Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) has exercised its option to make an
additional investment in MultiGene Vascular Systems Ltd. (MGVS), which is developing treatments for disorders of the blood vessels, at a company valuation of $135 million. MGVS recently completed a Phase I/IIa clinical trial for its MultiGeneAngio cell therapy-based treatment of chronic critical limb ischemia, a severe form of peripheral artery disease (PAD, or blocked arteries) in the leg.
MultiGeneAngio is composed of a cell suspension of endothelial and smooth muscle cells, which are isolated from a short vein segment removed from the patient’s arm under local anesthesia. These cells are then expanded, characterized, and finally gene modified by the transfer of angiogenic genes. The MultiGeneAngio is injected intra-arterially at the site of blockage using a standard diagnostic catheter, in order to expand and create new collateral arteries, thereby improving blood flow to the ischemic limb.
MGVS was founded by Acting CEO Professor Moshe Flugelman who specializes in interventional cardiology and vascular biology. He
Another product in the company pipeline is MultiGeneGraft, a biosynthetic vascular graft lined with the patient’s own endothelial cells, providing improved biocompatibility for patients undergoing bypass surgery for PAD, as well as for renal disease patients who need hemodialysis access site.