Kamada to develop snake venom antiserum for gov't

The drug development company has snake antiserum under development.

The Ministry of Health will pay drug development company Kamada Ltd. (TASE: KMDA) NIS 20 million to develop, set up, and operate a snake antiserum production system. The ministry has already transferred NIS 1.7 million to the company. The balance will be paid over the period of the project, through the end of 2010.

Kamada has already begun work on the initial stages of the project, and it has a snake antiserum under development.

When the project's current period expires, it will be renewed for ten additional one-year periods, during which Kamada will produce snake antiserum. The Ministry of Health undertakes to purchase about NIS 3.5 million worth of snake antiserum a year through the agreement period, unless it terminates the agreement.

Kamada's share rose 9.8% by early afternoon to NIS 11.85.

Published by Globes [online], Israel business news - www.globes-online.com - on March 9, 2009

© Copyright of Globes Publisher Itonut (1983) Ltd. 2009

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