These companies are Nicast, Medibell, Biological Signal Processing and Venousonics. The Virginia Research Authority and the Israeli government will conduct a due diligence on them.
Four Israeli medical device companies were selected to take part in the Israel Virginia biomedicine program. The selected companies, Nicast, Medibell Medical Vision, Biological Signal Processing and Venousonics, will benefit from assistance in raising investments and entering operations in the USA. Behind the program are the Carilion Biomedical Institute (CBI) from the USA, and the Israel-Virginia Business Council (VIAB), which operates within the Virginia Governor's Office. Last week, a delegation of company representatives visited the US, during which a meeting was organized for them with representatives of venture capital funds and members of the American medical device industry.
The "Israel Virginia Biomedicine Program" is intended both for young companies that need, among other things, financial investments and for companies that have already gone through investment rounds and are interested in assistance for research, prototype development, finding beta sites, and introducing and marketing their products to the American market. The selected companies, Nicast, develops medical devices with nanotechnology platforms, Medibell Medical Vision Technologies, which develops digital cameras for the retina of the eye, wide angle, for the application of Screening,? Biological Signal Processing, which developed a non-invasive system for the diagnosis and monitoring of heart diseases, and Venousonics, which develops an ultrasound-based system for non-invasive treatment of the saphenous vein and the superficial veins in the legs, will benefit from 'opening doors' in a variety of American companies and government organizations and in connection with two well-regarded research institutions in their field: University of Virginia and Virginia Tech.
As part of the program, the companies will benefit from immediate investments in the amount of 100 thousand dollars and even more in ancillary services for the purpose of establishing a base of operations in Virginia, assistance in locating American investors for the benefit of immediate recruitment of up to half a million dollars, the organization of strategic relationships with business partners and an investment of up to 1.2 million dollars Offered by Southwest Virginia's NewVa Foundation.
"From our point of view as a young company, joining the program is a WIN-WIN situation," said Alon Shalu, CEO of Nicast, whose projects include the development of artificial blood vessels for dialysis patients and a drug-secreting stent. "We came to raise money and in my estimation we also achieved the goal, but, beyond that, we met there companies in the field of nanotechnology and a consortium of medical research people and a fruitful scientific community that will enable us to cooperate at the clinical and development level."
According to Dr. Andre (Andy) Molnar, CBI's medical director, beyond investments, the company actually offers a significant shortcut in breaking into the American market. And why exactly Israeli companies? "Israel has proven itself over the years as a very impressive 'producer' of inventions in the fields of medical devices. In order to make Israeli ideas and products commercial, it is necessary to combine science, technology, medicine, business and law, and we at CBI can put together all the pieces of the puzzle."
According to Ralph Robbins, director of VIAB, a body operating in the office of the governor of the state of Virginia for the benefit of strengthening trade and business relations between the states, the program appears to be a great success so far and that the Israeli companies have been received with open arms. Robbins even came to Israel this week to closely monitor the process and continue the round of talks with the selected companies. "It is true that behind the Carilion Institute is a medical platform worth 1.5 billion dollars, but the entire project does not only revolve around money. The assistance he gave to companies has in many cases more meaning." Robbins says that Carilion has started the due diligence process of the selected companies and that the results will be received within 4-6 weeks.
Carilion Institute for Biomedicine
The Carilion Biomedical Institute (CBI), located in the high-tech area of Virginia, USA, is the development and investment 'arm' of Carilion Health System, the largest health insurance system in the state of Virginia. Carilion Health System operates 10 hospitals and over 60 medical centers, employs over 9000 people, serves over a million customers and reports revenues of close to one and a half billion dollars in 2004.
CBI was established in 1999 to unite the forces of three entities: the Carilion Health System and two leading academic institutions: the University of Virginia and Virginia Tech. The union of forces is intended to connect and bridge the world of medicine, the world of science and the business world. The result is a body whose purpose is research, development, evaluation and commercial implementation of products and services in the field of health and improving human life.
CBI supports biomedical research conducted mostly at the University of Virginia and Virginia Tech and within this framework it undertakes to bring promising projects in the biomedical field to the market by providing medical, financial, operational and marketing support. As part of its activity, CBI connects promising start-up companies with venture capital funds, real estate companies, manufacturing companies and customers.
The CBI team available to start-up companies includes experts and professionals in the fields of: biology, medical research, engineering and physics, information technology, financial management, marketing and business, government relations and others. CBI has access to university research funds, research foundations, research grants, foundations and venture capital funds and clinical studies. The fund even offers office space and laboratories as well as production capabilities for the development of prototypes of biomedical products.
