NES-ZIONA, Israel, July 27, /PRNewswire-FirstCall/ -- PROLOR Biotech, Inc. (OTC Bulletin Board: PBTH) formerly Modigene Inc., today announced that it has entered into an evaluation and option agreement with Yeda Research and Development Company Ltd., the technology transfer arm of the Weizmann Institute of Science. Under the terms of the evaluation and option agreement, PROLOR may obtain from Yeda a license to develop a number of peptide drug candidates, including an anti-obesity peptide, utilizing a delivery technology developed at the Weizmann Institute. The Weizmann Institute of Science is a world-renowned center of natural and exact sciences research and higher learning based in Rehovot, Israel.
"The Weizmann Institute produces world-class research and this agreement, enabling us to access novel technology developed by their scientists, represents an exciting opportunity for PROLOR," said Shai Novik, president of PROLOR. "The first preclinical drug candidate we will evaluate under the agreement is a potential long-acting anti-obesity compound. Obesity represents a large and growing worldwide health care crisis, and there is an urgent need for effective and safe weight loss therapies. We believe the timing is right for us to explore entering this market with a drug candidate that may have strong competitive advantages over other anti-obesity approaches currently in development."
Further details of the agreement were not disclosed.
ABOUT PROLOR BIOTECH
PROLOR Biotech, Inc. is a biopharmaceutical company applying unique technologies, including its patented CTP technology, primarily to develop longer-acting, proprietary versions of already approv
|SOURCE PROLOR Biotech, Inc.|
Copyright©2009 PR Newswire.
All rights reserved