Hadasit Bio-Holdings' Portfolio Company Thrombotech Raises $1.4M The raise includes Israel's leading biotech investors - Clal Biotechnology Industries, Ofer Hi-Tech, and Hadasit Bio
NEW YORK, Jan. 18, 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 the completion of an investment round totaling $1.4 million for Thrombotech Ltd. at a pre-investment valuation of $5 million. Thrombotech's three major shareholders participated in the round: Clal Biotechnology Industries (46%), Ofer Hi-Tech (26%) and Hadasit Bio (25%).
"We are proud of the latest investment round in Thrombotech and see it as a strong vote of confidence by all of the company's shareholders," stated Ophir Shahaf, CEO of Hadasit Bio-Holdings. "Due to the financial markets today, only companies with outstanding technology and economic potential have been able to raise funds to continue their operations, and Thrombotech is indeed developing a unique technology and solution that brings hope to patients suffering from a stroke."
Mr. Shahaf added, "The recent funds raised will support the completion of the current clinical trials. In parallel, Thrombotech is in negotiations with multinational pharmaceutical companies to create an international collaboration for the next steps in the clinical development of its lead product, THR-18."
Thrombotech is currently conducting its Phase IIa clinical trial with THR-18, for the treatment of stroke. THR-18 is a synthetic peptide that addresses a huge market potential estimated at $3 billion per year. It enables currently available drugs to dissolve blood clots safely and efficiently, while preventing the life-threatening side effects that characterize these drugs, such as internal brain hemorrhaging. The recent funding is intended to support the Phase IIa clinical trial, expected to be completed by the end of 2012.
The Company has already begun recruiting patients in three of Israel's leading hospitals (Hadassah, Ichilov & Wolfson) and three more sites are awaiting regulatory approval in India. Thrombotech recently decided to expand its clinical trial to include centers in Europe and the United States and has already located three additional suitable centers in Spain and has begun the regulatory submission processes there. Centers in Germany and Austria are also being approached. In the coming weeks the company intends to submit an Investigational New Drug (IND) application to the FDA in order to include centers in the U.S. Patient recruitment in Europe and the U.S. is expected to commence during the first quarter of 2012, after receiving regulatory approvals.
Thrombotech Ltd. is an Israel-based biotechnological company that is based on years of cutting-edge thrombotic research at the Hadassah Medical Center in Jerusalem. Thrombotech developed a peptide, THR-18, 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 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 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.
For more information please visit: www.hbl.co.il
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SOURCE Hadasit Bio-Holdings Ltd.