital has extensive knowledge and recognition as a global leader.
HADSY is the domestically traded ADR of Hadasit Bio-Holdings, a public investment vehicle representing a portfolio of biotech companies, all based on inventions developed at Hadassah.
For more information please visit: www.hbl.co.il
SOURCE Hadasit Bio-Holdings Ltd.