Biotechnology development company Biocancell Therapeutics Ltd. (TASE:BICL) reported that it has received authorization and funding from the Office of the Chief Scientist for development of its ovarian cancer treatment.
In January, Biocancell received authorization from the US Food and Drug Administration (FDA) to begin a Phase I/IIa clinical trial of its BC-819 drug.
The Chief Scientist will fund, up to specified limits, 60% of the development costs incurred in Israel, and 30% of the development costs incurred abroad. The company hopes to use the funding to carry out the clinical trial.
The funds are in addition to previous funding received for development of a bladder cancer treatment, and in addition to funding by the Israel-United States Binational Industrial Research and Development Foundation (BIRD-F) for development of a pancreatic cancer treatment.
Shares in Biocancell jumped 16.8% yesterday on the Tel Aviv Stock Exchange (TASE).
Published by Globes [online], Israel business news - www.globes-online.com - on March 10, 2009
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