JERUSALEM, May 24, 2012 /PRNewswire/ -- Hadasit Bio-Holdings (TASE: HDST, OTC: HADSY) a publicly traded portfolio of biotech companies, all based on intellectual property developed and owned by Hadassah University Hospital, Israel's foremost medical research center, today announced that Thrombotech, a portfolio company which Hadasit holds a 24.8% stake in, signed a merger agreement with D-Pharm (TASE: DPRM), a clinical stage, technology-driven biopharmaceutical company developing proprietary products for treatment of CNS disorders. Both parties have agreed on the terms and conditions of the merger, and the closing is subject to various approvals and regulatory permits.
Upon completion of the transaction, Hadasit Bio-Holdings will hold approximately 15% of D- Pharm. Additionally, D-Pharm will issue rights for a sum of 11.5 million NIS (~$3M USD), of which about 5.4 million NIS has been committed to by Clal Biotechnology.
Thrombotech's lead product, THR-18, is designed to improve the safety and efficacy of the currently available treatment for ischemic stroke patients, tPA, by significantly decreasing the life-threatening side effects. The Phase IIa clinical trial will be used to establish THR-18's safety in treating these stroke victims. Thrombotech has already begun its Phase IIa clinical trial in a number of sites in Israel (Hadassah, Ichilov and Wolfson hospitals) and is anticipating additional sites to open shortly in Europe and the U.S. after having recently received the appropriate approvals from the FDA and European regulatory authorities.
Ophir Shahaf, CEO of Hadasit Bio-Holdings commented, "The merger will accelerate the clinical development of Thrombotech's lead product as the company will benefit from D-Pharm's funding, infrastructure, accumulated knowledge and experience in developing drugs in advanced stages of diseases associated with the central nervous system. The synergies realized between the two companies because of these benefits will be immense. D-Pharm is well connected with leading biotech companies that will help raise necessary funds for future development."
D-Pharm recently announced a collaboration agreement with a large Chinese pharmaceutical company (Nhwa) which is funding D-Pharm's Phase II clinical trial on an epilepsy drug. Nhwa is interested in bringing innovative drugs to the Chinese healthcare market, which is expected to reach about 15% of the global market by 2015.
Mr. Shahaf continued, "This transaction is another significant development for our portfolio. We strive to further develop portfolio companies through strategic partnerships and collaborations with international pharmaceutical companies, and believe our continued advancement of all of our portfolio companies will create additional shareholder value."
Thrombotech Ltd. is an Israel-based biotechnological company that is based on years of cutting-edge thrombotic research at the Hadassah Medical Center in Jerusalem. Thrombotech developed a peptide, THR-18, which allows the existing thrombolytic stroke medication to easily dissolve blood clots, extending its short therapeutic time window and diminishing life-threatening side effects.
The Company is based on the extensive research conducted by Professor Abd el-Raouf Hijazi of the Hadassah Ein-Karem Hospital. Hadasit Bio, Clal Biotechnology Industries and Ofer Hi-Tech are the major shareholders in the company. Dr. Ruth Ben Yakar is the CEO.
D-Pharm is a clinical stage, technology-driven biopharmaceutical company developing proprietary products for treatment of CNS disorders. D-Pharm's pipeline includes clinical stage II products, as well as a rich preclinical development pipeline for Alzheimer's disease, dementia and ALS.
D-Pharm was established in 1993 by Dr. Alex Kozak, President and CEO.In August 2009 the Company completed the first offering of its shares on the Tel Aviv stock exchange.
About Hadasit Bio-Holdings
Hadasit Bio-Holdings, Ltd., established in 2006, is the publicly traded subsidiary of Hadasit Ltd. - the technology transfer company of the Hadassah University Hospital, Israel's foremost medical research center. The Company was established for the purpose of promoting and commercializing the intellectual property and R&D capabilities generated by Hadassah.
HADSY is the domestically traded ADR of Hadasit Bio-Holdings, a public investment vehicle of six portfolio biotech companies all based on inventions developed by Hadassah. Hadasit Bio-Holdings focuses on advancing companies that have already shown proof of concept and successful preclinical trials to completion of Phase I/II.
The portfolio companies develop drugs with blockbuster potential (targeting markets that are worth over a billion dollars) operating in the fields of cancer, inflammatory diseases and tissue regeneration using stem cells - areas in which the Hadassah Hospital has extensive knowledge and recognition as a global leader. The company is managed by Ophir Shahaf.
For more information please visit: www.hbl.co.il
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SOURCE Hadasit Bio-Holdings