DeveloGen and Andromeda, a newly formed wholly-owned subsidiary of Clal Biotechnology Industries
Sign Term Sheet for Asset Purchase Agreement for the DiaPep277® Program
"We are very pleased to have Clal as our partner for DiaPep277. Clal has a great track record of backing companies with innovative approaches for the treatment of important diseases," said Carsten Dehning, Chief Financial Officer of DeveloGen. "This partnership is an important step in the ongoing strategic review and refocusing of DeveloGen".
Ruben Krupik, Chief Executive Officer of Clal said: "Type 1 diabetes is a very significant disease that is estimated to affect as many as 3 million people in the US alone. We believe DiaPep277 offers a novel and highly innovative approach to treating this disease which has a major impact on patients' lives and many long-term complications."
DeveloGen AG is a biopharmaceutical company engaged in the discovery and development of novel therapeutics for the treatment of metabolic disorders. The Company's most advanced drug candidate DiaPep277® is currently in phase III clinical trials and targets type 1 diabetes in adult and juvenile patients. Further Diapep277 is being explored in a phase II clinical trial for Latent Autoimmune Diabetes in Adults (LADA) patients. Additionally, DeveloGen has a highly complimentary discovery pipeline focused on small molecule inhibitors acting as a novel class of insulin sensitizers targeting type 2 diabetes as well as beta-cell regeneration growth factors for the potential treatment of type 1 and type 2 diabetes. DeveloGen is headquartered in Goettingen, Germany with manufacturing operations in Rehovot, Israel. For more information on DeveloGen, please visit our website at www.develogen.com.
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