Andromeda Biotech Ltd. today announced additional positive results of the Phase III clinical trial of Diapep 277 treatment for type 1 (juvenile onset) diabetes. The study reaffirms the preliminary positive results from the study six months ago, which met the primary. secondary and exploratory endpoints, and was found the drug to be effective and safe.
The primary endpoint was insulin excretion by the pancreas as measured by C-peptide level. Patients receiving the drug for at least a year showed better excretion of the peptide compared with the control group. In the secondary endpoint, a balanced blood sugar level, patients treated with the drug showed a statistically significant improvement compared with the control group. Diapep277 was also found to be safe, with no significant side effects.
Diapep 277 is taken orally, in contrast to the intravenous treatments on the market. $180 million has been invested in the development of the drug to date. The drug is targeting a $1-3 billion annual market.
The second Phase III clinical trial 450 patients at 120 medical centers in Israel, Europe, the US, and South America. It followed the first trial, which included 457 patients aged 16-45 at 40 medical centers in Israel, Europe, and South Africa.
IDB Holding Corp. Ltd. (TASE:IDBH) life sciences investment arm Clal Biotechnology Industries Ltd. (TASE: CBI) owns 84% of Andromeda. In June 2011, Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) exercised its option to invest in the company at a value of $170 million, receiving worldwide marketing rights for Diapep277 in exchange.
Clal Biotech's share price rose 0.5% in morning trading today to NIS 14.68, giving a market cap of NIS 1.5 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on May 8, 2012
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