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news.Modigene, a biopharmaceutical company, has reported that its Israeli-based R&D subsidiary has received approval for a second-year 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 or hGH.
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The Office of the Chief Scientist (OCS) has approved this second-year grant to support Modigene’s hGH-CTP program for the period September 2008 through August 2009. The grant will provide cash reimbursements of 40% of expenses paid for hGH-CTP product development during this period, up to a limit of $2.6 million. The new grant follows the company’s recent announcement of promising results from a pilot hGH-CTP toxicity study in primates.
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 hGH-CTP product, or other products developed at the company with its CTP technology.
Abraham Havron, CEO of Modigene, said: The OCS has awarded Modigene funds in support of both our hGH-CTP product candidate and our IFN-Beta-CTP longer-acting interferon product, and we are delighted that our longer-acting human growth program has been chosen for continued support out of many strong candidates. This visionary OCS program is particularly attractive for Modigene because it does not require any repayment until our products are generating revenue.