Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) has signed a strategic cooperation agreement with NeuroSurvival Technologies (NST) of Petah Tikva for the development of a new treatment for cancer.
The technology is based on the development of new molecular complexes, in turn based on original technology developed by NST, called ApoSense. The technology enables anti-cancer drugs to reach cancerous tissue selectively, to bind to the apoptotic (dying) cell membrane and enter and accumulate within the cell.
This development is expected to make cancer treatments more effective, and to reduce the side effects that they involve.
Under the agreement between the two companies, Teva will invest in NST, and participate in financing the project, and in the profits deriving from it. Alternatively, Teva will receive a license from NST in return for financing the rest of the project, milestone payments, and royalties.
The scientific work will be expedited by combining Teva's capabilities as a global pharmaceuticals company with NST's leadership in the field of apoptosis (programmed cell death).
"The start of cooperation with Teva in the development of a cancer treatment is an important milestone in the development of NST," said NST co-founder, CEO, and head of research Dr. Ilan Ziv, "This collaboration is likely to accelerate the realization of the therapeutic potential of our ApoSense technology considerably, in the important field of cancer therapy, and in strategic cooperation with a leading pharmaceuticals company."
Teva chairman Eli Hurvitz is also chairman of NST, as part of his involvement in the Pontifax fund. Besides Pontifax, NST’s investors include Bargal Research and Development, a group of scientists headed by Dr. Ilan Ziv, Johnson and Johnson (NYSE: JNJ), Modgal Tech, Docor International Management (Van Leer Foundation), Federman Holdings, Clal Biotechnology Industries, Atara Technology Ventures (Phoenix Insurance), Koonras Technologies, and Technorov Holdings.
Published by Globes [online], Israel business news - www.globes.co.il - on March 5, 2006
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