Vistech, a new joint R&D fund established jointly by Israel and the State of Victoria in Australia, will support four joint life science projects. Chief Scientist Dr. Eli Opper said today that Victoria had been selected as the first state in Australia to cooperate on R&D with Israel, because it is a leader in innovative technologies for life science and industry, with reputed research institutes. He added that the joint ventures would contribute to the industry and economy in both countries.
Vistech has announced that it will support four out of six joint R&D projects by Israeli companies and their counterparts from Victoria, which were initially considered by the fund when it first announced the initiative back in February. The projects focus on medical devices, pharmaceuticals, and IT.
Vistech operates under the auspices of the Chief Scientist, and it is a joint venture of the Chief Scientist and Minister for Innovation and Treasurer of the State of Victoria John Brumby. The fund’s activity in Israel will be managed by the Israeli Industry Center for R&D (MATIMOP).
Vistech was founded in 2005 and will receive a budget of $6 million over three years. It provides grants for joint R&D projects with companies from Victoria, with preference given to the life sciences, nanotechnology and environmental technology. An approved project will be eligible for a grant for up to 50% of its R&D costs, up to a maximum of $500,000.
Opper added that a second initiative had recently been launched and that the fund was assisting Israeli companies in the process of finding suitable partner companies in Victoria for joint R&D initiatives.
Published by Globes [online], Israel business news - www.globes.co.il - on August 7, 2006
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