The company, which develops longer-lasting versions of biotechnological drugs has a market cap on Wall Street of $111 million.
US biotech company Modigene Inc. (OTC BB: MODG.OB), which is managed by Israelis and which develops longer-lasting versions of biotechnological drugs, has raised $11.6 million from private investors. Of this sum, $9.6 million was raised in private placement, in which the Perceptive Life Sciences Master Fund 2 also participated. The company raised a further $1 million from a group of private investors headed by former Ivax founder and Teva vice chairman Dr. Philip Frost, and former Ivax vice chairman technical affairs Dr. Jane Hsiao, who were also appointed to the company board.
Modigene is a US company based on a US research and development, and it is managed by two Israelis: president Shai Novik and CEO Dr. Abraham Havron. The company has developed a naturally occurring amino acid sequence called CTP to slow the removal of therapeutic proteins from the body. The technology was developed at the University of Washington, which licensed it to two companies, Organon, which acquired the franchise to use CTP in conjunction with four endocrinological drugs, and Modigene which was granted the right to use it in conjuction with all other protein-based drugs.
Published by Globes [online], Israel business news - www.globes.co.il - on May 17, 2007
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