Medgenics Medical Israel (MMI) has received government grant worth NIS8.1m (approximately $2.2m) from the Office of the Chief Scientist (OCS) at the Ministry of Industry, Trade and Labor of Israel.
The grant will support R&D expenses for the 12-month period from October 2011 through September 2012 to advance research of the Biopump platform technology in a number of indications such as anemia and hepatitis.
Medgenics president and chief executive officer Andrew Pearlman said, "We anticipate this grant will further advance our product development and will help us to achieve a number of important milestones."
As per the terms of the OCS grant, MMI will repay the grant in full, plus interest, through royalties on revenue received from commercializing the developed technology.
The payment of royalties is dependent on such revenues and, in the absence of such revenues, no royalty payments to the OCS are required, the company said.
