Healthcare-focused investment management firm OrbiMed is bringing current NasVax Ltd. (TASE: NSVX) CEO Erez Chimovits on to its team as OrbiMed looks to expand its activities in Israel.
Chimovits will leave NasVax in the next few months, and become managing director at OrbiMed. At OrbiMed, he will join include Dr. Nissim Darvish, Adv. Anat Naschitz, and Dr. Aya Jakobovits.
NasVax reported to the Tel Aviv Stock Exchange (TASE) that it is seeking a replacement for Chimovits.
OrbiMed is one of four firms that met the government's requirements for a program which provides government funding for Israeli-focused healthcare venture capital funds. OrbiMed is currently in the process of raising money for its fund, and is already reviewing investment options.
Other firms which met the government's requirements are Medica Venture Partners, run by Ehud Geller, and two firms - one Israeli, one foreign - whose names were not revealed.
OrbiMed says it is the first global healthcare-focused venture capital firm to establish a significant presence in Israel. OrbiMed’s growth into Israel builds on the firm’s recent geographic expansion into Asia, as part of which OrbiMed launched a $185 million Asia-focused healthcare private equity fund and opened offices in Mumbai and Shanghai.
Published by Globes [online], Israel business news - www.globes-online.com - on April 7, 2010
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