Govt biotech fund tender set for September
June 30, 2009The government hopes to raise up to NIS 1 billion for the new fund.
Gali Weinreb30 Jun 09
Sources inform “Globes” that the tender for the establishment of a government biotech fund will be published on September 15. The Office of the Chief Scientist today published the official announcement concerning the setting up of the fund. The announcement stipulated that the fund will be managed like a VC fund.
The Israeli government will invest NIS 250 million in the new fund (NIS 125 million from the Ministry of Finance and NIS 125 million from the Chief Scientist’s budget).
The aim is to raise more capital from private sources, mainly institutional investors, so that the total fund will reach NIS 750 million NIS 1 billion.
Published by Globes [online], Israel business news – www.globes-online.com – on June 30, 2009
