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Modigene Awarded Israeli Government Grant to Support Development of Its Longer-Acting Interferon Beta
Date:8/5/2008

- $25 Million Interferon-Beta-CTP Development Program Has Been Approved For First Year Funding Through a Special Grant From the Israeli Office of the

Chief Scientist -

NES-ZIONA, Israel, Aug. 5 /PRNewswire-FirstCall/ -- Modigene Inc. (OTC Bulletin Board: MODG) today reported that its Israeli-based R&D subsidiary has received approval for a special grant from the Israeli Office of the Chief Scientist ("OCS") in support of the company's development program for interferon-beta-CTP (IFN-Beta-CTP), its longer-acting version of interferon beta. Interferon-beta is an injectable treatment for multiple sclerosis (MS).

In preclinical experiments, IFN-Beta-CTP has shown durability of therapeutic effect, or half-life, almost seven times greater (6.7-fold longer) than the durability of effect of commercial interferon beta. The data demonstrated the potential to significantly reduce the number of required injections of interferon beta, which would greatly increase patient convenience.

The OCS has approved a special grant to support Modigene's IFN-Beta-CTP program for 2008-2009. The grant will provide cash reimbursements of 40% of expenses paid for IFN-Beta-CTP product development during this period. Modigene's full IFN-Beta-CTP development program, as submitted to the OCS, is based on an estimated development budget of $25 million for calendar years 2008-2011. IFN-Beta-CTP is currently in preclinical development, with clinical trials expected to begin in 2009.

Interferon beta is a drug used to reduce the frequency and severity of relapses afflicting people suffering from MS, an autoimmune neurological disorder affecting the insulating myelin layers of the brain and spinal cord. If unchecked, over time the immune system attack on myelin leads to poor coordination, severe disabilities and premature death. Annual sales of interferon beta were estimated to be $4.3 billion in 2007.

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