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HBL
(Tel Aviv Stock Exchange: HDST(
July 2008
July 2008
Incubation
Clustering
Yeda
Yissum Ramot BG Negev
Meytav
Rad-BIO Naiot CapitalPoint
OCS
Bioline
Biomedix
Ofer HT
Glenrock Coronis Pontifax
BioLight
Clal Bio Maayan
Magnet
BIRD Bio-Disc
HMO Bio-Park
HBL
Hadasit
BriTech
ConjuGate
30%
H.B.L Ltd.
C.B.G 5%
22%
Thrombo tech
66%
25%
34%
4.5%
Forticell Bio. (Nasdaq)
75%
100%
80%
92%
Incure
TK Signal (UK)
Cell Cure
Verto
ProtAb
KAHR
Tolarex
Oncology
Auto-immune Disease
PIPE - CBG
OCS Venture Philanthropy FP7 NIH
U.PENN
First medical center on-site bio park custom built for life science companies (including labs,Phase I center) Building upon infrastructure of Hebrew U. Med. School and Hadassah University Hospital (conducting more than 50% of all translational medicine research in Israel) HU conducts over 40% of all Biotechnology research in Israel. Hadassah Ein-Kerem campus includes Med. and Dentistry schools, Nursing, Pharmacy & HBL Public Health schools First building to include 6 floors: total available space 10,000 m2 Jerusalem municipality and JDA provide significant financial incentives: tax breaks and grants 5 HBL companies (+ HQ) to relocate
Investment Strategy
High return on investment through investments before the first clinical phase (Phase I)
After proof of concept in animals and before completion of Phase I Value multipliers: X 10 to X 50 Midway Exit planned after Phase I, clear dividend policy
Risk Management
Dispersing risk through a portfolio of 9 companies in different fields
Professional identification of investments and guidance of the companies by a team of technology and business experts Reducing company burn-rate by utilizing the infrastructure of Hadassah Hospital for development and clinical research Huge pool of future investment options (IP) getting in at ground level with rapid increase in value
% required investment
Odds that company will advance from this phase to the next Percent of total investment Required investment $m Years
Approval
10
No. of Transactions
14 12 10
$ Millions
8 6 4 2
2 Market Size
Company
Thrombotech ConjuGate KAHR Medical Protab TK-Signal Cell Cure NeuroSciences Incure Tolarex
12
Field/Treating
Thrombosis, Myocardial Infarction Drug Reformulation Systemic infections Cancer, Inflammatory Diseases Inflammatory and Autoimmune Disease Cancer Monitoring and Cure Cell Therapy Parkinson Disease and MS Cancer Diagnostics and cure processes Graft Vs. Host Disease Lupus Therapy
Market Size
Stroke US$ 500 mm; Cardiac Arrest US$ 1 billion Systemic infections US$ 6 billion Cancer + Autoimmune diseases US$ 5 billion; RA US$ 5 billion; Diabetes US$ 3 billion Diagnostics US$ 1 billion; Treatment related drugs US$ 6 billion Parkinson US$ 1 billion MS - US$ 1 billion Diagnostics US$ 500 mm; Treatment related drugs US$ 2 billion US $300 mm; Autoimmune disease US$ 20 billion US$ 2 billion
Verto
Management
Dr. Rafi Hofstein - Chairman of the Board. President and CEO of Hadasit Ltd., the Technology Holdings Company of Hadassah Medical Organization. Ex-President of Mindsense Biosystems Ltd. Business Unit Director of Ecogen Inc., Langhorne PA after serving as the Scientific Director of its Israel office. Ph.D. and M.Sc. in lifesciences and chemistry from the Weizmann Institute of Science, B.Sc. in chemistry and physics from the Hebrew University in Jerusalem. Dr. Hofstein completed postdoctoral training at the Harvard Medical School in Boston, MA, in the departments of biological chemistry and neurobiology. Founder of ILSI, advisor to Israeli Govt., BoDs: Breath ID, Evogene, Bioline, ConjuGate, KAHR, ProtAb, Tolarex. Adv. Ophir Shahaf - CEO. Appointed March 2007 after serving as VP of the Company since Jan. 2006. Ex-VP business development at Protalix Biotherapeutics Ltd. Part of the founding and management team of Clal Biotechnology Industries Ltd. as VP and general counsel. LL.B. from Tel Aviv University, MBA from the Stern School of Business at New York University. Teaches biotechnology entrepreneurship and management, fellow of the Merage Foundation at Irvine, CA. BoDs: Tolarex, ProtAb, Biokine, Thrombotech, ConjuGate.
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Prof. Shlomo Mor-Yosef, HMO Director General Yuval Cohen, Fortissimo Private Equity Doron Debbie (Consensus Business Group) Tsipi Gal-Yam (External) Yaron Kulas (External)
Prof. Ruth Arnon (Weizmann) Steven G. Burrill Burrill & Co. Tamar Howson (Bristol Myers Squibb, LexPharma) Mary Tanner (Biogen, NY Hedge Funds) Jonathan Silverstein (Orbimed VC) Jonathan Fleming (Oxford Biopartners VC) Cheryl Reicin (Torys LLP)
Indication
Product
Company
Done
Lupus Graft Vs. Host Disease Multiple Myeloma Reum. Arth. Inf. B. Disease Hard-to-heal Wounds Early Stage Cancer detect Multiple Scel. Parkinson Auto Immune Disease Myocardial. Infar. Stroke Acute MI Prostate C Systemic Infections
Luposorb
Verto Tolarex TK Signal ProtAb Forticell Incure CellCure KAHR Thromb. BiolineRx ConjuGate
ApoCell Fenol Dopam AP6 OrCell / FMB's PR Marker Neural Progen. TSCP's TBT218 BL1040 BL2030 Ampho. B
Verto
Completion of Phase I/II trial 10 patients w. no side effects, measurable therapeutic benefits. Trial complete analysis and preparation of final report - ongoing. Discussions with potential strategic partners awaiting additional clinical data
17
Thrombotech
Closed investment following option agreement with CBI ($ 1.75 M), including 300 K from HBL. Recruited experienced CEO and Chairman. Full set of pre-clinical and toxicology trials repeated in "external" lab with excellent results
18
ConjuGate Ltd.
Platform targeted at unmet need highly toxic drugs with adverse side effects Products to improve efficacy while eliminating toxicity, close to phase I with lead product Leading scientists, strong IP, 3 batches already produced. Significant equity (33%), BOD representation (2 of 5) and leading position in BD effort.
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Financial Data
$ 3.0 in cash, as of 1/6/08 3 Leading companies (PTK) raising between $ 3-5 M each All companies show major progress since HBL Investment Timeline: 3 companies in Phase I within 12-18 months Pipeline Potential: exclusive mandate (first look) for IP from 1,200 MDs/PhDs at Hadassah, 250 patents yearly Top-notch science, IP protection, management HMO infrastructure allows for efficient financing, low BR
Current PIPE $ 5-7 M at par + warrants. Commitment from Hadassah, CBG and other key shareholders to participate.
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Summary
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All companies are funded by HBL, partners Leverage of soft funds: OCS, research foundations Science, IP and Infrastructure HMO Key milestone events expected (Phase I, analyst coverage and external investment) Validation of strategic model via external strategic investors (CBG, Teva, CBI) Clear Exit strategy at end of Phase I NAV = 65% discount. Target of 7.5 NIS. Share price allows major appreciation linked to milestones
Thank You