Friday, February 01, 2008

Virginia Biotech Park Signs Deal with Israeli Bio Incubator

The Virginia BioTechnology Research Park, located in Richmond, and its newly formed Virginia Biosciences Commercialization Center announced a strategic alliance with Xenia Venture Capital, one of Israel's top technological incubators that focuses on initiation, investment and business development of Israeli life sciences and information technology.

"This alliance is very important for the state of Virginia, and specifically for the Virginia BioTechnology Research Park," stated Donna Edmonds, executive director of the Virginia Biosciences Commercialization Center. "Israel is well known for its proliferation of intellectual property and new technological advances in the life sciences industry, and the Virginia BioTechnology Research Park has expanded the current infrastructure to help their companies successfully enter U.S. markets."

"Xenia is encouraging companies that wish to do business in the U.S. to approach the VBCC. We also can and want to support later-stage companies that wish to develop a successful track record by operating from one of the main business hubs in the U.S.," stated Anat Segal, CEO of Xenia Venture Capital. "This partnership was formed because the Virginia BioTechnology Research Park has an experienced and very committed executive team, significant industry and clinical connections, and the know-how to launch these companies successfully in the U.S."

Xenia is an investment firm founded in 2003 by a group of experienced entrepreneurs and is traded on the Tel Aviv Stock Exchange. Much like the Park's incubator program, Xenia has gathered experts in various fields to support the growth of high-potential companies. It is focused on the acceleration of development and positioning for commercial success and has the ability to directly fund the first stages of company growth.

In addition to the Park's nationally recognized incubator program, the Virginia Biosciences Development Center, the newly formed VBCC provides considerable expertise in bringing "graduates" of Xenia's, or other incubator programs, to successfully commercialize their products and make them more likely candidates for additional funding sources, business alliances and exit options.

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