CBI will invest $50,000 in Thrombotech’s blood clot treatment.
Hadasit Bio Holdings Ltd. (TASE:HDST) today announced that Clal Biotechnology Industries Ltd. (CBI) has made a strategic investment in its portfolio company Thrombotech Ltd. “Globes” first reported about the negotiations for the investment last week.
CBI will invest $50,000 in Thrombotech’s product in exchange for an option to conduct clinical trials for it. The company has developed a method for neutralizing blood clots without the use of blood thinners, which are risky and not always effective. The product is a peptide (a component of proteins) that attaches to blood clots, and dissolves them without side effects such as internal hemorrhaging.
Thrombotech has completed preclinical trials on the product and is now preparing an application for Phase I clinical trials on humans. Assuming the trials are successful, CBI will invest $750,000 for a 33% stake in the company at a value of $1.4 million before money. The option is valid for nine months from today. If CBI exercises its option, it will be able to deduct $200,000 from the investment for financing the clinical trials. If it exercises the option, Hadasit Bio will own 21% of Thrombotech.
Published by Globes [online], Israel business news - www.globes.co.il - on January 8, 2007
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