Avraham Pharmaceuticals reports interim Alzheimer's trial success

Avraham Pharmaceuticals Ltd.The interim report on ladostigil's safety profile found no serious or exceptional side effects, so the trial can continue from the safety aspect. The interim results also showed a positive trend in the drug's efficacy. The interim results are based on 179 patients, 66 of whom have undergone six months of therapy. The company added that the number of patients planned for the study was enough to provide statistically meaningful final results, and the expert panel therefore recommends pursuing the study. The company expects to complete the trial and obtain the results by the end of the year.Lagostil was jointly discovered by Prof. Moussa Yudim, Prof. Marta Weinstock-Rosin, and Prof. Michael Chorev. Prof. Youdim, of the Technion Medical School, is the discoverer of rasagiline, marketed by Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) as Azilect for the treatment of Parkinson's disease. Prof. Weinstock-Rosin of the Hebrew University in Jerusalem, and Prof. Chorev, of the Harvard Medical School, are the discoverers of rivastigmine, marketed by Novartis AG (NYSE:NVS; LSE: NOV; SWX: NOVZ) as Exelon, for the treatment of Alzheimer's.Teva acquired the drug, but returned it to Yissum Technology Transfer Company of the Hebrew University of Jerusalem, after investing tens of millions of dollars in developing and testing it. Avraham Pharmaceuticals bought the rights to the drug from Yissum, made some changes to it, and resumed trials for the treatment of Alzheimer's.Clal Biotechnology Industries Ltd. (TASE: CBI) said that, pursuant to the April 2010 investment agreement with Avraham Pharmaceuticals, it and the company's other investors, including Pontifax and Yissum. will exercise an option to invest $3.6 million in the company on the basis of the interim report. Clal Biotech's investment is $1 million, which will increase its stake in the company to 21%.