Merck-Serono funds €5m project with stem cell co Kadimastem

Kadimastem will develop and examine Merck-Serono's Multiple Sclerosis treaments.

Stem cell company Kadimastem has signed an agreement with Merck Serono SA to cooperate in a joint project for the development and examination of the German company's multiple sclerosis treatments. Merck is investing €5 million in the project. Kadimastem was founded by chairman and acting CEO Yossi Ben-Yossef who represents the owners Kadima High-Tech, and Prof. Michel Revel of the Weizmann Institute who serves as the company's chief scientist.

Prof. Revel and Merck-Serono have cooperated in the past - a collaboration that produced Rebif for the treatment of Multiple Sclerosis, which was developed by InterPharm, an Israeli based joint venture between the Weizmann Institute and Serono. The drug, which competes with Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) treatment Copaxone, has earned both parties revenue of hundreds of millions of dollars.

Published by Globes, Israel business news - - on April 30, 2012

© Copyright of Globes Publisher Itonut (1983) Ltd. 2012

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