HERZELIYA, Israel, November 3, 2011 /PRNewswire/ --
On November 2, 2011, XTL Biopharmaceuticals, Ltd. (the "Company") announced that it entered into a term sheet by which it will acquire a technology ("NiCure") from Mor Research Applications, the Technology Transfer Office (TTO) of Clalit Health Services, by obtaining an exclusive license to use the entire technology and intellectual property in return for royalties on sales and milestone payments throughout the clinical development process. The agreement that will be signed by the parties is subject to, among others, the completion of due diligence, examination of the regulatory environment for the continued development of the drug, and the approval of the Company's board.
The technology is based on the local administration of renin-angiotensin inhibitors (a known drug for the treatment of hypertension, "Enalaprilat"), and is a novel treatment for the symptoms of cartilage-related diseases (such as Osteoarthritis) - the current invention offers a novel therapy focused on increasing or replenishing the level of glycoaminoglycans (GAGs) in the synovial fluid and cartilage, thereby relieving or even reversing symptoms of such diseases. Moreover, the same technology can be used in order to treat skin wrinkles.
Osteoarthritis is a disease of the joints, which includes progressive deterioration of articular cartilage and growth of bone protrusion. According to the Centers for Disease Control and Prevention (CDC) in the US alone there are approximately 27 million Osteoarthritis patients. Although there are supportive and relieving treatments, Osteoarthritis is still incurable.
The technology is based on a discovery made by Dr. Talia Weinstein MD, Head of the Hemodialysis Unit at Sourasky Medical Center, Prof. Uzi Gafter MD, Head of the Department of Nephrology at Rabin Medical Center, Prof. Zvi Nevo PHD, Head of a laboratory for regenerating medicine, tissue engineering and biomaterials, and Dr. Dror Robinson MD, orthopedic surgeon and clinician with wide experience in cartilaginous implantations.
According to the inventors, the technology may enter phase 2 clinical trials for the continuance of the clinical development as the drug is already approved for the treatment of reducing hypertension and is being provided to patients for approximately 20 years.
David Grossman, XTL's CEO said "We are very pleased to expand our collaboration with Mor Research Applications through NiCure, which addresses an unmet clinical need of a very big population".
About XTL Biopharmaceuticals, Ltd
XTL Biopharmaceuticals, Ltd., a biopharmaceutical company, focuses on the acquisition, development, and commercialization of pharmaceutical products. The Company is focused on developing a drug for the treatment of multiple myeloma and Hepatitis C. The Company has a unique treatment for multiple myeloma cancer patients based on EPO, a genetically engineered version of a natural hormone produced by the kidneys. The drug has been approved for marketing by the FDA and has for many years been sold for billions of dollars across the world for the treatment of severe anemia. Additionally, the Company has an agreement with Presidio Pharmaceuticals, Inc., to develop a drug for the treatment of Hepatitis C based on the Company's DOS technology.
XTL is a public company traded on the Tel Aviv Stock Exchange (TASE: XTL) and its ADRs are quoted in the US on the Pink Sheets (Pink Sheets: XTLBY).
Investor Relations, XTL Biopharmaceuticals Ltd.
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