Autoimmune therapy co Tolarex reports positive trial results

Hadasit Bio will extend the firm NIS 1 million in new funding.

Hadasit Bio Holdings Ltd. (TASE:HDST) portfolio company Tolarex Ltd. reports good initial results in the Phase I/IIa clinical trial for its autoimmune therapy for graft versus host disease. The trial to test the safety and tolerance of the therapy is underway at two Israeli medical centers.

In view of the favorable results, Hadasit Bio will provide Tolarex with a convertible loan of about NIS 1 million to fund continuation of the clinical trial and R&D activity.

The first patient in the trial successfully completed 100 days of monitoring following the treatment. The bone marrow acceptance was faster than average in similar transplants, and the patient was released from hospital much sooner than expected with no unusual side effects. On the basis of this result, Tolarex received permission to continue the clinical trial and treat another patient.

Tolarex added that, despite the initial success, it is premature to draw any meaningful statistical conclusions for the clinical trial on the basis of a single patient.

Graft versus host disease is the main barrier to bone marrow transplants. It is a severe, and in many cases lethal, disease that develops in a 30-80% of leukemia patients who undergo transplants of bone marrow from relatives or other donors.

Hadasit - the Technology Transfer Company of Hadassah Medical Organization owns 40.52% of Hadasit Bio, whose share rose 7.7% in morning trading today to NIS 0.77, giving a market cap of NIS 62 million.

Published by Globes [online], Israel business news - www.globes-online.com - on January 5, 2010

© Copyright of Globes Publisher Itonut (1983) Ltd. 2010

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