Prolor Biotech Inc. (AMEX: PBTH; TASE: PBTH) has rented new 3,050-sqare meter corporate office and R&D facility in Weizmann Science Park in Ness Ziona.
The company is apparently optimistic about the results of its clinical trial of its delayed-release version of growth hormone. The final results are due in the second half of 2011, and the company may release preliminary results beforehand.
Prolor is conducting an open trial with no control group, which means the company will obtain some information about developments in the trial while it is in progress.
Sources close to the company say that it would not be relocating its premises were there any concerns about negative results.
The new premises include an expanded R&D facility which includes clean rooms for GMP-grade production of therapeutic drug candidates, and to carry out Phase I clinical trials on additional indications of its products, including a product for hemophilia and a product against obesity. Outside parties will conduct Phase II and III clinical trials.
Prolor expects to complete the move by April 15.
Prolor's share price fell 1.6% in early trading on the American Stock Exchange today to $5, giving a market cap of $267 million, after falling 1.4% on the TASE to NIS 17.79.
Published by Globes [online], Israel business news - www.globes-online.com - on March 14, 2011
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