The company is developing a vaccine against all types of flu, based on Prof. Ruth Arnon’s research.
The Chief Scientist has approved a $1.1 million grant from the Heznek Seed Fund for BiondVax Pharmaceuticals. The grant will cover 66% of the $1.5 million cost of BiondVax’s development plan for the next two years. The company said that the entire program constituted a third of its expected investment in development during this period. BiondVax is developing a universal multi-season, multi-strain flu vaccine.
The grant will be used mainly to produce a vaccine solution for Phase I human clinical trials scheduled to begin in 2007. The company is also conducting trials for a vaccine against avian flu.
President, and CEO Dr. Ron Babecoff founded BiondVax on the basis of research by Prof. Ruth Arnon, who developed Teva’s Copaxone drug for treating multiple sclerosis. According to figures from the Israel Venture Capital (IVC) Research Center, BiondVax has raised just over $5 million to date from Tzina Bio-Perspective, Zeev Mozes’s investment arm; Coronis Partners, controlled by Eric Messika; Ido Greenberg; Isaac Devash; Prof. Michel Revel, inventor of anti-multiple sclerosis drug Rebif; and Yeda Research and Development Company, controlled by the Weizmann Institute of Science.
Published by Globes [online] - www.globes.co.il - on December 22, 2005