June 22, 2009 -- Teva completes $13.5 million investment in Andromeda and receives a worldwide exclusive license to commercialize DiaPep277 -- Andromeda Biotech Ltd. , announced that Teva Pharmaceutical Industries Ltd. (NASDAQ: TEVA) has decided to exercise its option to complete a $13.5 million investment and license Andromeda’s DiaPep277 for the treatment of Type 1 diabetes. Pursuant to the agreements, Teva is receiving worldwide marketing rights for the DiaPep277 product...
... About Andromeda Biotech
Andromeda Biotech Ltd., a subsidiary of Clal Biotechnology Industries Ltd. (TASE: CBI), is focused on the development of an innovative treatment for autoimmune diabetes. Andromeda’s DiaPep277, currently in Phase III Clinical Studies, is a novel therapeutic approach in treating Type 1 diabetes. It is a unique peptide derived from the human protein, HSP60, which immunomodulates the immune system, prevents the destruction of pancreatic cells that secrete insulin and preserves their natural function... Andromeda Biotech's Press Release -
