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2015 Chief Scientist Budget Approved for Kadimastem: NIS 11.5M
May. 7, 2015
This is the largest budget Kadimastem has received yet from the Office of the Chief Scientist (OCS)
Ness Ziona, Israel, May 7, 2015, Israeli biotechnology company Kadimastem (TASE: KDST) announces a yearly budget approved by the OCS in the amount of NIS 11.5 M. The funding is intended to accelerate the company's two primary fields of activity, ALS and diabetes, which are based on pluripotent stem cells (stem cells which can differentiate into all cell types).
Yossi Ben-Yossef, the Company's CEO, noted "The budget that has been approved by the OCS, which is an increase of NIS 1.5 M compared to the previous year, will enable us to head more quickly towards clinical trials in ALS and diabetes ".
Prof. Michel Revel, the Company's Chief Scientist, stated "In light of the advances in animal trials that the company has made recently, the support from the OCS will enable us to advance more quickly in the product development".
The company has received support from the OCS for several years, and the new budget is the largest that was approved to date.
Kadimastem is a biotechnology company, operating in the field of regenerative medicine – a groundbreaking field in which the malfunctioning of organs which leads to diseases is repaired by external cells, tissues or organs. The company specializes in the development of human stem cell-based medical solutions for the treatment of diabetes and neurodegenerative diseases, such as ALS and Multiple Sclerosis. The company was founded in August 2009 by Professor Michel Revel and Yossi Ben Yossef, and is traded in the Tel Aviv Stock Exchange (TASE: KDST). Kadimastem employs 32 people, of which 11 are PhDs, and its 1,700m2 offices and labs are located in the Ness Ziona Science Park.
Kadimastem was founded based on patent protected technology that was developed at the Weizmann Institute of Science, in Prof. Michel Revel’s laboratory. Prof. Revel, who serves as the company's Chief Scientist and director, developed Merck KGaA's blockbuster drug, Rebif® for the treatment of MS (sales of around $2.5 billion sales in 2013).
Based on the company's unique platform, Kadimastem is developing two types of medical applications: A. Regenerative medicine, which repairs and replaces organs and tissue by using functioning cells differentiated from stem cells. The company focuses on transplanting healthy brain cells to support the survivability of nerve cells as cell therapy for ALS, and transplanting insulin-secreting pancreatic cells for the treatment of insulin-dependent diabetes; B. Drug screening platforms, which use functional human cells and tissues to discover new medicinal drugs. The company has two collaboration agreements with leading global pharmaceutical companies.
The company is headed by Yossi Ben-Yossef, an entrepreneur with extensive experience in life sciences companies. The company's chairman is Dr. Eli Opper, formerly the Chief Scientist of the Israeli Ministry of Industry, Labor and Trade, and its investors include Altshuler Shaham Investment House, foreign investors (Julien Ruggieri and Avi Meizler), and the company's founders.
Kadimastem has an extensive scientific advisory board, featuring prominent scientists and pioneers: in the embryonic stem cells field, Professor Benjamin Reubinoff and Professor Joseph Itskovich, in the neurodegenerative disease field, Professor Tamir Ben-Hur, and in the diabetes field, Professor Shimon Efrat and Professor Eddy Karnieli.