Clal Biotechnology Industries Ltd. (TASE: CBI), the life sciences investment arm of Nochi Dankner-controlled IDB Holding Corp. Ltd. (TASE:IDBH), posted a net profit of NIS 350.9 million (NIS 3.70 per share) in 2010, up from NIS 65.4 million in 2009. The company attributes the increase to the closing of the Mediwound Ltd.-Polyheal Ltd.-Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) deal.
During 2010, Clal Biotech invested NIS 131 million, including in the acquisition of Biomedical Investments (1997) Ltd., and through a stake in Gamida Cell Ltd., which adds another company whose product is undergoing a Phase III clinical trial to its portfolio. New investments were also made in Avraham Pharmaceuticals Ltd., Gili Medical Ltd., Iluten Ltd., Vacciguard Ltd., ProtAb Ltd., and Biocontrol Medical Ltd. and follow-on investments in <D-Pharm Ltd. (TASE: DPRM) and Andromedia Biotech Ltd., and increased its stake in Transpharma Medical Ltd.
Other investors in the portfolio companies invested an additional NIS 113 million in them.
Clal Biotech said that its portfolio companies are currently carrying out more than 30 clinical trials of their products. These include Andromeda's second Phase III clinical trial of its DiaPep277 peptide for the treatment of type 1 diabetes, Gamida Cell's Phase III trial of its stem cell product StemEx cancer treatment, and D-Pharm's Phase III trial of DP-b99 drug for the treatment of cerebral strokes.
CureTech Ltd. has completed recruitment for Phase II clinical trials of its CT-011 antibody for the treatment of diffuse large B cell lymphoma and metastatic colorectal cancer, as well as three other Phase II studies.
Biocancell Therapeutics Ltd. (TASE:BICL) successfully completed a Phase I/II clinical trial of its treatment for pancreatic cancer, Thrombotech Technologies Ltd. successfully completed a Phase I clinical trial of its treatment for head trauma, and Transpharma successfully completed two Phase I clinical trials of its ViaDor transdermal drug delivery systems for type II diabetes and musculoskeletal disorders made progress in its Phase IIb clinical trial of the product for treating osteoporosis.
Clal Biotech CEO Reuven Krupik said, "The company's financial report presents a picture full of activity and achievements. Meeting the targets of clinical trials is a key goal, in line without concept that creating value is mainly based on steady and professional progress."
Clal Biotech's share price rose 1.2% by mid-afternoon to NIS 22.32, giving a market cap of NIS 2.19 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on March 17, 2011
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