Eli Lilly to support OBEcure Phase II trials

OBEcures OBE101 drug will be tested in Canada on schizophrenia patients taking Eli Lillys anti-pyschotic drug Zyprexa.

Eli Lilly & Co. (NYSE:LLY) will support Phase II clinical trials by Bio-Light Israeli Life Sciences Investments Ltd. (TASE:BOLT) portfolio company OBEcure Ltd. The trial of OBEcures OBE101 drug will be conducted in Canada on 78 schizophrenia patients taking Eli Lillys anti-psychotic drug Zyprexa. Eli Lillys support for the trial could total a few hundred thousand dollars. OBEcure will allow Eli Lilly to review the results of the trial before publication.

The trial will examine the effectiveness of OBE101, compared with a similar drug, in preventing weight gain as a side effect of taking Zyprexa.

OBEcures anti-obesity drug, OBE101, is also about to undergo Phase II trials in the US, paralleling the joint trial with Eli Lilly in Canada. OBEcure adds that the US National Institutes of Health (NIH) will conduct a clinical trial of OBE101s operating mechanism on 80 patients during 2007.

Yesterday, OBEcure announced the appointment of Rodman and Renshaw to lead a private placement to finance the trial. Rodman and Renshaw will also serve as an underwriter for any possible future IPO by OBEcure.

Indianapolis-based Eli Lilly is one of the worlds largest pharmaceutical companies. The company specializes in drugs for treating mental disorders. Its flagship product, Zyprexa, has $4.6 billion in sales a year, 30% of the companys total sales. In the coming years, a number of competing drugs, with lesser weight gain side effect than Zyprexa, are due to enter the market. If OBE101 is effective in helping limit weight gain, Eli Lilly will be able to keep its leadership in the schizophrenic treatment market.

Published by Globes [online], Israel business news - www.globes.co.il - on January 22, 2007

Copyright of Globes Publisher Itonut (1983) Ltd. 2007

5 Comments
View comments in rows
Update by email about comments talkback
POST
Comments

 
Twitter Facebook Linkedin RSS Newsletters Israel Business Conference 2018