AtoxBio Ltd. has been awarded a NIS 7.7 million grant by the Chief Scientist of the Ministry of Industry, Trade and Labor. The company is developing a treatment for necrotizing soft tissue infections (NSTI).
AtoxBio was founded by Yissum based on the research of the Hebrew University's Prof. Raymond Kaempfer. The company has raised $7.25 million from US philanthropist Newton Becker, private investors, Dutch venture capital fund Esperante, as well as government funds and other philanthropists.
AtoxBio has already begun its clinical trial at seven US medical centers with the trial scheduled for completion by the end of 2012. The drug being developed has orphan status because there are no other effective treatments available and thus qualifies to be fast tracked to the market and enjoy longer exclusivity if sells ever begin.
AtoxBio CEO Dan Teleman said, "This drug is likely to be the first treatment approved for this indication."
Published by Globes [online], Israel business news - www.globes-online.com - on May 31, 2012
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