Wound care co Polyheal succeeds in clinical trial
The company is also in talks with pharmaceutical companies for the sale of its business or rights to its technology.
Polyheal is a subsidiary of Clal Biotechnology Industries Ltd. (TASE: CBI). The company is currently raising $4 million at a value of $30 million before money. At the same time it is in talks with several international pharmaceutical companies on the sale of its business or the rights to its technology. Polyheal recently applied for approval to market its product in Europe and expects an answer within the next few weeks.
Polyheal's solution is in effect a hybrid version of medical device and drug. It consists of charged synthetic microspheres, which, the company claims, initiate and promote the complex wound healing process, creating new tissue and faster reproduction of blood vessels.
Polyheal has raised $11 million to date from Clal Biotechnology, Challenge Fund - Etgar, Technorov Holdings, and Koonras Holdings (now part of Polar Investments).
Published by Globes [online], Israel business news - www.globes-online.com - on May 22, 2008
© Copyright of Globes Publisher Itonut (1983) Ltd. 2008
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