The French-Israeli company said that it would apply for a permit to market the treatment in Europe by the middle of the year.
Israeli-French drug development company Novagali SA, which was founded on the basis of research conducted by Prof. Simon Benita of the Hebrew University of Jerusalem, has successfully completed European Medicines Agency (EMEA) Phase III clinical trials of its eye treatment for Vernal Keratoconjunctivitis (VKC).. This is a rare form of chronic allergic conjunctivitis seen in children and characterized by ocular discomfort, pain, itching and intense photophobia (sensitivity to light), which severely debilitates the patients.
The drug has been classified by the EMEA as an orphan drug. The company said that it would file for European Marketing Authorization by mid-2007. Novagali was founded by Yissum Technology Transfer Company of the Hebrew University of Jerusalem, which holds a 10% stake. It has raised €44 million ($57.8 million) to date, primarily from French investors, among them Multinova Ventures, CDC Enterprises Innovation, AGF Private Equity Partners, Siparex Ventures, Edmond de Rothschild Investment Partners, Credit Agricole Private Equity, and Bernard Chauvin. Novagali has several eye treatments undergoing advanced clinical trials. Its next product will be designed to treat Dry Eye Syndrome.
Published by Globes [online], Israel business news - www.globes.co.il - on April 5, 2007
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