|By Business Wire||
|March 20, 2014 03:16 PM EDT||
SCRA and SCRA Technology Ventures’ SC Launch program closed on two rounds of funding for an Israeli company this week. NeuroQuest, currently operating in Israel, has established its U.S. subsidiary and clinical development center at the Roper St. Francis Clinical Biotechnology Research Institute in Charleston, S.C. The company’s Charleston, S.C. development center will serve as the base for its clinical and regulatory work. This move makes NeuroQuest the 14th company landing party to enter the state through SCRA investment and the first landing party as a direct result of the S.C.-Israel Economic Development Mission.
The S.C.-Israel Development Mission is co-sponsored by SCRA, the InterTech Group, the American-Israel Chamber of Commerce Southeast Region, Clemson University, the Medical University of South Carolina and the University of South Carolina. NeuroQuest is developing blood-based immune biomarkers that produce early and accurate diagnostic and therapeutic tools for Alzheimer’s and ALS. The company is preparing for clinical studies of its diagnostic test, partnered with top national research centers.
“We welcome NeuroQuest to the Clinical Biotechnology Research Institute,” said Dr. Jacobo Mintzer, Roper St. Francis Clinical Biotechnology Research Institute executive director. “Our research program not only gives patients access to the latest, most cutting-edge treatments, but also creates an innovative atmosphere for research, allowing us to build partnerships and establish an intellectual research hub in the Lowcountry.”
“Receipt of these investments is critical in getting our United States development center open and operational,” stated Dan Touitou, CEO of NeuroQuest. “We thank SCRA, SC Launch and Roper St. Francis for their support, and we look forward to beginning operations in South Carolina.”
“This substantial financing enables the landing of the affiliate in South Carolina and significant advancement of the technology through clinical trials. We are delighted to welcome NeuroQuest to South Carolina,” said SCRA CEO Bill Mahoney. “The root of our mission is to create high-tech jobs that grow South Carolina’s Knowledge Economy, and this noteworthy outcome is a perfect example of our efforts in action.”
The SC Launch investment follows recent funding led by the North Charleston-based InterTech Group, and the Maryland/Israel Trendlines Fund, managed by the Baltimore- based Maryland/Israel Development Center. Seed financing for NeuroQuest was provided by the Trendlines Medical - Misgav incubator and Israel’s Office of the Chief Scientist.
About SCRA and SCRA Technology Ventures
SCRA Technology Ventures helps innovative companies grow and develop new technologies, creating jobs and advancing the Knowledge Economy throughout South Carolina. This SCRA business sector provides support and mentoring through its flagship SC Launch program to early stage, start-up technology companies. Since 2006, SCRA has deployed over $79 million in funding and infrastructure to support over 280 high-tech, early-stage enterprises and has directly invested over $18 million in South Carolina start-ups, attracting over $260 million in private investment. SCRA Technology Ventures also supports commercialization and growth by facilitating the transfer of intellectual property and accelerating the transition of inventions to the marketplace. Additionally, SCRA Technology Ventures invests in more established technology companies through its Stage 2 affiliate.
Multiple economic impact studies show SCRA's cumulative output on South Carolina's economy to be over $15.3 billion, and that the company has helped create approximately 15,000 technology-related jobs in the state, with annual wages averaging between $55,000 and $77,000.