NasVax Ltd. (TASE: NSVX) has published good interim results for the Phase I clinical trial of its injectable flu vaccine. 100 persons are participating in the trial at Hadassah Medical Center. The trial is due to end in early 2008.
The interim results indicate that the vaccine caused few side effects, which were minor and fleeting. The vaccine’s immunization results are also satisfactory even when used in lower dosages than normal compared with existing vaccines. This will increase supplies during shortages.
NasVax added that it would hold a private placement among institutional investors on the basis of the interim results. The company did not disclose the amount it plans to raise, but sources inform ''Globes'' that it will raise $6 million at a slight discount on the share’s current price.
NasVax’s share rose 8.4% last Thursday before it announced the results of the trial, but it fell 4.6% yesterday after publication and another 0.5% today
NasVax’s basic product is a substance based on antibodies called adjuvants, which the body can more easily absorb and process. The company decided to first develop an improved influenza vaccine on the basis of its platform.
Published by Globes [online], Israel business news - www.globes.co.il - on October 22, 2007
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