Prochon has over 15 R&D employees at the Weizmann Science Park in Ness Ziona.
Prochon Biotech Ltd. will make substantial cuts in its Israeli R&D operations after its merger with Histogenics Inc. two weeks ago and after the merged company raised $34 million. Both companies develop cartilage regenerative products to repair articular cartilage defects and injuries, which are undergoing clinical trials.
The merged company will be run by ProChon CEO Patrick O'Donnell, and has over 15 R&D employees at the Weizmann Science Park in Ness Ziona in Israel. Histogenics has only five R&D employees, and its production lines are in the US.
Both companies have spent a long time in the product development stage and were in financial difficulties, which led to the scaling back of R&D activities and the ultimate merger.
Published by Globes [online], Israel business news - www.globes-online.com - on June 2, 2011
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