"Globes" : Teva to invest in stem cell start-up Cell Cure
Sep. 2, 2007
As published in "Globes"
Yaniv Magal 2 Sep 07 16:34
Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) will invest $1 million in Cell Cure Neurosciences Ltd. at a company value of $13 million before money. The company is developing cell therapy cures for neural degenerative diseases, such as Parkinson’s disease, ALS, and multiple sclerosis, based on a platform of neural cells derived from human embryonic stem cells.
Teva’s investment is subject to Cell Cure raising $2 million as part of a $3 million financing round by March 21, 2008. The company has raised $1.8 million to date, including from the Michael J. Fox Foundation. Cell Cure is a portfolio company of Hadasit Bio Holdings Ltd. (TASE:HDST), and its controlling shareholder is ES Cell International pty Ltd. of Singapore. Hadasit Bio CEO Ophir Shahaf said that Cell Cure expected to raise the outstanding amount of the financing round in October, at which point Teva will make its investment.
