JERUSALEM, Jan. 28, 2013 /PRNewswire/ -- Hadasit Bio-Holdings Ltd. (TASE: HDST, OTC: HADSY) and its portfolio companies ProtAb Ltd. ("ProtAb") and KAHR Medical Ltd. ("KAHR") announced today that they will receive additional funding of NIS 10.7 million (over $2.8 million USD) by the Israeli Ministry of Industry and Commerce, Office of the Chief Scientist (OCS) to support product development and advance clinical trials.
ProtAb received approval for two programs totaling NIS 5.75 million (over $1.5 million USD) at a financing rate of 30% to 50%. The company is developing a novel approach for the treatment of autoimmune diseases based on a biological drug that activates the body's natural anti-inflammatory pathways. This is in contrast to the conventional approach of depressing inflammatory pathways which causes serious side effects and has limited efficacy.
KAHR received approval for two programs totaling NIS 4.95 million (over $1.3 million USD) also at a financing rate of 30% to 50%. The company is developing a platform technology known as SCP (Signal Converter Proteins) enabling the creation of protein based drugs with two active sites, affecting two biological pathways simultaneously with a synergistic effect, providing a distinct advantage over current drugs which have only one active site.
CEO of Hadasit Bio-Holdings, Ophir Shahaf stated, "We are very pleased with the recent grant approvals. Direct funding to our portfolio companies year after year is a vote of confidence and an expression of faith by an external professional agency in our quality of science and management. This additional external financing, which does not dilute the existing shareholders, will allow ProtAb and KAHR to advance towards clinical trials. We are confident that as these companies, as well as the other portfolio companies already in clinical trials advance and report on their successes, we wil
|SOURCE Hadasit Bio-Holdings Ltd.|
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