Glycoanalysis (blood sugar analysis) developer ProCognia (Israel) Ltd. (TASE:PRCG) is joining the Biomedical Photonics (BMP) venture, led by Given Imaging Ltd. (Nasdaq: GIVN; TASE: GIVN) and Medigus Ltd. (TASE:MDGS). The Office of the Chief Scientist's Magnet Program will provide Procognia with up to NIS 1 million, 60% as a grant, for its participation in BMP.
The BMP program aims to develop a virtual/optical method of imaging colon cancer tissue. The goal is to create a more patient-friendly diagnostic technique than current methods, and which will provide real-time results.
Procognia will develop human antibodies as biomarkers for identifying specific blood sugars on colon cancer tumors. These antibodies will diagnose the cancer via imaging within the colon.
Procognia president and CEO Alon Natanson said, "Colon cancer has all the criteria justifying an early diagnostic program. It is very important in developing more reliable and patient-friendly diagnostic techniques," he said.
Medigus develops endoscopes, and Given Imaging has developed a range of endoscopic capsules, including for the large intestine.
Colon cancer affects 3,200 Israelis a year and 1.2 million worldwide. In Western countries, it has the second highest mortality rate for cancers among men and third highest among women, with a mortality rate of 40%. Better and early diagnosis and prevention could greatly improve this situation.
Procognia's share price fell 6.1% by mid-afternoon to NIS 0.55, giving a market cap of NIS 19 million, and Medigus's share price fell 0.2% to NIS 1.42. giving a market cap of NIS 107 million. Given Imaging's opened on Nasdaq today at $13.61, giving a market cap of $404 million, and its share price rose 0.5% on the TASE to NIS 52.92.
Published by Globes [online], Israel business news - www.globes-online.com - on August 16, 2010
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