FutuRx begins operations in Israel
FutuRx Incubator, formerly BioBoost, which has been granted a license by Israel's Ministry of Economy to establish a biotech incubator in Israel, began operations Jan. 1 at the Weizmann Science Park in Ness Ziona. Thirty to 40 startup companies are planned to be established during the next eight years. FutuRx was incorporated jointly by OrbiMed Israel Partners, Johnson & Johnson Innovation and Johnson & Johnson Development (JJDC) and Takeda Pharmaceutical through its corporate venture arm Takeda Ventures.
At FutuRx, Johnson & Johnson Innovation, Takeda Ventures and OrbiMed teamed with the office of the chief scientist of the Ministry of Economy in a national initiative dedicated to transforming breakthrough discoveries into novel medicines by applying a unique structure of equally balanced partnership among its three founding organizations. FutuRx envisions its role to be the catalyst for drug development by bridging the gap between concept and proof-of-concept through its dedicated system and unique structure. FutuRx management will establish and fully support the companies through its dedicated laboratory and management facility.
FutuRx will be managed by an independent management team led by its CEO Dr. Einat Zisman who, together with chief technology officer Dr. Ronald Ellis and chief business officer Dr. Eli Frydman, will select the product candidates and technologies.
"The depth of Israeli science, combined with the capabilities of FutuRx' international partners and its experienced management team and advisory board, will enable promising, disruptive new science to surface and be developed into new medicines with the oversight of Pharma and VC stakeholders from inception. We encourage entrepreneurs, researchers, academic institutions and startup companies to explore FutuRx as an ideal home for their technologies," said Zisman.
Avi Hasson, the chief scientist of the Ministry of Economy of the State of Israel, said, "The new biotechnology incubator is an important component of the Israeli government strategy, and we welcome the opportunity to collaborate with the industry to strengthen and promote the biotech industry in Israel.”