Laboratory services company Immunolab Ltd. has set up a subsidiary, Immunolab Pharma Ltd., to handle all drug development activity with customers. Sources inform ''Globes'' that the new company will buy the drug development and production facility from Pharmos Corp. (Nasdaq: PARS) and that Pharmos VP pharmaceutical development Shimon Amsalem will serve as CEO of Immunolab Pharma. The size of the deal was not disclosed.
Immunolab Pharma will provide companies with drug development services from the analysis through the chemical formulation stage to large-scale clinical production and Phase III clinical trials assistance. Immunolab Pharma's first customer will be Pharmos, which has reduced, but not eliminated, independent drug development.
Immunolab founder and CEO Rafi Barkan said, "Chief Scientist Dr. Eli Opper is very enthusiastic. This is a national project that has been set up without the government spending a shekel." He added that the Office of the Chief Scientist has promised to provide additional financing to companies that choose to carry out drug development and production in Israel rather than overseas.
"Globes": Will Immunolab Pharma hold its own financing rounds?
Barkan: "We'll need further financing, and we'll probably hold a financing round or public offering in 2009 after we have customers with proven projects. We're making a very attractive proposal for our potential investors - a company that both a start-up and part of an existing company with a successful past and stable team and management."
Published by Globes [online], Israel business news - www.globes-online.com - on December 4, 2007
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