Medgenics awarded grant from Israeli OCS
Medgenics Medical Israel (MMI), a subsidiary of Medgenics, has been awarded a government grant of up to NIS 8.1 million (approximately US$2.2 million), from the Office of the Chief Scientist (OCS) at the Ministry of Industry, Trade and Labour of Israel.
The grant will be used to cover R&D expenses for the 12-month period from October 2011 to September 2012 in order to support further research and clinical development of the company's tissue-based Biopump platform technology in a number of indications including anaemia and hepatitis.
Under the terms of the OCS grant, MMI will repay the grant in full, plus interest, through royalties on revenue received from commercialising the developed technology. The payment of royalties is subject to achieving such revenues and, in the absence of such revenues, no royalty payments will be required.