TEL AVIV and NEW YORK, May 18, 2017 /PRNewswire/ --
RM Global (RMG), an international life sciences investment banking firm, is expanding its presence in Israel with the launch of a new biopharma venture fund.
The Fund is dedicated to the portfolio of FutuRx, Israel's leading early-stage biopharma incubator founded by three of the world's leading healthcare organizations: Johnson & Johnson Innovation, Takeda, and OrbiMed, in cooperation with the Israel Innovation Authority (formerly the Office of the Chief Scientist).
The fund was founded and will be managed by four RM Global partners: Mr. Yaron Breski, Mr. Assaf Keret, Mr. Ted Moon, and Mr. Bruce Roberts. The Fund has completed its first closing of $30 million and will open to new investors for a second closing in the near future.
"We are very excited to be launching this investment platform, given the extraordinary quality of science in Israel, and the powerful capabilities of our partners at FutuRx," commented RMG partner Yaron Breski. Another RMG partner, Ted Moon, added: "We believe the Fund will provide its investors with unique access to one of the most exciting early-stage biopharma portfolios we have seen."
Mr. Erez Chimovits, senior managing director at OrbiMed Israel and Chairman of FutuRx, said that "Creation of the Fund is an important milestone for the incubator. The FutuRx incubator, which we founded together with our international partners, Johnson & Johnson and Takeda Ventures, is now receiving important reinforcement which will contribute to establishing new companies that develop breakthrough technologies."
There are currently 10 portfolio companies in FutuRx, developing breakthrough technologies, with up to 30 additional portfolio companies to be formed. The existing and future portfolio companies are based on research originating at leading institutions in Israel and around the world, including the Weizmann Institute, The Hebrew University, Johns Hopkins, and Stanford among others. Several FutuRx ventures are already advancing as independent companies, financed by leading international players.
"The Israeli Government Innovation Authority considers the RMGP Fund partnership with FutuRx an important model of fund-incubator synergy, that provides significant support and capital to the Israeli life sciences industry," stated Anya Eldan, Vice President at the Israeli Innovation Authority. "We welcome RM Global and FutuRx as long-term partners in our mission to accelerate breakthroughs in treating life-threatening diseases."
FutuRx CEO, Dr. Einat Zisman, said that "RMG's establishment of this fund is an important strategic milestone for FutuRx. The fact that the Fund will provide a dedicated and unique source of capital to the incubator's portfolio companies will enhance FutuRx's competitive advantage as a best-in-class platform for early-stage drug development."
RM Global is an investment banking and strategic advisory firm dedicated to creating unique value for its clients and investors. Specializing in life sciences, including biotech and medtech, with a track record of 25 years, RMG has built deep domain expertise and a unique global network, contributing to the success of many innovative companies in the Americas, Europe, Israel, and Asia. See www.rmglobal.com
FutuRx is the Israeli biotechnology incubator that was established in January 2014 by OrbiMed Israel Partners, Johnson & Johnson Innovation - JJDC, and Takeda Pharmaceutical Company, through its venture group Takeda Ventures Inc., after winning the tender of the Israeli Innovation Authority in Israel. FutuRx established 10 companies and plans to establish and support additional 25-30 start-up companies during the eight year tender and to advance new candidate biotechnology products by identifying and nurturing these early-stage life science innovations.
Contact: Ido AtiyaCEOGlobal Image Communicationstell: 972-3-6880908cell: firstname.lastname@example.org
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/rm-global-partners-completes-30-million-first-closing-of-new-israel-based-biopharma-fund-300460035.html
SOURCE RM Global and FutuRx
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