Proteologics and GlaxoSmithKline are jointly developing six proteins for cancer treatments.
Drug development company Proteologics Ltd. (TASE: PRTL) and GlaxoSmithKline plc (NYSE; LSE: GSK) have selected the fifth molecule of the six molecules for development in their collaboration. The molecule was selected on the basis of joint laboratory work, which indicated that the molecule has therapeutic potential for several types of cancer.
A year ago, Proteologics and GlaxoSmithKline signed the R&D collaboration agreement to jointly develop six proteins for cancer treatments. Glaxo paid $3 million at the signing, and made a $2 million milestone payment out of the $5.4 million financing for development.
Proteologics' share price rose 5.2% by midday to NIS 4.07, giving a market cap of NIS 60 million.
Published by Globes [online], Israel business news - www.globes-online.com - on February 6, 2011
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