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news.Modigene has reported that its Israeli-based R&D subsidiary has received approval for a special grant from the Israeli Office of the Chief Scientist in support of the company's development program for interferon-beta-CTP, its longer-acting version of interferon beta.
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The Office of the Chief Scientist (OCS) has approved a special grant to support Modigene’s interferon-beta-CTP (IFN-Beta-CTP) program for 2008-2009. The grant will provide cash reimbursements of 40% of expenses paid for IFN-Beta-CTP product development during this period.
Modigene’s full IFN-Beta-CTP development program, as submitted to the OCS, is based on an estimated development budget of $25 million for calendar years 2008-2011. IFN-Beta-CTP is currently in preclinical development, with clinical trials expected to begin in 2009.
Under the terms of the grant, Modigene is required to repay the OCS the sum of the grant plus accrued interest through a series of payments that begin only upon successful commercialization of the IFN-Beta-CTP product, or other products developed at the company with its CTP technology.
Interferon beta is a drug used to reduce the frequency and severity of relapses afflicting people suffering from multiple sclerosis, an autoimmune neurological disorder affecting the insulating myelin layers of the brain and spinal cord.
Abraham Havron, CEO of Modigene, said: “This visionary OCS program is particularly attractive for Modigene because it does not require any repayment until the product is generating revenue. We are grateful for this valuable source of non-dilutive capital.”