Exalenz Bioscience Ltd. (TASE:EXEN) today notified the Tel Aviv Stock Exchange (TASE) that the Phase III clinical trial of its non-invasive BreathID diagnostic device for the diagnosis of severe liver damage has failed.
Exalenz's share fell 34% to NIS 1.25, giving a market cap of less than NIS 60 million, on the news.
The trial's primary target was to compare BreathID's accuracy with biopsies of liver tissue. The company said that BreathID failed to achieve similar results to a biopsy, because a biopsy examines damaged tissue, whereas BreathID tests for a decline in liver function. Although the two measures partially overlap, they are not the same.
Exalenz will discuss with the US Food and Drug Administration (FDA) the possibility of another trial to test BreathID against clinical parameters for examining liver function.
Moshe Arkin owns 36.3% of Exalenz and Hadasit - the Technology Transfer Company of Hadassah Medical Organization owns 17.5%.
Published by Globes [online], Israel business news - www.globes-online.com - on December 23, 2009
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