Misgav Newsletter Q2 2007
The recent drop in world financial markets caused many people to talk about the stock market "bubble" and the coming market crash. While I am no stock market expert, I must admit to finding the excitement around the market's ups and downs somewhat exaggerated.
At MTC we are interested in creating long-term value. We do this by investing in technologies that will improve healthcare and the quality of life. While biotech may go in and out of "fashion" on the financial markets, good medical care will always be “in fashion.” Simply stated, there will always be a market for products that improve care in a cost-effective manner.
Improved patient safety, cures for cancer, reduced infection risk, vaccines for deadly diseases, and early diagnosis of potentially deadly diseases – these are just a few of the solutions that we are developing at MTC. And when we do them well, we create real long-term value for our shareholders and for the world in which we live.
Steve Rhodes, CEO
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News
IMMUNOVATIVE THERAPIES RAISES $500,000 IN THE UNITED STATES; FORMER CHAIRMAN OF HUGHES AIRCRAFT APPOINTED TO BOARD
Immunovative Therapies Ltd. has raised $500,000 at a company value of $17 million, before money, from private investors. Dr. Malcolm Currie, a former under secretary of defense for R&D and chairman and CEO of Hughes Aircraft, was recently appointed to the company’s board. Immunovative is developing a biopharmaceutical that activates the immune system to fight cancer.
In other news from the company, Dr. Michael Har-Noy, Immunovative’s founder spoke at the 2nd Israel Innovation Summit on March 21 and 22. The company recently unveiled its new website.
VIRTUAL PORTS & ID-U BIOMETRICS FEATURED AS START-UPS OF THE WEEK IN GLOBES
Virtual Ports was the subject of “Keeping It Inside,” an article focused on the company’s innovative tools for use during laparoscopic procedures.
ID-U Biometrics was also featured as Globes start-up of the week (March 14).
ID-U Biometrics was featured on a radio program about new technology on Reshet Bet on March 13 and was a presenter at the recent Innovative Summit in Haifa.
JETGUIDE LAUNCHES $500,000 INVESTMENT ROUND
Jet Guide has begun its first investment round. The company will seek $500,000 to push forward its product development and marketing trials. Maura Rosenfeld, the company's business development manager, said the company will primarily approach private investors for this round. Jet Guide develops a unique technology based on ultrasonic guided wave transmission through water. Its first application, JetGuide Dental, provides drill guidance in real-time during dental implantology.
HTL NAMES NEW CEO: YOUVAL SALY
Youval Saly has joined HTL (High-Tech Lipids) as its new CEO. Youval brings more than 20 years’ experience in the biotech industry to his new position. He was vice president of sales and marketing of a large Israeli company where he was responsible for sales of over $50 million a year. In his last position, Youval was CEO of Aqua Solutions, a company that developed a unique detergent-free industrial laundry system. He holds a B.Sc. in biotechnology and food engineering from the Technion-Israel Institute of Technology.
NEW MTC COMPANY HEADWAY UNDERWAY
We welcomed Headway earlier this year, but the company is now fully underway at the MTC. Founded by Dr. Yaron River, a renowned neurologist, Headway has developed a medical device that offers an innovative treatment solution for patients suffering from a number of different types of headaches (migraine, tension, post-traumatic, cervicogenic), whiplash injury, and myofascial neck pain.
WELCOME TO THE MTC’S NEWEST COMPANY: VACCIGUARD
Welcome to VacciGuard, our newest portfolio company. VacciGuard is developing a platform technology based on proprietary peptides to produce effective long-lasting vaccines against infectious diseases such as meningitis type B and West Nile Virus. Anat Eitan is one of the company’s founders and CEO.
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Events
MTC TO EXHIBIT AT ILSI-BIOMED ISRAEL 2007
As we have in the past, MTC will be exhibiting at this year’s ILSI-Biomed (Tel Aviv, June 5-7). Steve Rhodes, Ishay Attar, and Yonat Granot, along with representatives from the portfolio companies, will be on hand.
MTC AT BIO IN BOSTON
Steve, Ishay, and Lior Yankelson will be in Boston, Massachusetts, May 6-9, for this year’s BIO conference. The conference will showcase how industrial biotechnology, by introducing environmentally positive manufacturing methods -- the so-called “Third Wave of Biotechnology”-- is revolutionizing the way we produce energy, chemicals and plastics, and is having a significant impact on the global economy. More than 20,000 leaders from across the industry, many of whom will be focusing on the opportunities and benefits of biotechnology to industrial and environmental applications, will be in attendance.
Among the keynote speakers at this year’s conference are Queen Noor of Jordan, Senator Edward Kennedy, and Michael J. Fox.
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Announcements
We are pleased to announce that Dr. Lior Yankelson will join the staff full-time as our VP for business development. He replaces Ishay Attar, who will be managing his own biotech start-up (see below). Lior has been working at the MTC as a part-time analyst for the past six months.
Lior received his M.D. and Ph.D. from the Technion-Israel Institute of Technology. He co-founded and directed the TechIA Forum and BizTEC Entrepreneurship Forum and Innovation Competition at the Technion. Lior also co-founded Genegrafts, a start-up developing a cell therapy product for atrial fibrillation.
Congratulations to Ishay Attar, the MTC’s VP of business development. Ishay has founded a biotech start-up developing a novel hemostatic wound dressing.
Ishay began his career at the MTC in 2003, after managing a medical diagnostics project he founded. Ishay has been instrumental in moving the activities of the MTC forward by finding innovative companies and enterprising entrepreneurs. We wish him well as he starts his newest entrepreneurial adventure.
Welcome to our new administrative assistant Iris Shdema. Elinor joins Melanie Davids in accounts. Iris is replacing Irina Vinkurow, who is leaving the incubator after many years. Irit Avraham, of our administrative staff, is also leaving the MTC. We want to thank both Irina and Irit for all of their good work for the MTC and its companies and wish them well in their new endeavors.
©2007 The Misgav Venture Accelerator. All rights reserved
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