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US company buys exclusive license for Israeli heart attack drug for $285 million
Posted By ISRAEL21c Staff On July 8, 2009 @ 2:59 am In | No Comments
New Jersey-based Ikaria Holdings Inc. will pay $285 million to lsraeli company BioLineRx to obtain a worldwide exclusive license to develop and market BioLineRx’s BL-1040, a potential breakthrough treatment for preventing pathological cardiac remodeling following acute myocardial infarction (AMI), the Israeli company has announced.
BL-1040, currently in a phase I/II clinical trial, is administered via the coronary artery during standard catheterization and flows into the damaged heart muscle, where it forms a protective “scaffold” that enhances the mechanical strength of the heart muscle during recovery and repair.
It was invented by Professor Smadar Cohen from Ben-Gurion University and Professor Jonathan Leor from Tel-Aviv University. Under the terms of the agreement, BioLineRx, a clinical stage drug development company traded on the Tel Aviv Stock Exchange, will receive upfront and milestone payments and reserves the right to produce BL-1040 in Israel.
It would supply Ikaria with part of its demand. Ikaria will be responsible for completing clinical development and commercialization efforts. The deal is contingent upon receipt of the approval of Israeli Office of the Chief Scientist. BioLineRx is dedicated to developing promising therapeutics for unmet medical needs. The company’s leading programs are BL-1040 and BL-1020 for the treatment of schizophrenia.
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