Bonus BioGroup Announces Chief Scientist Support of R&D Program Totalling 6.4 Million NIS
Bonus BioGroup announces that on July 12, 2015, Bonus Therapeutics Ltd., a fully-owned subsidiary of the Company, was approved a grant by the Israeli Chief Scientist to support its R&D program for 2015. The support amounts to 6.4 million NIS - and reflects a 60% increase in the company’s annual R&D budget over the previous year.
The R&D program for 2015 includes continuation of the clinical trial for the repair of lower and upper jawbone deficits by implantation of living human bone transplants manufactured in the Company’s production facility at MATAM Advanced Technology Park in Haifa, as well as development of treatments for additional deficient bone sites.
The clinical trial for the repair of jawbone deficiencies is designed to evaluate the safety and efficacy of Bonus BioGroup's living human bone transplants.
The manufactured transplants, which originate from patients' own fat tissue, are predicted to fully integrate and be immunologically tolerated. The Company estimates that upon their introduction into patients’ bodies, the biological identity of the transplants will be recognized by the patients’ immune system, deflecting the rejection reaction typical of foreign donor tissue transplantation. The living bone transplants manufactured by Bonus BioGroup are therefore considered by the Company to be superior to other non-living bone grafts.
The support granted by the Chief Scientist constitutes 40% of the approved budget, and is contingent upon payment of royalties from all income generated by Bonus Therapeutics Ltd.
The Company strives to enhance its technological expertise by rigorous R&D activities carried out in its R&D Center and through collaborations with other entities aimed at joint development or purchasing and/or obtaining exclusive rights to relevant technologies.
On May 20, 2015, Bonus Therapeutics Ltd. was notified of being awarded its first EU grant, together with European research collaborators. The grant will support a pre-clinical study and will take place under EU's Horizon 2020 framework - the largest support program for research and innovation worldwide.
On April 15, 2015, Bonus Therapeutics Ltd. was notified that it has been selected as a finalist for the 2015 edition of Red Herring’s Top 100 Europe Award. The editorial team of Red Herring, a company which performs daily and periodical analytic reviews of technology companies around the world, has selected the 100 technology companies which, to the best of their judgement, demonstrate the greatest business opportunities across Europe. The nominees are evaluated on 20 quantitative and qualitative criteria, including proof of concept, disruptive impact, market size, business strategy, management strength and financial performance.
Bonus estimations regarding its jawbone deficiency repair clinical trial, the outcome of this clinical trial and/or establishment of collaborations with third parties include forward-looking statements as defined under the Securities Laws of 1968. These estimations are based on information presently available at the date of this announcement. Whether actual results will conform, partially or fully, with the Company's predictions is subject to various factors, including feasibility tests and/or delays in the clinical trial and/or difficulty in recruiting participating subjects and/or an arising need to carry out additional trials and/or unsuccessful stage/s in the trial and/or technological changes and/or development and marketing of competitive/ore efficient product/s and/or materialization of any of the risk factors associated with the clinical trial and/or its outcomes.