CureTech conducting phase II trials with its flagship cancer fighting product while looking for new foreign partners after losing Teva several months ago
CureTech, the Israeli biotech startup specializing in innovative cancer treatments has raised $3.8M from Clal in a rights issue that has CureTech raising $2.6M from Clal Biotechnology Industries Ltd. and another $1.2M from Clal Industries and Investments Ltd.
Phase II and looking for new partners
CureTech develops antibodies and peptide-based vaccines designed to modulate the immune response to better fight cancer activity. Their patented flagship humanized antibody product, CT-011 interacts with PD-1, a B7 receptor-family-associated protein that has been shown to elicit an effective immune response against cancers exhibited in a wide variety of mouse and human tumors. CT-011 is currently in Phase II clinical trials in patients with Diffuse Large B cell lymphoma. Trials are being conducted in the US and Israel.
Clal Biotechnologies, a subsidiary of Clal Industries and Investments, is an investment firm focusing on long-term investments in biotech and life science oriented startups. The firm has a market cap of over $600M and own the majority of shares in several biotech companies including MediWound, Andromeda, BioCancell, D-Pharm, eXIthera, Vedantra, and CureTech.
Specifically speaking, Clal owns a 53% majority shareholding holding in CureTech at a valuation of $75M. Six months ago CureTech suffered a setback in its push to market when generics giant Teva Pharmaceuticals pulled out of their relationship with CureTech. Teva is one of the largest Generics manufacturer and distributer in the world and in Europe in particular. Clal has said the company is in talks with several foreign pharmaceutical companies to fill the void left by Teva. If CureTech’s latest trials are successful, securing additional foreign partners should be an easy hurdle to overcome.
CureTech was founded in 2001 and has been headed up by Michael Schickler till this day. The company is based out of Yavne Israel with satellite operations in Europe and Asia.