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Wednesday, 02 July 2014 07:36

Bonus BioGroup Proud Recipient of BIRD Foundation Grant Totaling 2.8 Million NIS

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Bonus BioGroup Proud Recipient of BIRD Foundation Grant Totaling 2.8 Million NIS

logo4footerBonus BioGroup announces today that on July 2, 2014, an agreement was signed for BIRD support of a joint Bonus BioGroup and Cellora LLC project for the development of innovative personalized regenerative medical technologies.

Cellora is a company incorporated under the laws of Delaware, USA. Upon finalization of the agreement BIRD Foundation forwarded support for the first period of the joint project.   

The joint project will focus on synergizing material science and tissue engineering. The development will take place in Cellora LLC, Harvard-MIT Biomedical Engineering Center (BMEC) under the Division of Health Sciences and Technology (HST), and at the Research and Development headquarters of Bonus BioGroup in Matam Advanced Technology Park, Haifa.

The BIRD Foundation - Israel-U.S. Binational Industrial Research and Development Foundation promotes collaboration between Israeli and American companies in various technological fields for the purpose of joint product development and fruition.

Dr. Shai Meretzki, CEO of Bonus BioGroup commented, “In light of the abundance of applications submitted to BIRD by US-Israeli industrial R&D companies and BIRD's comprehensive and competitive review processes, we are thrilled to be awarded this grant, which reflects an acknowledgment of Bonus BioGroup’s scientific uniqueness and proficiency. Bonus continuously seeks to expand its product offering by development of innovative technologies in the fields of tissue and material engineering”.

Under the agreement, the joint project is entitled to support in the amount of 2.8 million NIS (800 thousand dollars), provided that the sum of BIRD's support will not exceed 50% of the actual expenditure (“conditional grant”). The grant amount will be made in four installments for a period of 18 months, which began on November 1, 2013. The amount of support payments will be refunded BIRD Foundation, subject to achievement of defined goals of the joint project, and regardless of income, if and to the extent incurred for, the joint project.

BIRD will be repaid the conditional grant received subject to achievement of the goals defined for the joint project, and regardless of any income the project may generate. Bonus BioGroup is entitled to 137 thousand dollars, which reflects 70% of the total amount for the first period of the joint project, and Bonus’ relative share in all three future payments.

Projects submitted to the BIRD Foundation are thoroughly reviewed by evaluators appointed by the National Institute of Standard and Technologies (NIST) and by evaluators appointed by the Chief Scientist’s Office in the Israeli Ministry of Economy. The project was examined for its scientific merit - innovation and development potential of the technology and the product; operational feasibility – transfer to manufacture at industrial scale; regulatory challenges – required path to FDA approval of an innovative product, and ; marketability -  size of the global market and feasibility of product introduction.

The the best of the Company’s knowledge, BIRD Foundation is considered one of the leading expert foundations across all technological fields. Over its 36 year history, BIRD’s total investment in these projects has been over 300 million USD, helping to generate direct and indirect sales of more than 10 billion USD.

Bonus BioGroup is currently manufacturing live transplants of human bone based on cells originating in the patient, in a pre-designed shape to precisely fit the patient’s deficient anatomical site. Current applications include orthopaedics and dental surgery. The joint project may expand Bonus BioGroup’s range of cellular therapy products to include genetically personalized new innovative solutions and shelf products that will not require the extraction of cell sample and the culture of biological tissue ex-vivo (outside the body) in a production facility.           

The joint project constitutes another milestone in Bonus BioGroup’s R&D pipeline, according to which the Company strives to enhance its technological expertise by rigorous R&D activities and through collaborations with other entities aimed at purchasing and/or obtaining exclusive rights to relevant technologies.   

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