NEW YORK, Dec. 1, 2011 /PRNewswire/ -- Hadasit Bio-Holdings, Ltd. - (OTCBB: HADSY), a publicly traded portfolio of biotech companies, all based on intellectual property developed and owned by the Hadassah University Hospital, Israel's foremost medical research center, announced that three more of its portfolio companies have received grant approvals from the Israeli Office of the Chief Scientist (OCS) in the Ministry of Industry, Trade and Labor.
These approvals come in addition to the grant received earlier this year and bring total government support to over 10M NIS (2.7M USD) for 2011 alone. These grants are intended to cover nearly 60% of the R&D financing needs of specific projects in ProtAb, Enlivex, BioMarCare and CellCure. The Israeli OCS grants are NOT equity based and are returned based on revenue generated from the ultimate success of the supported projects.
"These recent grant approvals come as an additional vote of confidence not only in the companies themselves, their technology and management but also in the Hadasit Bio-Holdings' business model as a whole," stated Ophir Shahaf, Hadasit Bio-Holdings' CEO. "The OCS funding is an external recognition of the great potential our portfolio companies have. These grants provide significant financial leverage for the investments made by Hadasit Bio-Holdings in our portfolio companies."
The 2011 grants are mostly follow-up grant approvals for projects that have previously received grants. As the companies advance and achieve their milestones it is believed that additional grants can and should be expected. This continued government support reflects on the companies' scientific excellence, financial stability and the importance of their research and development projects.
About Hadasit Bio-Holdings
Hadasit Bio-Holdings Ltd., established in 2006, is the publicly traded subsidiary of Hadasit Ltd. - the technology transfer company of the Hadassah University Hospital, Israel's foremost medical research center. The Company was established for the purpose of promoting and commercializing the intellectual property and R&D capabilities generated by Hadassah.
HADSY is the domestically traded ADR of Hadasit Bio-Holdings, a public investment vehicle representing a portfolio of biotech companies, all based on inventions developed at Hadassah.
Hadasit Bio-Holdings focuses on advancing companies that are past successful preclinical trials and close to completion of Phase I/II clinical trials. The portfolio companies develop drugs with blockbuster potential (markets that are worth over a billion dollars) and operate in the fields of cancer, inflammatory diseases and tissue regeneration using stem cells - areas in which the Hadassah Hospital has extensive knowledge and recognition as a global leader.
For more information please visit: www.hbl.co.il.
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SOURCE Hadasit Bio-Holdings, Ltd.