Jul.23, 2012 | 5:49 AM–Vaxil BioTherapeutics, a startup aspiring to develop a therapeutic vaccine for cancer, has begun trading on the Tel Aviv Stock Exchange through a reverse merger with Sheldonco, a listed shell company.
Owners of Vaxil were allocated 56% of the merged company as part of the deal with reverse merger specialist Yaron Yenni, and can raise their stake to 74% if the company meets technological milestones such as successfully completing clinical trials and winning marketing approval in the U.S. or Europe. The company hasn’t yet prepared a prospectus for raising capital and its activities are meanwhile funded by angel investors and grants from the chief scientist’s office.
Vaxil, located at the Weizmann Science Park in Nes Tziona, was founded in 2006 by Dr. Lior Carmon, an expert in immunology and immunotherapy, who also serves as CEO and owns 35% of the stock in the merged company. Vaxil develops therapeutic immunizations against cancer and infectious diseases that work by improving the reactions of the immune system. Contrary to preventative vaccines used to protect healthy people, therapeutic vaccines are aimed at sick people with the goal of enlisting the power of the patient’s immune system for identifying and destroying cancerous cells.
“Our method isn’t meant to cure cancer, but to transform it using the treatment into a type of chronic disease that can be lived with,” explains Carmon. “The goal is to postpone the disease’s recurrence. The simplest way is an active vaccine. This could be combined with other treatments to ease the harsh side effects or prevent its development during a relapse.”…Read More>>