Predix’s Alzheimer’s treatment passes Ib clinical trial
The company withdrew a planned Nasdaq IPO in October until further notice.
Gali Weinreb 16 Nov 05 16:28
Predix Pharmaceuticals Inc. yesterday announced the success of Phase Ib clinical trials for its PRX-03140 treatment for mild-to-moderate Alzheimer's disease. Ib clinical trials are intermediate trials between Phase I safety trials and Phase II effectiveness trials on patients. The present trials showed the desired alterations in brain wave activity in patients. Alzheimer’s is characterized by slower brain-wave function; Predix’s drug aims at improving this condition. Phase II clinical trials are scheduled for early 2006.
Based in Ramat Gan, Predix develops new medicines through an integrated computational and medicinal chemistry platform, focusing on the discovery and development of novel, highly selective, small-molecule drugs that target G-Protein Coupled Receptors (GPCRs) and ion channels. The company’s most prominent drug, PRX-00023 for treating anxiety, is now undergoing Phase III clinical trials. PRX-03140 is the company’s second drug now undergoing testing.
Predix was founded in 2000 by SVP Dr. Silvia Noiman, CSO Dr. Oren Becker, and Dr. Haim Aviv, the chairman and CEO of Pharmos Corporation (Nasdaq:PARS). Aviv has not been active in Predix since 2002, and is no longer a shareholder.
In August 2003, Predix merged with Physiome Sciences of the US. In early October, Predix announced plans to hold an IPO on Nasdaq at a company value of $232 million, but then withdrew the plan until further notice. The company said it postponed the IPO because of market weakness, and a fall in the life science index on the US market. However, such postponements are usually due to an inability by a company to raise the desired amount of money.
Predix’s cash burn rate in the second half of 2005 is $19 million; it has $22 million in cash. The company is currently conducting advanced clinical trials, which further increases the cost of activities.
Published by Globes [online], Israel business news - www.globes.co.il - on November 16, 2005 http://www.globes.co.il/serveen/globes/DocView.asp?did=1000029932