An Israeli pharmaceutical company is scheduled
to open shop in the Lansing area in the next three to four months.
RenoPharm, an Israeli startup, is waiting on $5 million from investors
before putting down roots in Lansing.
According to excerpts from the article:
The
operation could be the first success story of a volunteer group looking
to build business ties between Michigan and Israel. It also would be
the first recruitment win for the fledgling Lansing Economic Area Partnership Inc.
"Our
goal is to get closer to the U.S. market," said Peter Assaf, chief
executive officer and founder of RenoPharm Ltd., which operates from a
for-profit business incubator in Nazareth. "I'm planning in three to
four months to be there."
RenoPharm
officials visited Michigan in October and returned in February to scout
possible locations, meet with local leaders and connect with companies
with which it likely would do business.
The
last remaining hurdle is raising $5 million from investors for the move
and Phase I clinical trials for its patented drug compound.
Assaf
said he found the right mix in Lansing because of potential research
resources at Michigan State University and access to life sciences
service companies in Grand Rapids and Kalamazoo.
The
one-hour drive to those cities should be easy for company officials
used to flying 15 hours to reach business partners, said Matt Dugener,
president and chief executive officer of regional economic development
group LEAP.
"The southern part of Michigan
has all the resources a biotech firm needs to be successful," he said.
"They're just not all in one community."
Read the entire article here.
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