Hadasit Bio-Holdings

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Q2 2010 report (capital gain of 13 million NIS)

Aug. 19, 2010

קישור בעברית בתחתית העמוד

Hadasit Bio concludes another quarter of significant progress in diverse activities held companies

The company reports first substantial capital gain of 13 million NIS

Ophir Shahaf, CEO of Hadasit Bio: "This capital gain clearly reinforces the company's business model"

Israel, Jerusalem, August 19, 2010 Hadasit Bio Holdings (TASE: HDST), reports second quarter results and summarizes another quarter of extensive activity and significant progress by its portfolio companies.

According to Ophir Shahaf, CEO of Hadasit Bio: "Hadasit has concluded its best quarter yet with significant capital gains, and we are very proud of this since it is quite unusual and unique for a biotechnology holding company. Said profit can be attributed to reducing our holdings in one of our portfolio companies and clearly illustrates the business model of Hadasit: promoting companies based on Hadassah's scientific excellence and facilitating infrastructure up to the point where they can form partnerships with both strategic and financial entities. In addition, we present important and significant clinical progress in all of our portfolio companies underlining the large business potential for significant increases in market value. We are working to further the scientific and business development in our companies, towards similar transactions in the near future. "

Leading companies:

ProtAb (70% held)
During the second quarter ProtAb has raised about $4 million from the Pontifax fund, Clal Biotechnology and Hadasit Bio. The decrease from holdings of 100% led to the significant capital gain of 13 million NIS. In addition, the Company has received approval from the Chief Scientist for a research grant of over - 2 million NIS and finished early stages of development and production of its antibody in collaboration with leading world-renowned companies and ProtAb recruited a leading vice president of research and development for this purpose. Experts from Israel and abroad were consulted in order to formulate a strategy for ProtAb’s first experiments in humans. This process is in anticipation of submissions to the regulatory authorities to enable initiation of clinical trials with Protab’s leading antibody.

KAHR Medical ( 76% held)
During the second quarter KAHR continued pre-clinical development of its products for the treatment of various types of cancer and diseases of the immune system concentrating mainly on proving the activity of its leading product - KAHR-101 in mice cancer models, showing significant suppression of disease development. Hadasit Bio continued with intensive correspondence with a leading international pharmaceutical company for the establishment of a strategic partnership. KAHR expects that a clinical trial with its lead product (KAHR-101) will commence in the first half of 2011.

CellCure (38% held)
CellCure is approaching the initial production phase of its embrionic stem cell based product for the treatment age related macular degeneration (AMD), which to the best of the Company's knowledge there is currently no effective treatment for this disease. The company is developing two configurations of the RPE cells and both are designed to be implanted under the retina in place of dead cells and thereby stop the progression of the disease.
The company has filed the scientific background necessary for the FDA to meet and determine the safety tests required to perform clinical trials. This is expected to take place during the third quarter of 2010. Another significant event this quarter was the acquisition of ESI Singapore, which was the largest shareholder in CellCure by BioTime Inc. (AMEX: BTIM). Following the acquisition, new ways of future cooperation in development of embryonic stem cells by BioTime and CellCure were discussed. At the same time, CellCure received a $ 250,000 convertible loan from BioTime.

Thrombotech (24% held)
The company is developing an innovative product that dissolves blood clots, which are the cause of strokes, without causing lethal hemorrhaging. During the quarter, Thrombotech successfully completed its phase I clinical trial designed to test the safety of the material, and expects to have the experiment’s conclusions in September 2010. In parallel to the clinical trial the company began planning for its next clinical trial. In addition the company has continued with its business development and is in early stages of attaining two investments. Additionally, another patent application has been filed based on the initial findings that its developed medication may reduce blood pressure. Thrombotech is currently preparing for an internal round of funding from its existing shareholders.

Enlievex (91% held)
In the clinical trial with the Aapocell drug for the treatment and prevention of Graft vs. Host Disease (GvHD), so far, three patients have received treatment and the Ministry of Health as well as the local Helsinki Committee have approved full enrollment of patients. The company is currently in the process of recruiting another major medical center for the clinical trial that will enable acceleration of patient enrollment. The company explores new avenues of funding, including advanced negotiations with a group of private investors. On the basis of results recently presented by the company, it is in contact with a leading pharmaceutical company to establish a strategic cooperation. Enlivex is currently looking into another disease - Multiple Sclerosis.

ConjuGate (28% held)
The company is developing a platform that significantly reduces the side effects associated with drugs approved for marketing which are still considered toxic. During the quarter, following the signing of a contract with a GMP manufacturer located in Canada ConjuGate has produced 1.2 kg of its first batch of its leading product intended for animal toxicity experiments. The company continues its development efforts in preparation for a Phase I clinical trial as well as characterization of the substance and its mechanism of action.

BioMarCare (86% held)
BioMarCare focuses on developing markers for non invasive early detection of cancer using blood samples, as part of the global trend to develop ‘Personalized Medicine’. The company continued to expand its database of breast and colon cancer patients in its clinical trial being conducted at the Hadassah Hospitals (Ein Kerem and Mount Scopus). Meanwhile, BioMarCare continued with the production of antibodies to develop a diagnostic kit consisting of a Panel (an array of several versions of markers) of the PAR family biomarkers. The company is in advanced negotiations with Hadasit for a license agreement for the development and commercialization of a biomarker for colon cancer and began talks with two global research institutions to perform multi-center clinical trials in the United States. During the quarter, the company received $200,000 from Hadasit to finance its activities through the end of 2010 and secured an additional $200,000 upon completion of the license deal with Hadasit.

About Hadasit Bio Holdings:
Hadasit Bio Holdings (TASE: HDST) was founded by Hadasit (Hadassah Hospital’s technology transfer company) in 2006 with the aim of promoting the knowledge and experience gained in the research laboratories of the Hadassah Hospitals. Hadasit Bio Holdings consists of eight biotech companies all of which are after successfully demonstrating feasibility tests in animal models, and 4 of which are in clinical trials in humans.
Companies held by HBL are companies with potential blockbuster drugs (markets of over a billion dollars) addressing diseases and ailments in the field of cancer, inflammatory diseases and tissue rehabilitation using stem cells - areas where the Hadassah Hospital has vast knowledgeable and is a global leader. The company is managed by the Ophir Shahaf Adv.

For more information, please visit: www.hbl.co.il

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