Shladot Metal Works Ltd. (TASE:SLAD) subsidiary QRay Ltd. has announced an agreement with Kaplan Medical Center to conduct a human clinical trials of the company’s visible light therapy for wounds
The company predicts that the trials will take 12 months. Success is an important condition for CE Mark certification of the treatment in Europe by the European Medicines Agency (EMEA). The trials constitute a feasibility study for a more comprehensive trial for US Food and Drug Administration (FDA) certification. The company’s technology is suitable for the medical and esthetic markets.
Qray handles Shladot’s medical devices activity. Qray’s products are based on research by Dr. Rachel Lubart of the Department of Physics at Bar Ilan University. The company figured out how to separate ultraviolet rays from visible light, thereby making possible the therapeutic value of the visible spectrum to treat wounds, without risking of burns or cancer caused by ultraviolet light.
Shladot spun-off Qray at the beginning of the year. A private investor invested NIS 500,000 in the company in March, at a company value of NIS 23 million. Qray CEO Zvi Peer previously managed life sciences company Fulcrum SP Ltd., Biogroup Technologies, and Romtech Electronics Ltd. (now Matrix IT Ltd. (TASE:MTRX)). Qray also announced that it will need to raise more money to complete the initial clinical trials, indicating that another financing round is likely soon.
Published by Globes [online], Israel business news - www.globes.co.il - on September 5, 2006
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