Micromedic buys 33% of tumor biomarker co BioMarCare for $1m

BioMarCare is developing tumor biomarkers for the early detection, prognosis, and monitoring of cancer for personalized treatment.

Micromedic Technologies Ltd. (TASE:MCTC) has acquired 33% of cancer diagnostics company BioMarCare Technologies Ltd. from Hadasit Bio Holdings Ltd. (TASE:HDST), and has an option to invest an additional $1 million in the company for an additional 20%.

Former Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) CEO Israel Makov controls Micromedic through Bio-Light Israeli Life Sciences Investments Ltd. (TASE:BOLT).

BioMarCare is developing a cluster of tumor biomarkers for the early detection, prognosis, and monitoring of cancer for personalized treatment. It is developing blood-based diagnostic kits for breast and colon cancer, and protein and molecule-based products.

The growing rapidly cancer biomarker market is predicted to reach $9.5 billion by 2014.

Bio-Light CEO Suzana Nahum-Zilberberg said, "Today, we took another step in our cluster strategy by adding BioMarCare to the cancer diagnostics cluster managed by Micromedic. This step will create a critical mass and value for the cluster."

Hadasit Bio CEO Ophir Shahaf said, "In the past 18 months, we have made great progress with our portfolio by bringing in foreign pharma companies, Israel's largest companies, and strategic partners, in order to fulfill the great untapped potential of Hadasit Bio and its portfolio companies."

Hadasit Bio is a subsidiary of Hadasit - the Technology Transfer Company of Hadassah Medical Organization . Hadasit Bio's share price rose 5% by early afternoon to NIS 0.55, giving a market cap of NIS 46 million. Micromedic's share price fell 0.5% to NIS 1.99, giving a market cap of NIS 37 million.

Published by Globes [online], Israel business news - www.globes-online.com - on March 27, 2012

© Copyright of Globes Publisher Itonut (1983) Ltd. 2012

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