Link to Hebrew immediate report
BioMarCare Technologies Ltd. announced that the Israel-U.S. Binational Industrial Research and Development (BIRD) Foundation (the "Fund") has given initial approval for providing a grant of 900 thousand dollars for a joint project by BioMarCare and an American partner in which the two companies will jointly develop a diagnostic test based on a panel of protein biomarkers to direct the personal care of patients with metastatic stage colorectal cancer. The two companies will be required to put together a similar amount for the project.
It should be noted that BioMarCare and the American company must sign a partnership agreement as well as a financing agreement with the Fund no later than September 30th 2011. Negotiations between the companies are currently in process. Said financing, if granted, will be returned to the Fund through royalty payments from sales originating from the joint project.
Colorectal cancer is the third most common malignant disease worldwide. To the best of the Company’s knowledge, over a million new cases are discovered yearly of which over 30% are diagnosed at a metastatic stage.
BioMarCare will develop together with the American partner a biopsy test based on a panel of markers that will be used as a prognostic tool to identify patients who will not respond to medication. This information will assist oncologists in making an informed decision regarding the optimal treatment.
The BIRD Foundation's grant, if accepted, would help BioMarCare develop diagnostic tools to accompany existing medications. The financing will be used by BioMarCare for the development the test, clinical trials and obtaining regulatory approval. The company intends to manage the project in collaboration with a number of departments in the Hadassah medical center.
BioMarCare is developing additional biomarker blood tests to detect cancer and guide cancer therapy, based on innovative biomarkers.
The company wishes to clarify that there is no guaranty that BioMarCare will reach an agreement with the American company within the set time line or that the Fund will provide the grant in part or in full (even if agreements are reached within the period specified). BioMarCare is actively working to meet the Funds requirements in order to receive the financing.