The company is developing a transdermal patch for Parkinson’s disease.
NeuroDerm Ltd. has obtained a $400,000 grant from the Office of the Chief Scientist. The company is developing transdermal patches for the treatment of neurological diseases. The first product is a levodopa (L-DOPA) skin patch for Parkinson’s disease.
The market for Parkinson’s disease is estimated at $3 billion a year. Several leading pharmaceutical companies have products for treating the disease, including Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) Pfizer Inc. (NYSE: PFE; LSE: PFZ), GlaxosmithKline plc (NYSE; LSE: GSK), Novartis AG (NYSE:NVS; LSE: NOV; SWX: NOVZ), and Eli Lilly (NYSE: LLY). The Michael J. Fox Foundation awarded NeuroDerm a grant for its patch. Other investors include Omrix Biopharmaceuticals founder, president and CEO Robert Taub, Dr. Shmuel Cabily, and Uwe Wascher. Capital Point Ltd. (TASE:CPTP) owns 34% of the company through Ofakim Hi-Tech Ventures. The company was founded by chief scientist Prof. Eliyahu Heldman and its chairman and CEO is Dr. Oded Lieberman.
Published by Globes [online], Israel business news - www.globes-online.com - on August 16, 2009
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