Clal Biotechnology Industries: Israeli Science, Worldwide Presence
Edison | Jan 15, 2018 05:13AM ET
We are initiating coverage on Clal Biotechnology Industries Ltd (TA:CBI), an Israel/Boston-based healthcare investment company with an extensive portfolio incorporating a diverse range of technologies, indications and stages of development. CBI holds direct investments in 10 companies (nine biotech and one medical device company), most importantly Mediwound Ltd (NASDAQ:MDWD), a NASDAQ-listed wound care company, and Gamida Cell, which is developing a universal bone marrow transplant (BMT) product. Also, BioCanCell and Biokine have programmes in Phase III or Phase III ready. We value the company at NIS918m or NIS5.87 per share.
MediWound: Promoting healing
CBI has a 35% stake in, and effective control of, MediWound, a publicly traded NASDAQ-listed company with a market capitalisation of ~$124m. MediWound’s lead product, NexoBrid for burn wounds, is currently on the market in the EU and Phase III results for its US trial are expected in H118. It is also developing EscharEx for the much larger chronic and hard-to-heal wound market. The company plans to initiate two Phase III trials for the product in 2018.
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