Micromedic Technologies Ltd. (formerly Afek Systems) (TASE:MCTC), a life sciences investment company that owns Microvascular Eye Technology (MET) and Medvision, has announced the signing of a collaboration agreement with Hadassah Hospital via Hadasit, the Hadassah Medical Organization's technology transfer company. For the purposes of the agreement, Micromedic has set up a new subsidiary, Bio Gen, which will deal in the diagnosis and location of cancer using chemical markers, and this kit will be its first activity.
Under the agreement, Micromedic receives exclusive rights to commercialize a method of identifying raised genetic risk of contracting breast and ovarian cancer. Such an examination can enable women found to be at risk to enter a program of closer monitoring, in order to raise the chances of early detection of these cancers. In both these types of cancer, early detection considerably improves the effectiveness of treatment and the chances of recovery.
The method was developed by a team headed by Dr. Asher Salmon of the Sharett Institute of Oncology at Hadassah Hospital.
Hadasit is the parent company of Tel Aviv Stock Exchange listed company Hadasit Bio-Holdings Ltd., but the current agreement is with Hadasit itself, and is not expected to affect Hadasit Bio-Holdings.
Micromedic chairman David Solomon said today, "The agreement with Hadassah Hospital is a first step towards realizing our declared strategy of focusing on cancer research."
Published by Globes [online], Israel business news - www.globes.co.il - on July 10, 2006
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