NEW YORK, Aug. 2, 2011 /PRNewswire/ -- Hadasit Bio-Holdings, Ltd. - (OTCBB: HADSY), a publicly traded portfolio of biotech companies, all based on intellectual property developed and owned by Hadassah University Hospital, Israel's foremost medical research center, and its subsidiary, BioMarCare Technologies Ltd. ("BioMarCare") announced that the prestigious Binational Industrial Research and Development (BIRD) Foundation has given initial approval for a $900,000 grant for a joint project for BioMarCare and Ariadne Inc. to develop a diagnostic colorectal cancer test.
BioMarCare and Ariadne Inc. will jointly develop a diagnostic test, based on a panel of protein biomarkers, to direct the personal care of patients with metastatic stage colorectal cancer. Current treatments for metastatic colorectal cancer are ineffective for a significant percentage of patients treated and the new test would enable physicians to detect the non-responders prior to treatment. This would allow for a more effective course of treatment to be administered at an earlier stage of the disease, which is in line with the current medical trend towards more efficient personalized medicine.
Colorectal cancer is the third most common malignant disease worldwide, with more than one million new cases discovered annually and more than 30% diagnosed with metastatic stage cancer.
In addition to this important project, BioMarCare is also in the processes of developing diagnostic tools for colon cancer and breast cancer that are based on a simple blood test. These tests utilize proprietary biomarkers, licensed from the Hadassah Medical Organization's technology transfer company- Hadasit, and have shown high sensitivity even at early stages of the disease.
The BIRD grant is one of 9 grants approved for Israeli American collaborations in 2011, and is granted to Israeli and American collaborations in various fields, not only medical. The grant will be matched by company funds and will be repaid through royalty payments from the developed product. BioMarCare and Ariadne Inc. are currently finalizing their collaboration agreement and will then finalize an agreement with the BIRD Foundation, as required by the fund.
BioMarCare's CEO, Dana Cohen, said, "The prestigious BIRD Foundation's grant enables the Company to develop a diagnostic product which will reduce ineffective treatment of patients and excessive costs to the healthcare system. Product development with Ariadne Inc. will also extend the Company's reach to the U.S. market and may be the basis for developing additional tests to guide treatment of cancer in the future."
About Hadasit Bio-Holdings
Hadasit Bio-Holdings Ltd., established in 2006, is the publicly traded subsidiary of Hadasit Ltd. - the technology transfer company of the Hadassah University Hospital, Israel's foremost medical research center. The Company was established for the purpose of promoting and commercializing the intellectual property and R&D capabilities generated by Hadassah.
HADSY is the domestically traded ADR of Hadasit Bio-Holdings, a public investment vehicle representing a portfolio of biotech companies, all based on inventions developed at Hadassah.
Hadasit Bio-Holdings focuses on advancing companies that are past successful preclinical trials and close to completion of Phase I/II clinical trials. The portfolio companies develop drugs with blockbuster potential (markets that are worth over a billion dollars) and operate in the fields of cancer, inflammatory diseases and tissue regeneration using stem cells - areas in which the Hadassah Hospital has extensive knowledge and recognition as a global leader.
For more information please visit: www.hbl.co.il
SOURCE Hadasit Bio-Holdings, Ltd.