Hadasit Bio-Holdings Ltd. (Tel Aviv Stock Exchange symbol: HDST) announced today that it is continuing to apply the proceeds of its public offering (January 2006) to investments in its subsidiaries and has invested approximately NIS 700,000 in its portfolio company Thrombotech.
According to Dr. Rafi Hofstein, CEO of Hadasit Bio-Holdings, “the investment in Thrombotech is an expression of our faith in the company’s success during recent months in developing a treatment for stroke. Thrombotech has managed to demonstrate that it has a solution that can provide excellent treatment for the severe side-effects of the drugs currently in use. Most of the drugs administered today, especially those developed by Genentech (tPA), are effective, but in order to make sure that the patient is not exposed to the side-effects, characterized mainly by internal hemorrhage, there is a narrow window for treatment, estimated at about three hours after the onset of the stroke. On the basis of the trials and findings in an animal model, the drug being developed by Thrombotech can be expected to show similar effectiveness, but the window for administration will be longer, up to nine hours after the event. The vast majority of those who suffer a cerebral event arrive in the emergency room more than six hours later, meaning that drugs to dissolve clots can be given to only about 3% of all those who suffer a severe cerebral event. For this reason, Thrombotech is working to develop a drug to dissolve blood clots that can be administered without the risk of the existing side effects. We believe that the present investment will make it possible for the company to complete the production of the peptide that is the basis of the Thrombotech drug and bring us significantly closer to the start of clinical trials in humans before the end of 2006.”
About a month ago, Thrombotech announced that it had completed laboratory trials demonstrating that a peptide developed by the company, administered in combination with existing drugs for the treatment of strokes or acute myocardial infarction (tPA, manufactured by Genentech), seems to prevent the side effects and hemorrhage and significantly reduces the intracerebral hemorrhage that accompanies the drugs in use today. It was also found that this peptide may reduce the size of necroses caused by the administration of the existing drugs by up to threefold.
The shareholders in the company include Ofer High-Tech. The Company is based on the developments and discoveries of Prof. Abd Higazi and his laboratory at the Hadassah Ein Karem hospital and the University of Pennsylvania.
About Hadasit Bio-Holdings
Hadasit Bio-Holdings Ltd. (TASE: HDST) was established by Hadasit (the technology transfer company of the Hadassah Medical Organization) to capitalize on the knowledge and experience accumulated in its research laboratories. Hadasit Bio-Holdings currently owns nine bio-technology startups that have already demonstrated the feasibility and effectiveness of their products in animal models and are waiting to begin clinical trials in human beings. The HBL companies have developed drugs with blockbuster market potential (annual markets in the billions of dollars) that are intended for the treatment of cancer, inflammatory diseases, and tissue reconstruction using stem cells—areas where Hadassah Hospital has major expertise and an international reputation as a scientific, technological, and clinical leader.
Hadasit has already recorded a number of prominent successes based on granting licenses for the development and marketing of drugs and treatment methods based on embryonic stem-cell technology to ESI in Singapore, the NDV virus for treatment of malignant tumors through THERAVIR, and a drug to increase stem cells produced from umbilical cord blood by GamidaCell. Hadasit, through staff physicians of the Hadassah Medical Center, has also contributed to the development of various drugs and therapeutic methods, including those of XTL, J&J, and recently Nasvax, which is developing a flu vaccine.
Hadasit Bio-Holdings has just launched its website, with additional information about its portfolio companies, management team, investment strategies, and developing its value. Please visit – www.hbl.co.il
For additional information contact:
Ophir Shahaf, Managing Director
Hadasit Bio-Holdings Ltd.
ophir@hbl.co.il
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