Date: 2014-04-15
Type of information: Grant
Company: Medgenics (USA - Israel)
Investors: Office of the Chief Scientist (OCS -Israel)
Amount: $2.2 Million (€1.6 million)
Funding type: grant
Planned used: The grant will be used to R&D expenses for the 12-month period from December 2013 through November 2014 to support further research and clinical development of Megenics\'s proprietary, tissue-based BioPump platform technology with respect to the treatment of new rare and orphan diseases and anemia. This platform is used for the sustained production and delivery of therapeutic proteins using ex-vivo gene therapy and the patient\'s own tissue for the treatment of orphan and rare diseases.
Others: * On April 15, 2014, Medgenics, the developer of BioPump™ a novel technology for the sustained production and delivery of therapeutic proteins 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 7.7 million (approximately $ 2.2 million (€1.6 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
