Following achievement of an important milestone for Stem-Cell based cancer treatments resistance diagnostics, Jerusalem based NewStem received a further $ 1 million follow-on investment from Florida based NovelStem International Corp. (OTC Pink: NSTM ). NovelStem increased its ownership in NewStem to 27.3% from 20%.
This additional investment was made following NovelStem initial investment in NewStem of $ 4 million in July 2018. This included set up and analysis of resistance to five anti-cancer treatments that are the standard-of-care, enabling it to further develop diagnostics for identifying patient resistance to those treatments. In July 2018, NovelStem also secured the right to increase its ownership in NewStem up to 33% pursuant to second milestone requirements. NovelStem expects to further increase its ownership following NewStem’s achievement of these second milestone requirements, relating to the identification of patient resistance to three additional standard-of-care anti-cancer treatments, increasing the total to eight drugs. Upon achievement of the second milestone, NovelStem will increase its ownership to 33% through the investment of an additional $1 million.
Drug resistance in tumors is a major cause of cancer treatment failure, yet in nearly 50% of cancer cases this resistance is recognized only after the completion of the first course of treatment. NewStem’s diagnostic technology can predict patients’ resistance to anti-cancer drugs prior to treatment, potentially allowing for better, targeted cancer treatments and related cost benefits.
NewStem CEO Aylet Dilion Mashiah commented, “NewStem is making solid progress advancing its diagnostic technology for anti-cancer drugs resistance. We are privileged working with Novelstem directors to advance this important unmet diagnostic need.”
Jan Loeb, NovelStem Chairman, commented, “We are excited to increase our ownership interest to 27.3% through additional investment comprised primarily of internally-generated funds. We look forward to working closely with the NewStem team and continuing our support of their ground-breaking work.”
Yissum is the technology transfer company of The Hebrew University of Jerusalem. Founded in 1964, it is the third company of its kind to be established and serves as a bridge between cutting-edge academic research and a global community of entrepreneurs, investors, and industry. Yissum‘s mission is to benefit society by converting extraordinary innovations and transformational technologies into commercial solutions that address our most urgent global challenges. Yissum has registered over 10,000 patents covering 2,800 inventions; licensed over 900 technologies and has spun out more than 135 companies. Yissum’s business partners span the globe and include companies such as Boston Scientific, Google, ICL, Intel, Johnson & Johnson, Merck, Microsoft, Novartis and many more.
Prof. Benvenisty is the Herbert Cohn Chair in Cancer Research at the Hebrew University, and the Director of the Azrieli Center for Stem Cells and Genetic Research. His research focuses on stem cell biology, tissue engineering, human genetics, and cancer research. He is a member of the steering committee of the International Stem Cell Initiative, the Board of Directors of the International Society of Differentiation and serves as the academic advisor for the International Symposia of the International Society for Stem Cell Research. Prof. Benvenisty has been awarded several prizes including the Foulkes Prize (London), the Hestrin Prize, the Teva Prize, and the Kaye Prize. He earned his M.D. and Ph.D. degrees from the Hebrew University and conducted postdoctoral studies at Harvard University.
Ms. Dilion-Mashiah has served in executive leadership roles in the Life Sciences and Pharmaceutical industries for the past 16 years. Prior to joining NewStem in 2016, she served as CEO of BioMAS from 2011 to 2016. She previously served as CEO of Do-Coop Technologies from 2007 to 2011 after four years as Director – Corporate Economic Development at Teva Pharmaceuticals Industries.
Source – AP News