Ness Ziona, Israel, November 11, 2018, Israeli biotechnology company Kadimastem (TASE: KDST) announces the approval by the European Union and the Israel Innovation Authority, to receive a joint research grant under the Eurostars program, for the clinical development of the company's technology for the treatment of diabetes, together with the medical device developed by Defymed.
Kadimastem is developing an innovative cell therapy for diabetes by producing functional cells capable of producing and releasing insulin according to blood sugar levels.
Defymed has developed MailPan®, a Bio-Artificial Pancreas device designed, using suitable cells such as Kadimastem's cells, to treat diabetes in patients without the use of immunosuppressants. As reported, the company signed an agreement with Defymed on June 14, 2018 on the feasibility of a combined solution for the treatment of diabetes.
The Eurostars program is managed by the EUREKA organization, which supports highly innovative technologies to bring them closer to the market, and is supported by the European Union under the Horizon 2020 Framework Program.
The grant will enable the expansion of the collaborative activity between the two companies. The emphasis is on completing the regulatory requirements necessary to complete the development of the joint product to the stage of initiation of a clinical trial.
Mr. Yossi Ben-Yosef, CEO of the company, said: "I am pleased that the European Union and the Innovation Authority recognize the potential and ability of the company to bring a product to the market. The collaboration of Kadimastem with Defymed is part of the company's business strategy that encourages international cooperation to provide a qualitative advantage in advancing product development."
Prof. Michel Revel, Kadimastem's Chief Scientist, commented: "The receipt of the prestigious Eurostars grant is a recognition of the importance of Kadimastem's achievements in the development of cell therapy designed to release diabetic patients from the need for urgent injections of insulin, and in fact returns to the diabetic patients the functioning of pancreatic cells affected by the disease. Through the grant, the possibility of implantation of the cells developed by Kadimastem into the Defymed device will be tested, and the collaboration between the two companies is likely to accelerate the implementation of treatment for the hundreds of millions of people around the world who suffer from diabetes and are in need of insulin."