Biomedix subsidiary Ashkelon Technological Industries will own 35% in the start-up.
Chronic pain treatment start-up Novaremed Ltd. is joining Biomedix Incubator Ltd. (TASE:BMDX) subsidiary Ashkelon Technological Industries (ATI).
ATI will invest NIS 2.38 million and own 35% of the firm. Of the NIS 2.38 million, NIS 1.68 million will be funded by the Office of the Chief Scientist.
Novaremed is developing NEB74S, a small molecule which will serve as a new treatment for chronic pain.
The CEO and co-founder of Novaremed is Dr. Eli Kaplan.
According to Biomedix, the chronic pain treatment market was around $14 billion in 2006, and is expected to rise to $24 billion revenue by 2016.
Published by Globes [online], Israel business news - www.globes-online.com - on January 22, 2009
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