KAHR Medical is developing protein-based drugs for autoimmune diseases and cancer.
Sanofi Aventis SA (NYSE; Euronext: SNY) is due to invest $5 million in Hadasit Bio Holdings Ltd. (TASE:HDST) portfolio company KAHR Medical Ltd., which is developing protein-based drugs for autoimmune diseases and cancer.
Hadasit Bio owns 76% of KAHR.
If the investment is secured, it will be the third in a Hadasit Bio portfolio company, and a sign of the company's maturity. The investments are part of Hadasit Bio's strategy to raise capital for its portfolio companies while they are carrying out Phase II clinical trials of their products, the preferred stage at which international pharmaceutical companies like to invest in start-ups.
Hadasit Bio's share price rose 4.1% to NIS 1.10.
Published by Globes [online], Israel business news - www.globes-online.com - on December 14, 2010
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