Micromedic cancer diagnostic unit teams with Clalit

Biomark signed a strategic cooperation agreement for clinical trials with Clalit Health Services.

Micromedic Technologies Ltd. (TASE:MCTC) subsidiary Biomark Ltd. has signed a strategic cooperation agreement with Clalit Health Services for the carrying out of clinical trials for Biomark's biomarker for the early detection of colon cancer. Micromedic owns 90% of Biomark.

Clalit will design and collect, at its medical centers, blood samples for Biomark's clinical trial, in exchange for a one-time payment. The first trial will include 200 samples at two medical centers.

Micromedic's subsidiaries develop and commercialize biomarkers for cancers and diabetes.

Micromedic yesterday published its financial report for the second quarter, in which it posted a net loss of NIS 1.9 million. The company has no revenue, and its R&D expenses totaled NIS 432,000 for the quarter. A going concern warning was attached to one of the subsidiaries, MET, in which Micromedic owns a 20% stake. MET has developed a device for injecting substances into narrow veins. It is a subsidiary of long standing, preceding Micromedic's focus on biomarkers.

Micromedic's share price fell 2.3% to NIS 3.24, giving a market cap of NIS 51 million.

Published by Globes [online], Israel business news - www.globes-online.com - on August 26, 2010

© Copyright of Globes Publisher Itonut (1983) Ltd. 2010

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