D-Pharm Ltd. (TASE: DPRM) is considering acquiring Thrombotech Ltd., which is developing a treatment for thrombolytic strokes. D-Pharm is seeking a replacement for its own ischemic cerebral stroke treatment, which failed in a Phase III clinical trial in January.
D Pharm said that the acquisition of Thrombotech would expand its product offerings in its area of specialization - treatments for diseases of the central nervous system.
Thrombotech's peptide, THR-18, is undergoing a Phase IIa clinical safety and efficacy trial. THR-18 dissolves blood clots. When given in conjunction with the only current stroke treatment tPA (tissue plasminogen activator), THR-18 has been shown to significantly improve tPA’s efficacy and safety.
In addition to the failed DP-b99, D-Pharm has a treatment for epilepsy and migraines, DP-VPA, which is undergoing Phase II clinical trials, and treatments for ALS and Alzheimer's, which are in preclinical development.
D-Pharm is considering acquiring Thrombotech in a share-swap deal, based on the two companies' current valuations. Clal Biotechnology Industries Ltd. (TASE: CBI), the life sciences investment arm of Nochi Dankner-controlled IDB Holding Corp. Ltd. (TASE:IDBH), owns 46% of Thrombotech and 47% of D-Pharm. Thrombotech's other shareholders are Hadasit Bio Holdings Ltd. (TASE:HDST), with a 25% stake and Ofer Hi Tech Ltd., with 29%.
The failure of DP-b99 caused D-Pharm's share price to fall 75%.
D-Pharm's share price rose 31.6% in morning trading to NIS 1.27, giving a market cap of NIS 21 million, and Clal Biotech's share price rose 2.2% to NIS 14.35, giving a market cap of NIS 1.4 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on February 22, 2012
© Copyright of Globes Publisher Itonut (1983) Ltd. 2012