Published On: Mon, Sep 22nd, 2014

Clal Biotech: No Evidence of Misconduct by Us

ANDROMADA

Clal Biotechnology Industries Ltd. (TASE: CBI) notified the Tel Aviv Stock Exchange this morning that it had contacted Hyperion Therapeutics Inc. (Nasdaq: HPTX) as part of its efforts to gather as much information as possible on the cancellation of the acquisition of its subsidiary Andromeda Biotech. Clal Biotechnology representatives met with Hyperion representatives in the US over the weekend as part of its demand to receive documents and information backing up Hyperion’s claims.

At the meeting over the weekend, Hyperion representatives claimed that they showed Clal Biotechnology’s executives documents supporting their claims about supposed inappropriate conduct by some of Andromeda’s employees and its external research consultant.

However, Clal Biotechnology’s representatives say that no evidence was presented which indicated that it had committed any misconduct.

Hyperion acquired juvenile diabetes drug developer Andromeda in June after several months of stringent professional investigations. But on September 8, Hyperion announced that it was halting development of Andromeda’s drug after claiming that the Israeli company’s employees had falsified clinical trial results. Following that announcement Clal Biotechnology’s share plunged and the company announced it was writing off NIS 506 million from the cancelled sale.

Published by Globes [online], Israel business news – www.globes-online.com

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