News blog
Medgenics Inc
- BY: Andrew Hore |
- POSTED: 03/02/2009 |
Medgenics Inc is reporting positive data for its EPODURE Biopump treatment for anaemia in chronic kidney disease.
This pushed up the share price by 0.5p to 3.5p, which values Medgenics at £4.1m.
The Biopump is a technology that uses a patient’s own tissue in order to create a treatment. A skin biopsy is taken from a patient and processed for two weeks in order for it to produce the required protein. It is then put back in the body, under the skin. This can provide a sustained dose of the required treatment which can last for weeks or months.
The product is called EPODURE, because it produces EPO (erythro-protein) to treat anaemia.
The Phase I/II clinical trial shows that the treatment is safe and effective for four months with one administration. This indicates that it could be a viable alternative to regular injections which are required several times a week. The EPODURE Biopump uses a lower dose than an injection.
These are early results and the clinical trial continues. The next group of patients will receive higher doses.
Two Medgenics directors have exercised warrants at a reduced warrant price of 3.75c a share. Both Lord Steinberg and Joel Kanter both invested $150,000. Lord Steinberg owns 15.7% of the company and Joel Kanter 11.1%.
In total, the warrants exercised raised $399,000 for the company.
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