Chief Scientist funds new biotech projects

The R&D fund of the Office of the Chief Scientist has approved NIS 52.4 million in funding for 26 new life sciences programs. The total cost of the projects is NIS 127.8 million. Dr. Ora Dar is the head of the Life Sciences Sector at the Office of the Chief Scientist.

The funding include the following:

• D Pharm Ltd. - NIS 11 million towardsa NIS 26.8 million project.
• Protalix Biotherapeutics Inc. (AMEX:PLX) - NIS 14.5 million for a NIS 32.9 million project.
• Gamida Cell Ltd. - NIS 15.3 million for a NIS 35.1 million project.
• Zetiq Technologies Ltd. - NIS 285,000 for a NIS 950,000 project.

Chief Scientist Dr. Eli Opper said that the R&D committee had declared biotechnology to be a preferred investment target, making projects eligible for 50% funding, compared with 20-50% government funding for projects in other fields. This figure does not include funding for projects undertaken by sub-contractors. Opper added that 30% of the Chief Scientist's R&D budget goes to the life sciences, including biotechnology, pharmaceuticals, and medical devices.

Published by Globes [online], Israel business news - www.globes-online.com - on April 14, 2008

© Copyright of Globes Publisher Itonut (1983) Ltd. 2008