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Afternoon Tea in Jerusalem Blog

In addition to my work as a business coach, one of my interests is blogging about life in Israel. This is a country full of contrasts – over eight million citizens living in an area the size of Wales. You can see snow and the lowest place on the globe in the same day. Although surrounded by geopolitical extremes, Israel has achieved a decade of high economic growth. My work brings me in contact with an array of new companies, exciting technologies and dynamic characters. Sitting back with a relaxing cup of strong tea (with milk), you realise just how much there is to appreciate in the Holyland. Large or small operations, private sector or non profit, my clients provide experiences from which others can learn and benefit.

Biotech industry in Israel – real progress

22 July 2016
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Categories: Afternoon Tea in Jerusalem, Business, Israel

The biotech industry in Israel seems to be finding its feet.

A week ago, “The Calcalist” – The Economist in English – daily financial paper reported on a new round of investments in the sector.

  • Bonus Biogroup completed an 18 million shekel (approx US$4.7m) sale of shares, ahead of its offer in the USA.
  • VBL, already present on NASDAQ, took in US$24m in order to boost its search for creating drugs against cancer.
  • Micromedic’s shares shot up 140% ahead of an announcement relating the success of its diagnostic kit for cancer.
  • Kitov raised US$12m on results that show its main product is highly effective in combatting arthritis.

These are not isolated pieces of news. At the end of June 2016, the Israel Biotech Fund (IBF) made its first move, selecting cancer drug developer “Vidac” as its first partner. IBF has a US$100m treasure chest to spend, supported by American giant Biogen, Medison, and others.

On a micro level, BioJerusalem and JBNF-Bio have had major success in recent years partnering local start ups with multinationals. The latter recently held a meet up with nearly 100 participants on how to create a start up. The bug of entrepreneurship is still mutating with vigour.

At a time when much of Israel’s economy is facing a slowdown, it is refreshing to observe how biotech in the Holy Land is bucking the trend.

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