Hadasit Bio-Holdings

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Two portfolio companies receive OCS approvals

Mar. 7, 2012

Link to Hebrew immediate report

Two portfolio companies receive government grants for budgets totaling about 6.1 million NIS (over $1.5 M) to further advance their clinical trials

Hadasit Bio – Holdings Ltd. (HBL) is pleased to announce that two of its portfolio companies, Thrombotech (24% owned) and BioMarCare (90% owned) have received grant approvals from the Israeli Office of the Chief Scientist (OCS) in the Ministry of Industry, Trade and Labor. A total of 6.1 million NIS (over $1.5 M) has been approved.

This is the fourth consecutive year that Thrombotech will be receiving an OCS grant. This year’s budget of approximately NIS 4.6 million was approved for 50% and 30% OCS participation on sums of NIS 2.2 million and NIS 2.4 million, respectively. The budget will fund Thrombotech’s phase IIa clinical trial in Israel, India, Europe and the U.S.. The clinical trial will be evaluating the company’s lead product, THR-18, as a safer and more effective treatment to dissolve blood clots in stroke patients, significantly expanding the number of stroke patients that can be treated with TPA from the 3% currently receiving thrombolytic treatment.

BioMarCare has received its second consecutive grant approval for a project with a total budget of over 1.5 M NIS of which 60% will be funded by the OCS. The project approved is for the research and development of Diagnostic kits based on PAR biomarkers for cancer identification.

HBL believes that these grants will support the companies funding of their projects and enable them to successfully achieve their milestones.

Sincerely,

Hadasit Bio – Holdings Ltd.

 
 

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