JERUSALEM, March 12, 2012 /PRNewswire/ -- Hadasit Bio-Holdings Ltd. (TASE: HDST, OTC: HADSY) and its portfolio companies Thrombotech Ltd. ("Thrombotech") and BioMarCare Technologies Ltd. ("BioMarCare") announced today that they will receive additional funding of NIS 6.1 million (over $1.5 million USD) by the Israeli Ministry of Industry and Commerce, Office of the Chief Scientist (OCS) to support product development and advance clinical trials.
Commenting on the grant, CEO of Hadasit Bio-Holdings, Ophir Shahaf stated, "Direct funding to our portfolio companies year after year is a concrete vote of confidence and an expression of faith in the quality of the science and management by an external professional agency, which sees great potential in our companies and the products we are developing. Moreover, these companies are in advanced stages of clinical trials designed to prove their products' efficacy and significantly increase their value. This additional external financing, which does not dilute the existing shareholders, will allow Thrombotech and BioMarCare to accelerate the research, development and clinical progression towards the commercialization of these products."
Thrombotech recently announced the FDA's IND approval for a Phase IIa clinical trial in the U.S. The grant will fund Thrombotech's clinical trials in Israel, India, Europe and the U.S. These trials will establish Thrombotech's lead product, THR-18, as a safer and more effective treatment to remedy blood clots in stroke patients and will significantly expand the number of patients who can be treated with tPA from the 3% currently receiving thrombolytic treatment.
Funding approval for BioMarCare has been awarded for the research and development of Diagnostic kits for cancer identification based on PAR biomarkers that are found in the blood. Additionally, BioMarCare is currently developing a blood and tissue biomarker diagnostics tests for colorectal and breast cancer.
Thrombotech Ltd. is an Israel-based biotechnological company with years of cutting-edge thrombotic research at the Hadassah Medical Center in Jerusalem. Thrombotech developed THR-18, a peptide which allows the existing thrombolytic stroke medication to easily dissolve blood clots, extending its short therapeutic time window and diminishing life-threatening side effects. The Company's intellectual property is based on the extensive research conducted by Professor Abdel - Raouf Hijazi of the Hadassah Ein - Karem Hospital. Hadasit Bio, Clal Biotechnology Industries and Ofer Hi-Tech are the major shareholders in the company. Dr. Ruth Ben-Yakar is the CEO.
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. These include Thrombotech Ltd. and BioMarCare Technologies Ltd. in whom Hadasit Bio-Holdings hold a 24% position and 90% position, respectively.
For more information please visit: www.hbl.co.il
SOURCE Hadasit Bio-Holdings Ltd.