Sources inform ''Globes'' that Neuroderm Ltd., which is developing a transdermal drug delivery system, is raising $5 million from current investors and new foreign investors. Neuroderm's investors include Omrix Biopharmaceuticals founder Robert Taub and Dr. Shmuel Cabilly, who invented the "Cabilly patents" which underpin the development of many anti-inflammation and cancer drugs, former GE executive Uwe Wascher, and Capital Point Ltd. (TASE:CPTP).
The sources added that Neuroderm will use the proceeds to accelerate clinical trials and for a review of a possible IPO on Nasdaq in 2014. The company recently participated in the Jefferies 2013 Global Healthcare Conference. It is usual for private companies to participate in such conferences unless it is considering an IPO.
Neuroderm has two products in clinical trials for the treatment of Parkinson's disease. The leading product is a transdermal version Levodopa, which is currently administered orally. The version achieves better results in maintaining uniform levels of the drug in the bloodstream, enabling more effective treatment of the disease with fewer side effects. The product is undergoing a Phase IIb clinical trial.
The second product combines two treatments for Parkinson's disease administered dermally, which the company says achieve more uniform results. This product is undergoing a Phase IIa clinical trial.
Published by Globes [online], Israel business news - www.globes-online.com - on October 21, 2013
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