Hadasit Bio-Holdings

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Recommendation to terminate Verto’s activity - not expected to affect company.

Nov. 27, 2011

Link to Hebrew immediate report

Hadasit Bio-Holdings Ltd. (TASE:HDST, OTC:HADSY) has announced the following regarding its portfolio company, Verto Ltd. ("Verto"), (67%), subsequent to the company’s previous reports regarding Verto:

Verto has developed a treatment for Systemic Lupus Erythematosus (SLE) and successfully completed a phase I / II clinical trial.

However, in 2011 a new drug (Benlysta) was launched for the treatment of SLE. The new drug launched by Genome Sciences is given intravenously every 3-4 weeks.

In line with the company’s previous reports on the matter and following consultations addressing the current business opportunities and the newly launched drug, the company approached the possibility of scientific collaborations with academic institutions. Since no such collaboration was established and Verto’s IP could not be sold, despite having successfully completed a clinical trial, the company recommended that Verto discontinue its activities. The company has resolved to no longer fund the company.

The company does not expect this decision to affect its activities, certainly not significantly, neither operationally nor financially.

Sincerely,

HBL- Hadasit Bio-Holdings Ltd.

 
 

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