Modigene Raises $2M with More on the Way

logo-modigene.gifModigene Inc. is a biopharmaceutical company founded in Israel in 2001 that has developed technology that creates longer-lasting, proprietary versions of already approved therapeutic proteins. One of these therapeutic proteins is FHS, a naturally occurring female hormone that can be added as a supplement to women with fertility problems to increase their chances of getting pregnant.

Currently it requires multiple injections for FHS to work, but Modigene’s technology, which uses a small peptide naturally found in the body known as CTP, can effectively administer FHS in just one shot. The results were determined by a Phase IIa study recently completed by Dutch biotechnology company Organon International Inc., and were enough to convince some investors that Modigene may be on to something.

The company announced that it raised $2 million in equity investment provided by Dr. Phillip Frost, who is also the Chairman of the Board of Modigene, with a gauranteed $10 million line of credit by The Frost Group LLC, which includes two other directors of Modigene.

terapheticpic.jpgFHS is just one application of Modigene’s technology. The company says that many kinds of therapeutic proteins, which generate billions of dollars in annual sales, can eventually use the technology to create longer-lasting versions that require fewer injections.

Dr. Frost said that “protein therapeutics represent an increasingly significant segment of the biopharmaceutical market, and we believe that Modigene’s unique technology has great potential to deliver the longer-acting drugs sought by patients and their health providers. We welcome this opportunity to further support this promising company.”

For more info check out the press release.

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