The drug development start-up was founded by Dr. Oren Becker.
Drug development start-up Dynamix Pharmaceuticals, founded by Dr. Oren Becker, who previously established Predix, hopes to achieve a significant round raising investment funds worth millions of dollars in the coming weeks from major investors including Teva Pharmaceutical Industries Ltd. (Nasdaq:TEVA; TASE:TEVA) and Opal Ventures, managed by Batsheva Elran of Medica III. Becker declined to comment on the reports.
Dynamix Pharmaceuticals is a drug development company based on the same concept as Predix, which merged with Epix Pharmaceuticals Inc. (Nasdaq:EPIX) in 2006 at a market value of $90 million. Dynamix is engaged in search and trials for drugs using computer models but will not necessarily develop central nervous system drugs like Predix did.
Computerized drug development strives to speed up the discovery of new drugs and improve the currently low chances of success of drugs in pre-clinical and clinical trials to reach the market - only one in every thousand drugs which reaches trials on animals goes on to reach the market. Failure can cost tens of thousands and even hundreds of thousands of dollars.
Published by Globes [online], Israel business news - www.globes-online.com - on December 30, 2008
© Copyright of Globes Publisher Itonut (1983) Ltd. 2008