FutuRx Begins Operations in Israel New biotech incubator to advance biotechnology products in Israel
NESS ZIONA, Israel, January 13, 2014 /PRNewswire/ --
FutuRx Incubator*, which has been granted a licence by Israel's Ministry of Economy to establish a biotech Incubator in Israel, began operations on January 1st, 2014 at the Weizmann Science Park in Ness Ziona. Thirty to forty start-up companies are planned to be established during the next eight years. FutuRx was incorporated jointly by OrbiMed Israel Partners, Johnson & Johnson Innovation and Johnson & Johnson Development Corporation (JJDC), and Takeda Pharmaceutical Company through its corporate venture arm Takeda Ventures, Inc.
At FutuRx, Johnson & Johnson Innovation, Takeda Ventures Inc. and OrbiMed teamed with the Office of the Chief Scientist of the Ministry of Economy in a national initiative dedicated to transforming breakthrough discoveries into novel medicines by applying a unique structure of equally balanced partnership among its three founding organizations. FutuRx envisions its role to be the catalyst for drug development by bridging the gap between concept and proof-of-concept through its dedicated system and unique structure. FutuRx management, together with its founders, will establish and fully support the companies through its dedicated laboratory and management facility.
FutuRx will be managed by an independent management team led by its CEO, Dr. Einat Zisman who together with Chief Technology Officer, Dr. Ronald Ellis and Chief Business Officer, Dr. Eli Frydman, will select the product candidates and technologies.
"The depth of Israeli science, combined with the capabilities of FutuRx' international partners and its experienced management team and advisory board, will enable promising, disruptive new science to surface, and be developed into new medicines with the oversight of Pharma and VC stakeholders from inception. We encourage entrepreneurs, researchers, academic institutions and startup companies to explore FutuRx as an ideal home for their technologies", commented Dr. Zisman.
Avi Hasson, the Chief Scientist of the Ministry of Economy of the State of Israel commented, "I congratulate Takeda Pharmaceutical Company, Johnson & Johnson and OrbiMed on winning the biotechnology incubator tender, and I am looking forward to a productive and fruitful relationship. The new biotechnology incubator is an important component of the Israeli government strategy, and we welcome the opportunity to collaborate with the industry to strengthen and promote the biotech industry in Israel".
FutuRx is the Israeli biotechnology accelerator that that was established in 2014 by OrbiMed Israel Partners, Johnson & Johnson Innovation and Johnson & Johnson Development Corporation (JJDC) and Takeda Ventures Inc. following winning the tender of the Office of the Chief Scientist (OCS), Ministry of Economy, in Israel. The incubator has space for at least 10 companies at a time and will advance new biotechnology products by identifying and nurturing early-stage life science innovation. FutuRx is located in the Weizmann Science Park in Ness Ziona (near the Weizmann Institute), Israel.
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SOURCE FutuRX Ltd.