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HTL partner with Chiesi to support commercialization of HTL’s lipid molecule October 12, 2009

Posted by israelhealthcare in Lipid molecule.
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Lipid molecule developer High Tech Lipids (HTL) has signed a cooperation agreement with European pharmaceutical company Chiesi Group, to support the development, regulatory procedure and commercialization of HTL’s first product, an innovative lipid emulsion optimized for intravenous feeding of preterm neonates.

HTL has developed an innovative emulsion that is optimized for intravenous feeding. The emulsion is based on a new model of engineered triglycerides and a unique profile of fatty acids. The company is currently making preparations to begin pre-clinical testing. The market potential for HTL products in infants and adults is about $2 billion worldwide.

”The agreement with HTL is a strategic choice for the development of our neonatology portfolio,” stated Dr. Paolo Chiesi, Chiesi Group Vice President and R&D Director. “We are confident that, once fully developed and registered, this innovative lipid emulsion will significantly contribute to the improvement of clinical nutrition of preterm newborns. The deal with HTL confirms the Chiesi Group’s commitment to developing new therapeutic solutions for rare diseases.”

HTL, which started with Misgav Venture Accelerator, has developed a new lipid molecule that is an advanced solution to the problem of intravenous lipid infusions. It will prevent severe side effects and meet all of the premature infant’s nutritional needs.

HTL was founded in 2004 by Dr. Geila Rozen and Irit Shochat, together with Dr. Sobhi Basheer, an internationally renowned chemist specialising in enzymatic processing of lipids.

The Chiesi Group is a research-focused international company developing added-value innovative pharmaceutical solutions to improve the quality of human life. Founded in Parma in 1935, Chiesi today operates globally through 23 direct affiliates, 3 manufacturing sites and 4 research laboratories (in Italy, France, the UK and the US).

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Medical diagnostic tests developer Molecular Detection Inc. raised $3.3 million October 3, 2009

Posted by israelhealthcare in Diagnostic Test.
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Medical diagnostic tests developer Molecular Detection Inc. (MDI) has raised $3.3 million in a third financing round led by MentorTech Ventures and included new investors Ben Franklin Technology Partners, Robin Hood Ventures and the Mid-Atlantic Angel Group Fund (MAG). MDI has previously been funded by the SVM-Israel Opportunity Fund and the Chief Scientist Office of the Israeli Ministry of Industry and Trade.

MDI is preparing to launch its first product, the Detect-Ready assay for the rapid detection of methicillin-resistant Staphylococcus aureus (MRSA), a growing worldwide problem that results in serious illness and death while increasing hospital costs. This funding will provide the company with the resources needed to launch its MRSA assay in Europe and the U.S. while also expanding its pipeline of molecular diagnostic tests.

The company also announced that Todd M. Wallach has been named chief executive officer. Prior to MDI, Mr. Wallach was CFO of specialty pharmaceutical company Aton Pharma. He was previously vice president of finance and operations of Acuity Pharmaceuticals, which was acquired by publicly traded OPKO Health.

“This Series C financing represents a major milestone for MDI, confirming the promise of our innovative molecular diagnostic technologies and our soon-to-be-launched assay for MRSA screening,” said Wallach. “The Detect-Ready MRSA assay offers healthcare providers a high-performance diagnostic with an unmatched combination of accuracy, speed, flexibility and cost-effectiveness, addressing a market that is expected to exceed $1 billion in annual revenues in the next few years.”

MDI is developing and commercializing a portfolio of “sample-to-answer” Detect-Ready molecular diagnostic tests for the detection of infectious diseases. The company’s first product is a ready-to-use rapid detection DNA-probe screening test for MRSA. The Detect-Ready MRSA test provides increased accuracy, faster time to results and more efficient utilization of hospital resources compared to other MRSA diagnostic products. MDI was founded in 2007 and is headquartered in Wayne, PA. It has research operations and manufacturing facility in Jerusalem, Israel.

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