Proteologics Ltd. (TASE: PRTL) today announced successful results in its preclinical trial of the PRT0467 drug candidate for the treatment of rheumatoid arthritis. Injections of the drug in mice found a statistically significant reduction in the inflammation response comparable with the response of the prevailing orally administered treatment, Methotrexate.
Proteologics said that the results confirmed the anti-inflammatory effect observed in previous trials of PRT0467 in mice. The trial also found that a combined treatment of PRT0467 and Methotrexate showed statistically significant improvement in the clinical symptoms of rheumatoid arthritis than when each drug was administered alone. There were significantly fewer sick mice treated with the two drugs at the end of the trial than the number treated with only one of the drugs.
Finally, for the first time, oral PRT0467 was found to be effective in reducing the clinical symptoms of rheumatoid arthritis, and comparable with Methotrexate
Proteologics CEO Joshua Levine said, "We are pleased with the statistically significant results obtained in the trial, which confirm the anti-inflammatory effect observed in previous trials. The importance of the trial was very great and the molecule was found to be effective across a number of models and in two delivery methods - oral and intravenous. We have additional ground for believing that we have a molecule that will in the future provide an effective treatment for rheumatoid diseases, which have huge market potential."
Proteologics' largest shareholder is Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) with 31.5% and GlaxoSmithKline plc (NYSE; LSE: GSK) owns 5.25%. In September 2008, Proteologics signed a license agreement with Teva to further develop and commercialize molecules generated from three drug discovery programs that the company is developing for Teva. In February 2010, Proteologics signed a cooperation agreement with GlaxoSmithKline to develop six drug discovery molecules.
Proteologics' share price rose 16% by midday to NIS 1.94, giving a market cap of NIS 30 million.
Published by Globes [online], Israel business news - www.globes-online.com - on December 14, 2011
© Copyright of Globes Publisher Itonut (1983) Ltd. 2011