Hadasit Bio-Holdings' Portfolio Companies Receive Funding to Support Clinical Trial Preparations and Obtain Regulatory Approvals in U.S. and Europe
JERUSALEM, Jan. 22, 2013 /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, announced today that two of its portfolio companies, ProtAb and Enlivex, have received approximately $700,000 in convertible loans from Hadasit Bio-Holdings and its partners. ProtAb received $435,000 and Enlivex received approximately $268,000 (NIS 1 million).
Ophir Shahaf, Chief Executive Officer of Hadasit Bio-Holdings, commented, "This recent influx of financing is intended to support and supplement the ongoing research and advancements within both companies. In regards to ProtAb, our partners at Clal Biotechnology Industries and Pontifax have also made proportionate financial commitments in an effort to fund the company in this same regard. With the allocation of this capital, we aspire to develop a new form of treatment for autoimmune diseases that will activate the body's natural anti-inflammatory pathways. ProtAb's activities are already focused on pin-pointing the mechanism of action for this treatment and preparing for clinical trials."
Mr. Shahaf continued, "At Enlivex, a company in which Hadasit currently holds a 92% stake, the funding was provided entirely by Hadasit Bio-Holdings. This funding will help Enlivex continue to develop its unique solution for the prevention of Graft versus Host Disease (GVHD) for patients undergoing bone marrow transplants, for which no effective cure currently exists. Throughout 2013, we anticipate Enlivex to obtain orphan drug status in Europe and the U.S., present clinical plans for FDA approval, as well as make preparations for a multi-center Phase II trial. We extensively analyzed their progress and future prospects, and we maintain complete certainty that these milestones will be completed in a year's time. We know that each individual success will add significant value to Enlivex as well as Hadasit Bio-Holdings and its shareholders."
"Throughout 2012, both portfolio companies have undergone significant advancements and received about NIS 7.5 million, including substantial funding from the Israeli Chief Scientist's Office. With the implementation of this financing package we hope to augment their ongoing clinical and business developments and ultimately create value for both of these companies," concluded Mr. Shahaf.
For more information on Enlivex please visit: Enlivex
For more information on ProtAb please visit: ProtAb
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.
HADSY is the domestically traded ADR of Hadasit Bio-Holdings, a public investment vehicle of six portfolio biotech companies all based on inventions developed by Hadassah. Hadasit Bio-Holdings focuses on advancing companies that have already shown proof of concept and successful preclinical trials to completion of Phase I/II.
The portfolio companies develop drugs with blockbuster potential (targeting markets that are worth over a billion dollars) operating 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. The company is managed by Ophir Shahaf.
For more information please visit: www.hbl.co.il
SOURCE Hadasit Bio-Holdings Ltd.