Sources inform ''Globes'' that Aposense Ltd. (TASE: APOS) is in advanced negotiations with a large pharmaceutical and medical devices company for the licensing of Aposense's molecular imaging device.
Aposense has developed a molecule that targets cells undergoing the process of apoptosis (programmed cell death), on the basis of which it is developing clinical imaging and targeted therapy products.
The current agreement will be similar to Aposense's agreement with GlaxoSmithKline plc (NYSE; LSE: GSK), which bought Aposense's imaging device for testing the effectiveness of cancer drugs.
In response, Aposense CEO Yoram Ashery made a general comment about these kinds of agreements. "The company is in negotiations with pharmaceutical companies to use Aposense's device in their trials. These trials open new fields for us, at an investment of a few million dollars by the large company, which saves us money."
Agreements with large pharmaceutical companies suggest that Aposense's product is winning acceptance in the market as a reliable diagnostic tool for testing the effectiveness of cancer drugs.
"Molecular imaging, based on the identification of certain substances in the cell is the next thing throughout biology," said Ashery, putting the product in a wider context. "The revolution is coming bit by bit in two fields, both of which we are operating in. One is target identification, and the other is development of a guided missile that will hit the target."
Aposense raised NIS 94 million at a market cap of NIS 780 million in its Tel Aviv Stock Exchange (TASE) IPO in June. Its current market cap is NIS 617 million, after the share was unchanged today at NIS 22.97.
Aposense's shareholders include chairman Eli Hurvitz, Ilan Ziv, Bargal R&D Investments (1996) Ltd., and Heartwood Ltd.
Published by Globes [online], Israel business news - www.globes-online.com - on November 7, 2010
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