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news.Modigene's 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 hGH-CTP, its longer-acting version of human growth hormone.
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Under the terms of the grant, Modigene shall repay the Office of the Chief Scientist (OCS) the sum of the grant plus accrued interest through a series of payments that begin only upon successful commercialization of the hGH-CTP product, or other products developed at the company with its CTP technology.
The OCS has approved a special grant to support Modigene’s hGH-CTP program, based on an estimated development budget of $10 million for calendar years 2007 to 2009. The grant will provide cash reimbursements of 30% to 50% of expenses paid for hGH-CTP product development during this period, including materials, GMP production, salaries and clinical trials. hGH-CTP is currently in preclinical development, with clinical trials expected to begin in 2008.
Abraham Havron, CEO of Modigene, said: “This generous new grant from the OCS is an important non-dilutive cash resource for Modigene and represents another validation of the potential of our lead candidate. The OCS has already awarded Modigene funds in support of our EPO-CTP product candidate and we are delighted that our hGH-CTP program has now also been selected for support. 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.”