Representatives of 11 Israeli life sciences companies have departed for a series of meetings with their Chinese counterparts. Israeli Industry Center for R&D (MATIMOP) at the Office of the Chief Scientist organized the road show.
Participating companies include Oramed Pharmaceuticals Inc. (Bulletin Board:ORMP); DAX:OJU), Pluristem Therapeutics Ltd. (Nasdaq:PSTI; DAX: PJT: PLTR), ProCognia (Israel) Ltd. (TASE:PRCG), BSP - Biological Signal Processing Ltd. (TASE:BSP), NanoVibronix Ltd., Sol-Gel Ltd., Applied Immune Therapies Ltd., and Navotek Medical Ltd.
The Office of the Chief Scientist said that Israeli and Chinese companies that carry out joint R&D projects will receive up to 50% support for expenses. The Israeli companies will receive support from the Chief Scientist, and the Chinese companies from China's Ministry of Science and Technology.
Israeli companies are turning eastward because of waning activity by venture capital funds, backed by capital from the US, which invest in the life sciences.
Chief Scientist Avi Hasson said, "Economic ties between Israel and China have grown substantially in recent years. The Office of the Chief Scientist has various tools to help Israeli industry collaborate with China, including R&D agreements with Chinese provinces and cities."
Published by Globes [online], Israel business news - www.globes-online.com - on October 3, 2011
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