BioMarCare, Ariadne receive $900k grant for joint project
Tuesday, August 2, 2011
Hadasit Bio-Holdings, and its subsidiary, BioMarCare Technologies have reported that Binational Industrial Research and Development (BIRD) Foundation has given initial approval for a $900,000 grant for a joint project for BioMarCare and Ariadne to develop a diagnostic colorectal cancer test.
BioMarCare and Ariadne will jointly develop a diagnostic test, based on a panel of protein biomarkers, to direct the personal care of patients with metastatic stage colorectal cancer. Current treatments for metastatic colorectal cancer are ineffective for a significant percentage of patients treated and the new test would enable physicians to detect the non-responders prior to treatment. This would allow for a more effective course of treatment to be administered at an earlier stage of the disease.
The grant will be matched by company funds and will be repaid through royalty payments from the developed product. BioMarCare and Ariadne are currently finalizing their collaboration agreement and will then finalize an agreement with the BIRD Foundation, as required by the fund.