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Medgenics Inc.

Drug Names(s): Factor VIII Biopump

Description: Hemodure is a Biopump designed to produce and deliver coagulation factor VIII. In the coagulation cascade, factor VIII acts as a cofactor for factor IXa in the activation of factor X.

Medgenics' technology converts a sliver of the patient’s own dermal skin tissue into a protein-producing Biopump. These Biopumps, which are implanted under the patient's skin, continuously produce and deliver therapeutic proteins. To create a Biopump, dermal tissue is harvested and then processed in fluid containing viral vector specifically engineered to contain the genes for production of a selected protein. The vector particles transfer the genes into the cells of the dermal tissue, thereby converting the tissue into a Biopump protein production unit. The calculated number of Biopumps are then implanted back into the patient where they produce and deliver the required protein to the subject patient’s body. Biopumps not implanted in the patient can be cryostored for future use.

Deal Structure: In October 2009, Medgenics announced that it signed a preclinical development and option agreement with Baxter. This feasibility agreement is worth up to $7 million in payments that will include funding for preclinical development of Medgenics Biopump protein technology to produce and deliver clotting protein Factor VIII for the sustained treatment of hemophilia.

Under the terms of the agreement, Medgenics will receive $4 million to work exclusively with this partner for one year to develop a Biopump to test the feasibility of continuous production and delivery of this clotting protein. Additional payments totaling $3 million are payable upon Medgenics meeting certain technical milestones and upon the partners exercise of an option to extend the exclusivity through an additional period to negotiate terms to commercialize the Biopump technology for Factor VIII.

In November 2010, Medgenics announced a 6-month extension to the agreement. Medgenics assumed the funding...See full deal structure in Biomedtracker

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