Sources inform ''Globes'' that Moshe (Mori) Arkin's Arkin Holdings Ltd., Eli Hurvitz's Pontifax Fund, Yissum Technology Transfer Company of the Hebrew University of Jerusalem, and Docor International Management Ltd. have set up a new dermatology company on the basis of technology developed by Prof. Oded Shoseyov of the Hebrew University of Jerusalem. The funds expect to invest an initial $3-4 million in the venture, which will be called Omer Pharmaceuticals. Later, the company may acquire other dermatological technologies and the funds will invest more in the company.
Shoseyov, who works at the Robert H. Smith Faculty of Agriculture, Food and Environment, founded CollPlant Holdings Ltd. (TASE: CLPT) and is the company's VP science. He also founded agritech company CBD Technologies Ltd. which was sold to UK's Futuragene Ltd. in 2006 for $14 million.
Arkin is familiar with dermatology treatments from when he owned managed Agis Pharmaceuticals, which he sold to Perrigo Company (Nasdaq:PRGO; TASE:PRGO) for $900 million in 2004. Arkin, Pontifax, and Docor are also all investors in Collplant.
Omer Pharmaceuticals will operate in the field of skin allergies, also known as skin asthma. Current treatments focus on preventing contact with the allergen and medications, usually steroid-based ointments, which suppress the immune system in the area where the ointment is spread to prevent the allergic reaction.
Shoseyov's product is an ointment that prevents allergens from penetrating between skin cells by attracting the allergen molecules to the ointment. The product is undergoing advanced preclinical (animal) trials.
Published by Globes [online], Israel business news - www.globes-online.com - on May 3, 2011
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