Date: 2015-06-11
Type of information: Grant
Company: Medgenics (USA - Israel)
Investors: Office of the Chief Scientist (OCS -Israel)
Amount: $ 3.4 million
Funding type: grant
Planned used: The grant will be used to cover R&D expenses for the 13-month period from December 2014 through December 2015 to support further research and clinical development of the Company\'s proprietary tissue-based TARGT (Transduced Autologous Restorative Gene Therapy) system with respect to the treatment of rare and orphan diseases.
Others: * On June 11, 2015, Medgenics, the developer of a proprietary platform for the sustained production and delivery of therapeutic proteins and peptides in patients using ex vivo gene therapy and their own tissue for the treatment of rare and orphan diseases, announced that its wholly owned subsidiary, Medgenics Medical Israel Ltd. (MMI), was awarded a government grant of up to NIS 13.3 million (approximately USD 3.4 million) from the Office of the Chief Scientist (OCS) at the Ministry of Economy of Israel. Under the terms of the OCS grant, MMI will repay the grant in full, plus interest, through royalties on revenue received from commercializing the developed technology. The payment of royalties is contingent on such revenues and, in the absence of such revenues, no royalty payments to the OCS are required.
Therapeutic area: Rare diseases
