Medgenics Awarded $2.2 Million Grant from the Israeli Office of the Chief Scientist
Medgenics, Inc. (NYSE: MDGN) today reported that its wholly owned subsidiary, Medgenics Medical Israel Ltd. (MMI) was awarded a government grant of up to NIS 8.1 million (approximately USD 2.2 million), net, from the Office of the Chief Scientist (“OCS”) at the Ministry of Industry, Trade and Labor of Israel.
The grant will be used to cover R&D expenses for the 12-month period from October 2011 through September 2012 to support further research and clinical development of the Company's proprietary tissue-based Biopump™ platform technology in a number of indications including anemia and hepatitis.
The OCS awards grants to companies from various industries in Israel to foster technological innovations. Recipient selections are based on multiple criteria including the uniqueness of a company's technology, and the potential market it addresses, plus the robustness of the company's business including financial position, R&D capabilities and management experience.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.