The company's share price jumped 18.7% on news of the purchase from the University of Central Florida Research Foundation Inc. (UCF).
RedHill Biopharma Ltd. (TASE: RDHL) has acquired the exclusive rights to a patent-protected diagnostic test for mycobacterium avium paratuberculosis (MAP) bacteria from the University of Central Florida Research Foundation Inc. (UCF). RedHill is developing a drug, RHB-104, for the treatment of Crohn's Disease on people who carry the MAP bacteria, a suspected trigger of the disease in 40-50% of carriers. The figure is still controversial.
RedHill believes that it will have a greater chance of positive results in its clinical trial if it only recruits Crohn's disease patients with MAP bacteria.
RedHill's share price rose 18.7% today to NIS 2.21, giving a market cap of NIS 135 million.
Published by Globes [online], Israel business news - www.globes-online.com - on September 19, 2011
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