JERUSALEM, Sept. 24 (Xinhua) -- The Israel Innovation Authority launched a new competitive tender to open its second biotech incubator this week.
This new biotech incubator will serve as a gateway for multinational pharmaceutical companies and specialist investment funds to support Israeli start-ups, according to the Authority.
"We attribute great importance to understanding the needs of the high tech industry, adapting programs to these needs, and developing technology," said Eli Cohen, Israeli minister of economy and industry.
"This is part of the ongoing 'Northern Plan' which will reach 920 million New Israeli sheqel (263 million U.S. dollars) by the end of 2018," he said.
"In Israel's northern region, research infrastructure, relevant services and a vast potential of human capital are emerging," said Aharon Aharon, CEO of the Israel Innovation Authority.
"These basic assets - together with a biotech incubator, which will help establish new start-ups, will make it possible to create an important ecosystem in the field and to strengthen the pharmaceutical industry in Israel," said Aharon.
Following the Israeli government's decision and the examination of the possibility of establishing a biotech incubator in the north, the board of the Israel Innovation Authority decided to initiate a new competitive tender to establish a second biotechnological incubator, following the success of the previous tender won by FutuRX.
The goal of the incubator is to help build the pharmaceutical industry in Israel by connecting investors and strategic partners who can help identify innovative technological projects and help transform them into new companies.
The program is undergoing an approval process as mandated by law.
The first tender FutuRX brought two multinational corporations to Israel: Johnson & Johnson from the United States and Takeda from Japan, together with the long-established venture capital fund OrbiMed. The FutuRx incubator has already invested in establishing 10 start-ups.
