Medical device company Polyheal Ltd. has reported satisfactory results in its first clinical trial. The company tested its sterile disposable suspension on 20 patients and successfully treated chronic wounds that did not respond to other products. It is currently conducting an evaluation trial to compare its technology with the best treatments currently available, with the aim of highlighting the advantages of its own product.
Polyheal is a subsidiary of Clal Biotechnology Industries Ltd. (TASE: CBI). The company is currently raising $4 million at a value of $30 million before money. At the same time it is in talks with several international pharmaceutical companies on the sale of its business or the rights to its technology. Polyheal recently applied for approval to market its product in Europe and expects an answer within the next few weeks.
Polyheal's solution is in effect a hybrid version of medical device and drug. It consists of charged synthetic microspheres, which, the company claims, initiate and promote the complex wound healing process, creating new tissue and faster reproduction of blood vessels.
Polyheal has raised $11 million to date from Clal Biotechnology, Challenge Fund - Etgar, Technorov Holdings, and Koonras Holdings (now part of Polar Investments).
Published by Globes [online], Israel business news - www.globes-online.com - on May 22, 2008
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