Putting aside the unsettled economic conditions in the USA and
Israel, 2002 was marked by a number of major achievements by
Israel's biotech sector. BioTechnology General, one of the country's
first biotech companies launched its brand new, state-of-the-art cGMP
plants. InterPharm Laboratories continued its $90 million production
expansion program. Teva Pharmaceuticals was able to point to Copaxone
sales of more than half a billion dollars. Copaxone is the first
"blockbuster drug" developed and manufactured in Israel. The drug
treats certain issues of Multiple Sclerosis.
Betting on the future of biotechnology in Israel Teva, together with
venture capital funds Giza, Pitango, and Hadasit, the research and
development arm of the Hadassah Medical Organization, established
Bioline Therapeutics to promote the activities of early stage
projects and companies.
While raising capital for biotechnology was a difficult endeavor
nevertheless some companies attracted new funds. Among these were
Can-Fite BioPharma whose lead drug candidate has moved through Phase
I and is shortly expected to launch Phase II trials. The drug is
aimed at treating colorectal cancer and for rheumatoid arthritis.
BrainGate has announced that it will apply the funds raised to
develop medical equipment and begin clinical trials on the treatment
it has designed to improve delivery of drugs for diseases such as
brain tumors and neurological degenerative conditions.
ProCognia will apply funds raised towards its research and
development program related to glycoprotein drugs.
Medgenics' newly raised funds are aimed at enhancing its protein
delivery technology.
The major cooperative agreement of the year was forged by Peptor,
which signed a licensing agreement with Aventis for its diabetes
drug. Peptor is active in developing synthetic peptide-based
pharmaceuticals. The company is also cooperating with Roche in
developing cancer treatments.
QBI, a company that specializes in pathology specific drug delivery,
signed a cooperation agreement with the Japanese Fujisawa company.
ProChon Biotech active in developing proprietary know-how in growth
factors, entered into a strategic agreement with Morphosys.