Sales of products based on its intellectual property hit $1b.
Sources inform ''Globes'' that Yissum Technology Transfer Company of the Hebrew University of Jerusalem has set up a subsidiary with seven portfolio life sciences companies and is seeking to raise several million dollars from private investors and funds. There have been reports that Yissum was considering an IPO on the Tel Aviv Stock Exchange (TASE), but it has shelved these plans because of the current market conditions.
Yissum declined to comment on the report.
In a presentation to investors, Yissum said that it posted $40 million revenue in 2006, and that sales of products derived from its know-how amounted to $1 billion. Most of this revenue comes from two drugs, Doxil and Exelon, and a proprietary tomato variety developed at Hebrew University that is suitable for greenhouses. Yissum has founded 60 companies to date. Yissum companies raised $150 million over the past year.
Current Yissum portfolio companies include the following: A 100% stake in Avian Tech Ltd., which has developed in-ovo feeding techniques for poultry thereby improving stock and which has a contract with SynGen Inc. a 50% stake in Atox Bio Inc., which is developing treatments for toxic shock and autoimmune diseases, and has received $12 million financing from the US National Institutes of Health. A 34.7% stake in Tiltan Pharma Ltd., which is developing a treatment for cancer that is taken with existing treatments. The drug is nearing the end of Phase I clinical trials. A 25.5% stake in Target-In Ltd., which is developing a cancer treatment, and is collaborating with India's Century Pharmaceuticals Ltd. A 27.8% stake in Jexys Pharmaceuticals Ltd., which is developing a platform of technologies for screening of new drugs using proprietary molecular technology. Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) has invested in this company. A 12.6% stake in MaimoniDex RA Ltd., which is developing monoclonal antibodies for the treatment of rheumatoid arthritis. Rad BioMed Incubator has invested in this company. A 7.7% stake in CollPlant Ltd., which produces human collagen from tobacco plants. Yissum said in its presentation that its portfolio companies had an aggregate company value of $21 million on the basis of recent financing founds. However, the companies had made progress since the rounds were held.
Published by Globes [online], Israel business news - www.globes-online.com - on November 18, 2007
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