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midastouch017

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midastouch017

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Wednesday, 04/13/2005 2:13:27 AM

Wednesday, April 13, 2005 2:13:27 AM

Post# of 3562
Predix gears up for Nasdaq IPO
13.4.2005 / 09:02
Oded Hermoni

After many disappointments in Israel's biotechnology sphere, Predix Pharmaceuticals is about to become the first Israeli biotechnology company to float on the Nasdaq exchange.

The Israeli-American company was established in November 2000 by Prof. Haim Aviv with doctors Oren Becker and Silvia Noiman. Predix employs 30 people in Boston and 12 in Ramat Gan, Israel, and specializes in the drug discovery and development.

The company has begun negotiating with investment bank UBS over its leading the stock flotation, as well as other investment houses. It plans to conduct its initial public offering in the coming months according to a company value of $160 million to $250 million.

According to sources, the feeling is that as Nasdaq and the biotechnology stocks have recently dropped from highs, Predix Pharmaceuticals is preparing its flotation, ready to pounce the moment the exchange is back on a roll.

Predix refused to comment on reports of a flotation. Chen Schor, chief business officer of Predix said, "We are keeping all options open. Only recently we completed a financing round of some $43 million, so we have a fair amount of capital until the end of the year."

Predix is a clinical stage drug development company that uses a proprietary discovery and lead optimization engine to develop novel drugs for G-protein coupled receptor (GPCR) and ion channel targets.

Over the past two years, the company has discovered and developed several drug candidates, two of which are in human clinical trials. In 2004, Predix completed three Phase I trials with PRX-00023, a serotonin 5-HT1A agonist for anxiety and depression, and initiated a Phase I trial with PRX-03140, a 5-HT4 agonist for Alzheimer's disease and other cognitive disorders. PRX-00023 is expected to enter Phase IIa clinical trials in early 2005 in patients with generalized anxiety disorder.

A third clinical candidate (PRX-08066), a novel 5-HT2B antagonist for pulmonary hypertension and other hypoxia-associated diseases, is expected to enter the clinic in the first half of 2005. Development will also continue on the company's robust pre-clinical pipeline.

Predix is highly regarded, considered one of Israel's most successful life science company established in recent years.

Last month, Predix signed a research, development and commercialization agreement with Cystic Fibrosis Foundation Therapeutics (CFFT) of the United States, an affiliate of the Cystic Fibrosis Foundation. The company said it would receive up to $12.5 million in milestone-driven funds over the next three years through a therapeutics development award from CFFT for two programs.

http://www.themarker.com/eng/article.jhtml?ElementId=%2Fibo%2Frepositories%2Fstories%2Fm1_2000%2Foh2....

Midas
Prof. Haim Aviv



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