Intec Pharma Ltd. (TASE: INTP) has obtained a $750,000 grant from the Michael J Fox Foundation for Parkinson's Research. Intec Pharma has developed a new delivery method for Levodopa, the leading treatment for the disease.
Levodopa is effective, but does not last long in the bloodstream, and must therefore be given in large doses, resulting in side effects. Intec Pharma's accordion capsule releases the drug gradually, extending its effectiveness and lowering the dosage. The company successfully a Phase II clinical trial of the drug, and is seeking a partner to commercialize it.
The Michael J Fox Foundation makes grants of up to $1 million a year. Two other Israeli companies have previously received grants: Neuroderm Ltd., which has received two grants; and Proneuron Biotechnologies, which has gone out of business.
Intec Pharma's share price fell 0.4% today to NIS 1.36, giving a market cap of NIS 292 million.
Published by Globes [online], Israel business news - www.globes-online.com - on April 14, 2013
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