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Bio-Tech Venture of Weizmann' Neurobiology Professor Attracts Investors
Ora Coren, "Proneuron spine treatment attracts investors" (18 February 2005, HaaretzDaily.com)
Leading text: "The Proneuron biotechnology company is receiving a lot of attention from investors nowadays. It currently has three therapies in relatively advanced stages of development. The most advanced is now being tested on humans, and is for the treatment of spinal cord injuries. The second therapy, for the treatment of brain injuries, is due to enter human trials this year in cooperation with Teva, and Proneuron plans to apply for permission to start testing its stroke treatment on humans in four months. The moving spirit behind Proneuron's development is Prof. Michal Schwartz of the Weizmann Institute in Rehovot, whose approach is to use the body's immune system to treat diseases of the central nervous system. The company believes that this approach could produce cures for diseases such as stroke, paralysis, Alzheimer's and Parkinson's. CEO Nir Nimrodi is enthusiastic when describing the results of the first human trial of its ProCord therapy. "Five patients with total spinal injury regained the ability to feel throughout their body. Three of them are also capable of moving some of the principal muscle groups under the spinal column..."
Excerpt: "Proneuron has received $20 million from Teva in a combination of cash and shares and it has raised an additional $20 million from other investors since its founding in 1996. It is planning another financing round in the second half of this year; the funds are expected to come from existing shareholders for the most part, but it hopes to attract at least one new investor. "It's always good to inject new blood into the company in every financing round," Nimrodi says. The company's founding investor is the American investment firm Hudson Investment Group. In addition, each of the following holds less than 10 percent of Proneuron: AG Tech, Pitango, Infinity, Giza, Tamir Fishman, Teva, the Weizmann Institute and the company's employees. Its last financing round valued the company at more than $60 million. Benny Ze'evi of Tamir Fishman says that treatments like Proneuron's are generally paid for by insurance companies, so they are priced according to how much it would cost the insurer to care for the patient without using this treatment..." [FullText]
Leading text: "The Proneuron biotechnology company is receiving a lot of attention from investors nowadays. It currently has three therapies in relatively advanced stages of development. The most advanced is now being tested on humans, and is for the treatment of spinal cord injuries. The second therapy, for the treatment of brain injuries, is due to enter human trials this year in cooperation with Teva, and Proneuron plans to apply for permission to start testing its stroke treatment on humans in four months. The moving spirit behind Proneuron's development is Prof. Michal Schwartz of the Weizmann Institute in Rehovot, whose approach is to use the body's immune system to treat diseases of the central nervous system. The company believes that this approach could produce cures for diseases such as stroke, paralysis, Alzheimer's and Parkinson's. CEO Nir Nimrodi is enthusiastic when describing the results of the first human trial of its ProCord therapy. "Five patients with total spinal injury regained the ability to feel throughout their body. Three of them are also capable of moving some of the principal muscle groups under the spinal column..."
Excerpt: "Proneuron has received $20 million from Teva in a combination of cash and shares and it has raised an additional $20 million from other investors since its founding in 1996. It is planning another financing round in the second half of this year; the funds are expected to come from existing shareholders for the most part, but it hopes to attract at least one new investor. "It's always good to inject new blood into the company in every financing round," Nimrodi says. The company's founding investor is the American investment firm Hudson Investment Group. In addition, each of the following holds less than 10 percent of Proneuron: AG Tech, Pitango, Infinity, Giza, Tamir Fishman, Teva, the Weizmann Institute and the company's employees. Its last financing round valued the company at more than $60 million. Benny Ze'evi of Tamir Fishman says that treatments like Proneuron's are generally paid for by insurance companies, so they are priced according to how much it would cost the insurer to care for the patient without using this treatment..." [FullText]
posted by Dr.Koudinov @ 19.2.05
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