|By Business Wire||
|April 29, 2014 02:38 PM EDT||
SCRA and SCRA Technology Ventures’ SC Launch program presented a big check to Israeli company NeuroQuest at a networking event last night. The event, held at Roper St. Francis in Charleston, S.C., formally welcomed the company to the Lowcountry. Currently operating in Israel, NeuroQuest has established its U.S. subsidiary and clinical development center at the Roper St. Francis’ Clinical Biotechnology Research Institute. 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.
“South Carolina has a wonderful business environment and we thank SCRA, SC Launch and Roper St. Francis for their support,” said NeuroQuest CEO Dan Touitou “We look forward to being a part of South Carolina’s Knowledge Economy and bringing quality diagnostic and therapeutic technologies to expanded markets.”
“We are delighted to welcome NeuroQuest to South Carolina,” said SCRA CEO Bill Mahoney. “This is the first of many possible positive outcomes of the S.C.-Israeli mission. It is through collaborative efforts of all involved in this mission that this meaningful technology company comes to South Carolina, and we look forward to the contributions NeuroQuest will bring to our local economy and for those with Alzheimer’s and ALS.”
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 $261 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 and 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 $16.6 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.