This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Kamada Ltd. is a biopharmaceutical company specializing in plasma-derived protein therapeutics. Its product development pipeline and regulatory submissions for new drugs inherently require animal testing as a standard component of preclinical research. The company’s SEC filings explicitly list the completion of preclinical laboratory and animal testing as a necessary step before advancing product candidates to human clinical trials and submitting applications to the U.S. Food and Drug Administration. This reliance on animal models is a foundational element of Kamada’s research and development process for its plasma-based treatments.
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A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.