Clal Biotech jumps as portfolio co joins Covid-19 vaccine race

Len Blavatnik

Elicio Therapeutics reported positive results in pre-clinical studies and hopes to begin human trials in the fourth quarter.

Clal Biotechnology Industries Ltd. (TASE: CBI) share price jumped on the Tel Aviv Stock Exchange (TASE) today after its US portfolio company Elicio Therapeutics published positive results in pre-clinical studies of Covid-19 vaccine candidate ELI-005, and said that it plans to commence human clinical trials in the final quarter of 2020. Israel-based CBI, which has a 20% stake in Elicio, and is controlled by international businessman Len Blavtnik, saw its share price rise 23%, giving a market cap of NIS 199 million.

Elicio combines materials science and immunology to engineer potent Amphiphile immunotherapies including lymph node targeted cell therapy activators, immunomodulators, and vaccines for an array of aggressive cancers.

Clal Biotech CEO Ofer Gonen said, "Elicio's technology has always ensured more effective vaccines than existing vaccines and are more effective for longer period of time. This technology could also have been applied to infectious diseases but it was decided to apply them to cancer."

Elicio has raised $75 million to date to develop its cancer vaccinations.

Published by Globes, Israel business news - en.globes.co.il - on August 19, 2020 © Copyright of Globes Publisher Itonut (1983) Ltd. 2020

Len Blavatnik
Len Blavatnik
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