The oncology drug development company has suspended its merger talks with Clal Biotechnology.
Biocancell Therapeutics Ltd. (TASE:BICL) today announced that it is in contact with a foreign pharmaceutical company to continue development and commercialization of its lead candidate, BC-819, and has therefore suspended plans to merge with Clal Biotechnology Industries Ltd. (TASE: CBI) until the status of the other negotiations clarifies. The suspension of talks was coordinated with Clal Biotech.
Biocancell has successfully completed a Phase I/IIa clinical trial of BC-819 for the treatment of bladder cancer, and a Phase IIb trial is now underway. Phase I/IIa trials for BC-819 for the treatment of pancreatic and ovarian cancer have been approved by the US Food and Drug Administration (FDA), and the drug has also been used to treat ovarian and liver cancer under Israel's compassionate use program.
Published by Globes [online], Israel business news - www.globes-online.com - on January 31, 2013
© Copyright of Globes Publisher Itonut (1983) Ltd. 2013