Israeli stem-cell research company ES Cell International (ESI) is moving its activities to Singapore, Hadasit Medical Research Services and Development managing director and ESI director Dr. Raphael Hofstein told “Globes” today. Hadasit is the technology transfer company of Hadassah Medical Organization. Until now, ESI has operated in Israel, Australia, and Singapore.
Incorporated in 2000 in Singapore, ESI has raised $10 million to date, at a company value of $40 million, including Life Science Investments Pte Ltd., a subsidiary of the Singapore Economic Development Board (EDB) and ES Cell Australia Ltd (ESCA), an Australian investment consortium. Other shareholders in ESI are an Australian founding scientist, and the three founding research organizations; Monash University in Melbourne, Hadassah, and the National University of Singapore. Hofstein says Life Science Investments will soon increase its investment in the company.
ESI will now focus on diabetes treatments, using hES (human embryonic stem cells) division into pancreas cells to produce insulin. ESI previously focused on nerve cells, to develop a treatment for Parkinson’s.
Cell Cure, jointly owned by ESI and Hadasit, will continue activities in nerve cells and nervous disorders, based on ESI technology. Hofstein says, “Initially all hES companies, wanted to solve every problem. They have now matured, and realized they had to specialize. What is happening at ESI is happening to everyone.”
ESI focuses on developing therapies based on regenerating human tissue using cells and/or proteins derived from hES cells. ESI is concentrating its therapeutic development resources on diabetes, with additional scientific undertakings in the areas of neurology, cardiology and hematology.
ESI is using the funds to develop hES cell intellectual property created by the Monash Institute of Reproduction and Development, The National University of Singapore, Hadassah, and the Hubrecht Laboratory in The Netherlands.
ESI has contracted with each organization to undertake defined research activities on ESI's behalf, and will own the outcomes of any research undertaken. ESI has also finalized arrangements with Quark Biotech, based in Chicago and Tel Aviv, to undertake gene and protein discovery related to factors controlling hES cell renewal and differentiation.
ESI has also entered into a number of material transfer agreements with academic and commercial groups in North America, Europe and Australasia, for the provision of hES cells in return for access to any resultant IP emerging from their use.
Published by Globes [online] - www.globes.co.il - on May 4, 2003