"Globes" has learned that Philip Frost is exercising his option to buy a further 5% of drug development company Protalix Biotherapeutics Ltd. for $5.28 million. Additionally, Frost is buying 1% of the company from employees and small investors for $3.8 million. Frost will subsequently hold a 20% stake in the company, for a total investment of $24 million.
Teva chairman Eli Hurvitz's Pontifax fund is also about to increase its stake in the company to 9.7%, after investing a further $2 million.
Protalix has developed a method for growing a uniform biomass of plant cells, which express and produce targeted human therapeutic proteins.
Protalix's lead compound, Glucocerebrosidase for the treatment of Gaucher's disease, has been approved to commence clinical trials by the FDA, and recently a Phase I clinical study has been completed. The Company is setting up a Phase III trial, planned to be initiated early 2007.
Two months ago, Protalix announced the signing of a a collaboration and licensing agreement with Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA for the development of two proteins, using Protalix's plant cell culture platform.
Published by Globes [online], Israel business news - www.globes.co.il - on November 20, 2006
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