Stem Cell Medicine (SCM) Receives Israeli Government Funding for Gene Therapy Facility
JERUSALEM, March 26, 2019 /PRNewswire/ -- Stem Cell Medicine Ltd. (SCM), a biotechnology company developing new therapies for neurological indications and rare diseases through gene therapy, cell therapy, exosomes, novel molecules and combinations with existing pharmaceuticals, announced today that it has received funding from the Israeli Ministry of the Economy to build a gene therapy facility. The new facility will enable SCM to manufacture gene therapy products for commercial launches, benefiting from the favorable global regulatory and marketing environment for its products. The first gene therapy product under development at SCM is for the treatment of neuropathic pain.
The plant will be built in Jerusalem, a Zone A region, allowing tax and grant benefits, in an investment of over 20 million NIS (approximately $5.5 million), of which 20% will be covered by the grant. The new production facility will make available production space in SCM's existing GMP approved facility for production of exosomes from stem cell for collaboration with large biopharma companies.
Ehud Marom, SCM's Chairman, said, "We are pleased that the government of Israel recognizes our unique contribution to the development of new therapies. SCM is advancing its gene therapy portfolio at a time of major global investment and value creation in gene therapy, as evidenced by both capital investments and M&A activity. There is, however, a global bottleneck in GMP approved labs and production facilities for gene therapy and our goal is to help address this with this new investment. The new facility will enable us to further integrate our capabilities, adding gene delivery vehicles for genetic modification for human use. SCM is currently raising $30 million in a pre-IPO round, which we expect to be followed by an IPO in the next few years. We are expecting our first cell-based product, for cosmetic uses, to be on the market this year."
About Stem Cell Medicine Ltd. (SCM)
SCM is a biotechnology company that develops second generation cell therapy products as stand-alone treatments or in combination with pharmaceuticals, with a focus on neurological indications, including MS, pain and neuromuscular injuries, and manages the production, registration and marketing of such products. The Company, headquartered in Jerusalem, was founded by an experienced team of entrepreneurs from the life science and pharmaceutical industries. SCM's facilities include state-of-the-art R&D laboratories and GMP production cleanrooms that enable an optimal environment for the development of products up to and including clinical trials. For more information, please visit: www.stemcell-medicine.com.
Vice President, Corporate Development
Stem Cell Medicine
SOURCE Stem Cell Medicine Ltd. (SCM)