Israel-based biotechnology accelerator FutuRx has opened with funding from backers including pharmaceutical companies Johnson & Johnson and Takeda, Times of Israel has reported.
The pharmaceutical firms, which invested through corporate venturing subsidiaries Johnson & Johnson Development Corporation and Takeda Ventures, together with OrbiMed Israel Partners, have also pledged more than $28m in funding for selected graduates.
Participating companies will be enrolled in the accelerator for a three-year period and will each be eligible to receive up to $2m in funding, 85% of which will be supplied by Israel’s Chief Scientist’s Office.
The first two life sciences startups to join the programme are Hepy Biosciences, which is working on drugs to prevent tumour growth and metastasis, and neurodegenerative diseases focused-company XoNovo.
Patrick Verheyen, head of Johnson & Johnson Innovation in London, said: “The formation of the new biotechnology incubator in Israel is the product of an important collaboration between government, industry and venture capital that demonstrates a multi-partner approach in practice.
“The collaboration provides a unique platform to support and advance new companies with not only funding, but also strategic advice from both venture capital and industry pharmaceutical development experts.”