Avraham Pharmaceuticals Ltd. today announced that it has begun a Phase IIb clinical trial of its Ladostigil treatment for the prevention and delaying the onset of Alzheimer's disease. The trial will include 190 persons at 20 medical centers in Europe, on the basis of European regulatory protocols.
The treatment is based on a combination of two drugs developed in Israel: Azilect, developed by Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA); and Exelon, made by Novartis AG (NYSE:NVS; LSE: NOV; SWX: NOVZ), which was first developed at the Hebrew University of Jerusalem.
Teva owned Ladostigil for ten years, and developed the drug, including four clinical trials. But Teva ultimately forewent the drug for strategic reasons after the Phase IIa clinical trial, and after investing tens of millions of dollars in it.
Teva apparently gave up on Ladostigil in 2008 because the project was taking such a long time, despite satisfactory results in the safety and preliminary efficacy trials, which raised questions about the patent.
Avraham Pharmaceuticals's drug was jointly developed by three scientists: Prof. Marta Weinstock-Rosin of Hebrew University; Prof. Musa Yudaim, who developed Azilect; and Prof. Michael Chorev of Harvard University. Teva bought the drug from the relevant universities. The drug reverted to Yissum Technology Transfer Company of the Hebrew University of Jerusalem and Technion Research and Development Foundation when Teva gave up on it.
The molecule combines parts of drugs with proven effectiveness against Alzheimer's disease, each of which act on a different mechanism. The molecule include active pharmaceutical ingredients that act on known a mechanism for treating depression and anxiety, which Alzheimer's disease exacerbates.
Clal Biotechnology Industries Ltd. (TASE: CBI) and Eli Hurvitz's Pontifax Fund each invested $1.5 million in Avraham Pharmaceuticals, a few months ago. Clal Biotech owns 15% of the company. Hurvitz is the former chairman of Teva.
Published by Globes [online], Israel business news - www.globes-online.com - on November 30, 2010
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