Medgenics gets seventh R&D grant from Israeli government

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Medgenics (LON:MEDG) has received an annual grant for up to US$1.9mln from the Israeli government, its seventh consecutive award.

The grant comes from the Office of the Chief Scientist (OCS) at the Ministry of Industry, Trade and Labor of Israel.

It will cover research & development (R&D) expenditure for the 12-months to November 2013 on the use ofMedgenics’ Biopump platform technology to treat anaemia and hepatitis.

Biopump is patented technology that delivers therapeutic proteins in patients using their own tissue.

The OCS awards grants to companies from various industries in Israel to foster technological innovations.

Selection criteria include the uniqueness of the technology, the potential market and robustness of the company’s business.

Medgenics will repay the grant in full, plus interest, through royalties on revenue received from commercialising the developed technology. If there are no revenues, no royalties are payable.

Andrew Pearlman, Medgenics‘ president and chief executive, said: « We are delighted to have been selected to receive this non-dilutive funding from the Israeli OCS and appreciate the continued support.

“These grants have been instrumental in furthering the development of our technology and support us in advancing our clinical trials in the United States and Israel. »

You can see the article from the source here.

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