Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) and Opal Ventures, managed by Batsheva Elran of Medica III, are investing $10 million in Dynamix Pharmaceuticals Ltd., a company founded only a few months ago. "Globes" first reported the investment in December.
Dynamix also announced that it has signed a priority commercialization agreement with Teva for future products developed by the company. Teva will have the right to pick, under the terms stipulated in the agreement, a number of drugs that Dynamix will discover, and pursue further development in exchange for milestone payments during development and royalties on any sales, if any.
It is highly unusual for such an early-stage Israeli company to obtain such a large investment, especially at a time when money is so expensive.
Dynamix founder Dr. Oren Becker said, "Crystallography resembles a frozen image. It teaches us about the structure of a protein at a particular point in time. Our technology enables us to predict, on the basis of the crystallography data, how a protein will move."
Becker previously founded drug development company Predix, which merged with Epix Pharmaceuticals Inc. (Nasdaq:EPIX)
Published by Globes [online], Israel business news - www.globes-online.com - on February 16, 2009
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