XTL Bio Signs Strategic Collaboration Framework Agreement With Clalit Research Institute and Mor Research Applications
HERZELIYA, Israel, March 15, 2012 /PRNewswire/ --
- The agreement is expected to assist the Company with safety and efficacy data that may focus its clinical trials' design and preparations for its clinical trials and evaluation of new projects
- Clalit Research Institute is the research arm of Clalit Health Services - Israel's largest HMO with more than 4 million members
On March 14, 2012, XTL Biopharmaceuticals announced that it entered into a strategic collaboration framework agreement with Clalit Research Institute Ltd., the research arm of Clalit Health Services ("the Institute") and Mor Research Applications, the technology transfer office of Clalit Health Services ("Mor").
According to the agreement, upon XTL's request, the Institute will provide the Company with clinical data and analyses which would be based on the Institute's database in connection with technologies that stem from inventions and patents of Clalit Health Services' physicians. The nature of the various clinical projects shall be agreed upon by the Company, the Institute and Mor in advance.
The Company, in consideration for the above, shall pay the cost basis related to the Institute's activity in the collaboration framework of any Project plus an additional 10% of the total royalties Mor is entitled pursuant to its agreements with the Company in connection with each technology where rights were granted to the Company.
According to XTL, access to data through this agreement will enable the Company to evaluate safety and efficacy data of the technologies in development as well as technologies where development has not yet commenced.
Currently, the Company has the rights to two technologies that were in-licensed from Mor, rHuEPO for the treatment of multiple myeloma blood cancer and SAM-101 for the treatment of psychotic patients. The Company is in preparations for the implementation of its rHuEPO phase 2 clinical trial for the treatment of multiple myeloma cancer patients. In addition, the Company has the exclusive rights for SAM-101, which is based on the combination of existing anti-psychotics together with a known medicinal compound for the treatment of anti-psychotic patients with focus on schizophrenia, which has successfully completed a phase 2a in Israel.
"Our collaboration with the research institute directly supports our clinical development pipeline," said David Grossman XTL's Chief Executive Officer. "This strategic collaboration represents another important link in the ecosystem we are building around our cutting-edge technologies focused on clinical development."
Ronen Twito, XTL's Chief Financial Officer mentioned that "This type of collaboration is an excellent example of how we hope to further develop collaboration with innovative partners in our clinical development mission".
About XTL Biopharmaceuticals, Ltd ("XTL")
XTL Biopharmaceuticals, Ltd., a biopharmaceutical company, focuses on the acquisition, development, and commercialization of pharmaceutical products. The Company is focused on the late stage clinical development of drugs for the treatment of multiple myeloma, schizophrenia, and hepatitis C.
XTL is a public company traded on the Tel Aviv Stock Exchange (TASE: XTL) and its ADRs are quoted in the US on the Pink Sheets (Pink Sheets: XTLBY).
Investor Relations, XTL Biopharmaceuticals Ltd.
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SOURCE XTL Biopharmaceuticals Ltd