BiolineRX Ltd. (TASE:BLRX) is expanding its product pipeline by developing a new molecule for the treatment of diabetes.
The drug development company today announced that the new drug EDP-01 for diabetes is the first success of its EDP program for developing innovative projects from the earliest stages. The aim of the EDP program, which was begun in 2007, is to identify and promote promising research that has not yet been tested on animals.
BiolineRX is currently developing 11 treatments and already has two commercialization deals for a schizophrenia treatment and a heart disease treatment. At the same time, the company is investigating 9 molecules as part of the EDP program.
The EDP-01 molecule was discovered by Prof. Bilha Fischer of Bar Ilan University's Department of Chemistry. Animal trials over the past two years have shown that the molecule can lower high levels of sugar in the blood and it is felt that the drug has potential for treating type II diabetes.
EDP-01, which will now be known as BL-6010 is an enzymatically-stable purine receptor agonist that promotes insulin secretion in the presence of glucose by a novel mechanism. The rights have been acquired from Bar Ilan University's R&D company BIRAD.
BiolineRX recently received $30 million from Cypress Bioscience, Inc. (Nasdaq: CYPB) for an out-licensing agreement for its BL-1020 drug for treating schizophrenia.
BiolineRX's share was up 1.4% to NIS 3.43 in afternoon trading on the TASE, giving a market cap of NIS 424 million.
Published by Globes, Israel business news - www.globes-online.com - on August 23, 2010
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