As per the regular terms of Chief Scientist grants, Biocancell will pay royalties to the government if the product is commercialized.
Biocancell Therapeutics Ltd. (TASE:BICL) has received a grant of NIS 5.2 million from the Office of the Chief Scientist to finance a Phase I/IIa clinical trial of the company's BC-819 drug for the treatment of ovarian cancer.
The grant will cover 60% of the R&D costs in Israel, and 30% of the R&D costs overseas. As per the usual terms of Chief Scientist grants, Biocancell will pay royalties to the government if the product is commercialized.
Biocancell's share price was unchanged by midday today at NIS 2.19, giving a market cap of NIS 45 million.
Published by Globes [online], Israel business news - www.globes-online.com - on August 1, 2010
© Copyright of Globes Publisher Itonut (1983) Ltd. 2010
Shiri Habib-Valdhorn and Avi Levy