An agreement signed between biomed firm Aposense Ltd. (TASE: APOS) and Pfizer raised the former’s profile among Tel Aviv investors. The Israeli company's share price jumped 24.8% during an unusually busy trading session of NIS 614,000 (the stock is often dormant for days at a time) yesterday and at the end of the business day Aposense’s market value reached NIS 37 million.
Today, its share price was weakening by as much as 9%. Aposense’s technology identifies apoptosis, the naturally occurring process of programmed cell death (PCD), which also affects cancer patients. The technology has a two-pronged approach identification and treatment.
The agreement signed between Aposense and Pfizer is for the technological evaluation of the Israeli firm’s ML-10 molecule. The companies will cooperate on a joint research study conducted by Pfizer to test the feasibility of simulating dead cells and PCD in a pre-clinical stage of undescended testis.
Aposense officials said the new ties to Pfizer are part of the firm’s intentions to use its existing resources to financially develop the assets of the pharmaceutical giant. However, at this stage, the agreement carries no financial significance, Aposense will not receive any compensation and each party will be responsible for its own expenses for the duration of the one-year agreement.
Nevertheless, the agreement carries a profit potential for the firm because if Pfizer decides that Aposense’s technology suits its goals, it will have financial repercussions. In previous years, Aposense had similar agreements with GlaxoSmithKline and Roche, but they did not lead to joint commercial ventures.
Aposense was first offered on the TASE in 2010 at a much higher valuation than its present figure. Over the last couple of years, the firm made several changes to its mission statement, and there was turnover in both the management and the shareholders.
Published by Globes [online], Israel business news - www.globes-online.com - on September 21, 2015
© Copyright of Globes Publisher Itonut (1983) Ltd. 2015