The project includes a Phase IIa study of orally administered anti-CD3 MAb monoclonal antibody for diabetics with NASH or "fatty liver".
NasVax Ltd. (TASE: NSVX) has reached an agreement in principle with the Office of the Chief Scientist for a grant to fund development of its orally administered its proprietary immunotherapy treatment of inflammatory and autoimmune diseases. The NIS 2.1 million grant will finance half of the NIS 4.2 million budget to develop the drug candidate.
The project include a Phase IIa clinical trial of orally administered anti-CD3 MAb monoclonal antibody for diabetics with NASH or "fatty liver", as well as other Phase II clinical trials to test the drug's tolerance and the response of the immune system in other diseases.
NasVax must complete the trial protocol within two months from approval of the grant, otherwise the approval will expire and the Chief Scientist will have the right to use the grant for other purposes.
NasVax's share price rose 4% today to NIS 1.59, giving a market cap of NIS 61 million.
Published by Globes [online], Israel business news - www.globes-online.com - on December 23, 2010
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