Israeli company BioLineRx, Ltd. is to develop an anti-inflammatory drug discovered at Ben-Gurion University of the Negev. The company has signed an exclusive worldwide license agreement with Ben-Gurion University's technology transfer company B.G. Negev (BGN) Technologies Ltd. and Mor Research Applications, Ltd., the Technology Transfer Office of Clalit Health Services, for the development and commercialization of BL-3030, a novel antisense drug for the treatment of inflammatory diseases.
BL-3030 was initially discovered by Professor Rachel Levy of Ben-Gurion University and Soroka University Medical Center in Beer Sheva. BioLineRx plans to develop the drug through its subsidiary BioLine Innovations Jerusalem, under the National Biotech Grant received in November 2004 from the Office of the Chief Scientist.
BioLineRx expects that it will require an investment of approximately $9 million in order to achieve clinical proof of safety and efficacy for BL-3030. Financial terms of the agreement were not disclosed.
BL-3030 is an antisense oligonucleotide specifically designed to treat inflammatory diseases. Antisense oligonucleotides are short, synthetic DNA molecules, designed to prevent target protein formation. BL-3030 is aimed at inhibiting the formation of cPLA2 - an enzyme that plays a major role in a number of inflammatory diseases including rheumatoid arthritis, asthma, and adult respiratory distress syndrome.
Currently, inflammatory diseases are treated either by non-steroidal anti-inflammatory drugs or by steroids. These drugs have either limited therapeutic benefit or severe side effects, which prevent long term use. BL-3030 is expected to be effective treatment for numerous inflammatory diseases currently treated with non-steroidal anti-inflammatory drugs and steroids, without causing the undesirable side effects.
"BL-3030 is an exciting addition to our rich pipeline of clinical and pre-clinical innovative drug candidates, and we are pleased to continue our fruitful collaborations with Ben Gurion University. This is the second compound we have licensed from Ben Gurion, the first being BL-1040, an injectable polymer for the treatment of acute myocardial infarction, that we expect to enter Phase 1-2 trials in early 2007," BioLineRx CEO Morris Laster.
BioLineRx was founded in 2003 with investment from Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA), the Giza and Pitango funds, Hadasit, and the Jerusalem Development Authority.
Published by Globes [online], Israel business news - www.globes.co.il - on September 10, 2006
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