NEW YORK, Nov. 7, 2011 /PRNewswire/ -- Hadasit Bio-Holdings, Ltd. - (OTCBB: 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, and its subsidiary, BioMarCare Technologies Ltd. ("BioMarCare") announced that the Hospital's Ethics Committee has approved the use of up to 400 tissue biopsy samples in a retrospective clinical study.
BioMarCare will use these samples in a study designed to develop a diagnostic test for patients with metastatic stage colorectal cancer eligible for anti-EGFR treatment. The Company will characterize the expression profile of specific biomarkers in respect to the therapeutic response status of anti-EGFR therapy responders versus non-responders. The new test may enable physicians to detect non-responder patients prior to treatment with anti-EGFR therapy and then select a more effective treatment method.
This diagnostic tool may provide physicians with additional insight and assistance in providing more efficient and personalized treatment options. The study, expected to begin later this year, is supported by the prestigious US-Israeli Binational Industrial Research and Development (BIRD) Foundation and is part of a collaboration between BioMarCare and Ariadne Inc. (FLA). The companies will jointly develop the diagnostic test, based on a panel of protein biomarkers, directly impacting the personal care of patients with metastatic stage colorectal cancer. Colorectal cancer is the third most common malignant disease in the world, with more than one million new cases discovered annually and more than 30% diagnosed in the metastatic stage.
"The accessibility to Hadassah Medical Center's staff and resources, available to us primarily through Hadasit Bio-Holdings, significantly accelerated the development of our products and research programs," stated Dana Cohen, BioMarCare's CEO. "This additional approval will further strengthen our ties with the Oncology center as well as the Department of Pathology. Meanwhile, the company anticipates opening a second clinical trial site in another hospital and the BIRD grant will supplement Hadasit Bio-Holding's investments in BioMarCare to ensure this happens."
In addition to this important project, BioMarCare is also in the process of developing diagnostic tools for colon cancer and breast cancer that are based on a simple blood or biopsy test. These tests utilize proprietary biomarkers, licensed from the Hadassah Medical Organization's technology transfer company -- Hadasit, and have shown high sensitivity even at early stages of the disease.
The aforementioned BIRD grant is one of only nine competitive grants approved for Israeli American collaborations in 2011 and is awarded to Israeli American collaborations in various fields, not only medical. The grant will be matched by company funds and will be repaid through royalty payments from the developed product. BioMarCare and Ariadne Inc. are currently finalizing their collaboration agreement and will then finalize an agreement with the BIRD Foundation, as required by the fund.
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 representing a portfolio of biotech companies, all based on inventions developed at Hadassah.
Hadasit Bio-Holdings focuses on advancing companies that are past successful preclinical trials and close to completion of Phase I/II clinical trials. The portfolio companies develop drugs with blockbuster potential (markets that are worth over a billion dollars) and operate 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.
For more information please visit: www.hbl.co.il.
|SOURCE Hadasit Bio-Holdings, Ltd.|
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