ISRAEL 
HIGH-TECH & INVESTMENT REPORT

from the June 2003 issue


Milestones Reached in 2002

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.



Reprinted from the Israel High-Tech & Investment Report June 2003

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