NEW YORK, June 3 /PRNewswire/ -- Spencer Trask congratulates PROLOR Biotech, Inc. (NYSE/AMEX: PBTH) for ringing the NYSE opening bell at 9:29 am EDT today. PROLOR is a company co-founded and backed by Spencer Trask five years ago, and has recently been listed on the NYSE/AMEX and Tel Aviv stock exchanges.
PROLOR develops long-acting versions of already approved therapeutic proteins.
CTP (carboxyl-terminal peptide) appears to be applicable to virtually all proteins. Initially, PROLOR is developing long-acting versions of human growth hormone, interferon beta, factor VII, factor IX and EPO (erythropoietin). These products currently generate billions of dollars annually.
By extending the efficacy window, CTP reduces the cost and improves compliance for millions of patients reliant upon biotech proteins. The company believes these products, CTP-enhanced protein therapeutics, have the potential to address biopharmaceutical markets estimated at more than $25 billion. Biotech therapy is one of the fastest-growing (and most profitable) segments of the pharmaceutical industry.
William Clifford, CEO of Spencer Trask said "After a year of unprecedented international economic turmoil, we are pleased to share such a great success with our network of investors, including the visionary leader of TEVA, the largest generic drug company. Spencer Trask is committed to missions like this with large-scale impact. PROLOR Biotech is a shining example of how we network to create important companies."
About Spencer Trask
Spencer Trask develops innovative ideas into world-changing companies. The company is the legacy of Mr. Spencer Trask, the financier who backed Thomas Edison and invested in the light bulb, the first electric grid and the phonograph. Modern day Spencer Trask has the same entrepreneurial spirit, recognizing new ideas that are having a profound impact in their respective industries, such as: Myriad Genetics; Ciena; Osiris Therapeutics; Health Dialog and InnoCentive.
For more on Spencer Trask, visit www.spencertrask.com
For more on PROLOR, visit www.prolor-biotech.com
A registered representative of Spencer Trask serves on the Board of PROLOR Biotech Inc. Spencer Trask Ventures has in the past and may in the future provide financial advisory services to PROLOR. Affiliates of Spencer Trask own equity positions in PROLOR Biotech Inc.
SOURCE Spencer Trask