Biomedix was granted control over Meytav after investing $3 million in the incubator in April 2005.
Biomedix Incubator Ltd. (TASE:BMDX.M) (formerly Team DCL), which has a 67% controlling stake Meytav Technological Enterprises Innovation Center Ltd. (Meytav) announced today that the Chief Scientist had extended its franchise to run the incubator for a further three years.
The approval by the Chief Scientist for companies to run privately-owned incubators such as Meytav, is conditional on investment in them. The state provides private operators with loans covering 80% of the funding for companies during their first two years, which are repayable after the companies begin generating revenues.
Biomedix was granted control over Meitav after investing $3 million in the incubator in April 2005.
Published by Globes [online], Israel business news - www.globes.co.il - on April 17, 2006
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