JERUSALEM, Jan. 28, 2013 /PRNewswire/ -- Hadasit Bio-Holdings Ltd. (TASE: HDST, OTC: HADSY) and its portfolio companies ProtAb Ltd. ("ProtAb") and KAHR Medical Ltd. ("KAHR") announced today that they will receive additional funding of NIS 10.7 million (over $2.8 million USD) by the Israeli Ministry of Industry and Commerce, Office of the Chief Scientist (OCS) to support product development and advance clinical trials.
ProtAb received approval for two programs totaling NIS 5.75 million (over $1.5 million USD) at a financing rate of 30% to 50%. The company is developing a novel approach for the treatment of autoimmune diseases based on a biological drug that activates the body's natural anti-inflammatory pathways. This is in contrast to the conventional approach of depressing inflammatory pathways which causes serious side effects and has limited efficacy.
KAHR received approval for two programs totaling NIS 4.95 million (over $1.3 million USD) also at a financing rate of 30% to 50%. The company is developing a platform technology known as SCP (Signal Converter Proteins) enabling the creation of protein based drugs with two active sites, affecting two biological pathways simultaneously with a synergistic effect, providing a distinct advantage over current drugs which have only one active site.
CEO of Hadasit Bio-Holdings, Ophir Shahaf stated, "We are very pleased with the recent grant approvals. Direct funding to our portfolio companies year after year is a vote of confidence and an expression of faith by an external professional agency in our quality of science and management. This additional external financing, which does not dilute the existing shareholders, will allow ProtAb and KAHR to advance towards clinical trials. We are confident that as these companies, as well as the other portfolio companies already in clinical trials advance and report on their successes, we will continue to create value for our share holders."
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 ProtAb Ltd. and KAHR Medical, in whom Hadasit Bio-Holdings hold a 70% position and 65% position, respectively.
For more information please visit: www.hbl.co.il
For more information on ProtAb please visit: ProtAb
For more information on KAHR please visit: www.kahr-medical.com
SOURCE Hadasit Bio-Holdings Ltd.