Biocancell jumps on clinical trial success

The company reported positive results on its BC-819 drug for treating lung cancer.

Biocancell Therapeutics Ltd. (TASE:BICL) today notified the Tel Aviv Stock Exchange (TASE) that it had successfully completed a clinical trial on laboratory mice for the effectiveness of its lung cancer treatment BC-819. The company's share jumped 25.1% to NIS 3.70.

In the trial the drug was injected into the lungs of the mice which had been induced with lung cancer. The results of the trial found that the malignant growths that had been treated by BC-819 were "significantly smaller compared with the control group that had not been treated."

Biocancell conducted the trial in Munich as part of its attempts to develop cancer drugs that destroy cancerous cells while preserving healthy cells. The company said that it would "consider continuing the development of the drug in accordance with the resources at its disposal."

At the beginning of the month, Biocancell said that both Clal Biotechnology Industries Ltd. (TASE: CBI) and Tikcro Technologies (Bulletin Board: TKCRF) are both interested in increasing their holdings in the company through a $2 million rights issue.

Last year CBI, Tikcro and the royalties fund of the Hebrew University of Jerusalem invested $3.65 million in Biocancell at NIS 2.02 per share in a deal that included bonds and options. So CBI and Tikcro have already enjoyed returns of 710% on their original investment.

Since that investment, Biocancell has conducted trials on ovarian cancer and the renal pelvic and has received approval for a trial on pancreatic cancer.

Published by Globes [online], Israel business news - - on August 13, 2009

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

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