Medgenics , which is developing an implant inserted under the patient's skin that produces proteins that he or she lacks, has announced success in an initial trial of the product for treatment of anemia in kidney disease patients.
The report is of initial data from the clinical trials (phase I/II) that the company is undergoing. In this trial, a version of the product that produces EPO protein, lacking in the patients, is being tested.
In the first two patients treated it was found that the implant, produced from a skin sample taken from the patient that undergoes genetic engineering and is then reinserted under the patient's skin, succeeded in producing the desired protein and bringing about a rise in its level in the blood.
Megenics is the only Israeli biomed company traded on AIM. It was floated in January 2008 and raised $6.4 million at a company value of $21 million, but has fallen 20% in value since then, despite not releasing any bad news. Even the current positive announcement failed to halt an additional 11% drop in the share price.
Published by Globes [online], Israel business news - www.globes.co.il - on November 5, 2008
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