The Israeli Minstry of Economy and Industry and the Israel Innovation Authority announced Wednesday they were doling out over NIS 25 million ($6.9 million) in grants to innovative medical technology companies.
The funding is part of an R&D program to support new and innovative medical technologies, the companies said.
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“As part of our overall strategy, the field of biomedicine is at the top of our priorities, with the potential of becoming Israel’s next growth engine. Alongside the flourishing field of information technology, we set a goal of developing our life sciences, based on of Israel’s world-leading scientific accomplishments and technological strengths,” said Dr. Ami Applebaum, the Chief Scienist of the Israeli Ministry of Economy and Industry and chairman of the Israel Innovation Authority.
The companies that received funding include Enlivex, a Ness Ziona-based firm that develops lifesaving immunomodulating cell therapies; Cathworks, a Kfar Saba-based company that develops noninvasive catheterization technologies; and RenalSense, a Jerusalem-based firm that develops next genration renal activity monitoring systems.
Enlivex received NIS 4 million ($1.1 million.) Cathworks received NIS 3.6 million. ( about $994,000) RenalSense received NIS 3 million (about $828,000).
“In an effort to maintain Israel’s position as a global leader in innovation, significant resources are being invested in the technologies of tomorrow, especially in the fields in which we enjoy a relative advantage. Investing in groundbreaking medical innovation by awarding grants for technological development are key to sustainable economic growth and creating productivity and significant economic value,” said Israeli Minister of Economy and Industry Eli Cohen.