D Pharm Ltd. has obtained US Food and Drug Administration (FDA) approval for the company's Investigational New Drug (IND) application for the Phase II Clinical Trial its DP-99 drug for the treatment of strokes.
The trial will include 770 patients, and will cost over $10 million. Initial results will not be available for two years.
Strokes are one the most difficult medical events to treat, as well as for a clinical trial. Trial costs are high and many leading pharmaceutical companies have failed in clinical trials.
A successful new treatment for strokes could be worth tens of billions of dollars a year.
Clal Biotechnology Industries Ltd. (TASE: CBI), a unit of Nochi Dankner-controlled IDB Holding Corp. Ltd. (TASE:IDBH), owns 41% of D-Pharm. Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) also owns 15.6% of Clal Biotech. Clal Biotech's share rose 5.7% by midday to NIS 6.77.
Published by Globes [online], Israel business news - www.globes-online.com - on June 7, 2009
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