YAVNE, Israel, Feb. 24, 2014 (GLOBE NEWSWIRE) -- Andromeda Biotech Ltd. announces that it entered into an agreement with Teva Pharmaceutical Industries Ltd. for the acquisition of Teva's rights for Andromeda's drug, DiaPep277®, for the treatment of Type 1 Diabetes.
According to the Agreement, Teva shall transfer its rights in DiaPep277® and all of its shares in Andromeda to Andromeda, for total consideration of approximately $72 million, payable in installments through future payments based on Andromeda's revenues or on proceeds payable to its shareholders.
Andromeda will ensure that the development program of DiaPep277®, currently in a confirmatory phase 3 study, will continue according to plan without delays to gain regulatory approval.
DIA-AID 2, the confirmatory phase 3 study, is being conducted in more than 100 medical centers in North America, Europe, Israel and Argentina. The study is double-blind, placebo-controlled with a treatment period of 24 months. Subjects enrolled to the study are newly diagnosed type 1 diabetes patients 20-45 years of age. Recruitment of 475 patients was completed in September 2012 and the study is expected to finish at the end of 2014. The main goal of the study is to preserve the ability of the pancreas to secrete insulin in patients who receive treatment with DiaPep277® compared to the placebo group. Clinical endpoints include maintenance of glycemic control of treated patients.
About DiaPep277®
DiaPep277®, a unique peptide of 24 amino acids derived from the sequence of the human heat shock protein 60 (Hsp60), was invented by Prof. Irun Cohen and his team at the Weizmann Institute of Science. The peptide acts by modulating the immune system, thus preventing the destruction of pancreatic cells that secrete insulin and preserving their natural function. Treatment of type 1 diabetes patients with DiaPep277® may have several medical benefits including slowing the deterioration of the disease, improved metabolic control, reduction of daily insulin dose requirements, and reduction of diabetic complications.
About Andromeda
Andromeda Biotech Ltd., a subsidiary of Clal Biotechnology Industries Ltd. (TASE:CBI), is focused on the development of an innovative treatment for autoimmune diabetes. Andromeda's DiaPep277®, currently in Phase III Clinical Studies, is a novel therapeutic approach to treat type 1 diabetes.
For more information about Andromeda Biotech please visit our site at www.andromedabio.com