TransPharma Medical's transdermal diabetes drug failed to meet the primary endpoint in its Phase II clinical trial.
TransPharma Medical Ltd's transdermal diabetes drug ViaDor-PTH1-34 failed to meet the primary endpoint in its Phase II clinical trial and Eli Lilly & Co. (NYSE: LLY) has terminated its joint development and licensing agreement with the company.
Clal Biotechnology Industries Ltd. (TASE: CBI), the life sciences investment arm of Nochi Danker-controlled IDB Holding Corp. Ltd. (TASE:IDBH), owns 12% of Transpharma. In a statement to the TASE today, the company said that it will record a NIS 20 million loss drop in value of its investment in Transpharma.
TransPharma develops and commercializes drug products utilizing a proprietary active transdermal drug delivery technology. ViaDor-PTH1-34 successfully completed a Phase Ib safety and efficacy trial in February.
Clal Biotech's share price fell 1.7% in morning trading to NIS 18.92, giving a market cap of NIS 1.9 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on December 14, 2011
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