VIRGINIA BIOTECHNOLOGY RESEARCH PARK ANNOUNCES CREATION OF VIRGINIA ISRAEL BIOSCIENCES COMMERCIALIZATION CENTER

The Virginia Biotechnology Research Park issued the following news release:

The Virginia BioTechnology Research Park announced today the formation of the Virginia Israel Biosciences Commercialization Center, which will serve as the preferred destination and entry point for Israeli bioscience companies seeking to enter U.S. markets. The Center will be located in the Virginia BioTechnology Research Park in Richmond, Va. The Park has more than 55 bioscience entities from multinational companies to start ups, nonprofits and government research laboratories. Over 11 years, the Park has aided in the formation of 63 early stage bioscience companies that have collectively raised more than $155 million in seed and late-stage capital.

"The Virginia BioTechnology Research Park has developed to become the commonwealth's principal cluster of bioscience companies, research institutes and laboratories," said Eugene P. Trani, Ph.D., chairman of the Park boards and president of Virginia Commonwealth University. "With completion of the new Philip Morris Center for Research and Technology, the Park will have more than 2,000 scientists and engineers in more than 1.1 million square feet of space, representing a capital investment of more than $525 million. The Virginia BioTechnology Research Park has made Virginia competitive with other east coast locations for biosciences and this will add to our international complement of companies located at the Park."

The governor's office worked with the Virginia Israel Advisory Board and the Virginia BioTechnology Research Park to form the Virginia Israel Biosciences Commercialization Center. The Center will be part of the Virginia Biosciences Development Center, the Park's biosciences commercialization and business formation center. The VBDC will offer Israeli biosciences companies access to established U.S. health care, health products and health provider companies.

"The creation of this Center is an important step in making Virginia competitive in emerging sectors, as well as on the international stage," said Gov. Timothy Kaine. "Israeli technologies are recognized around the world for their innovation, advanced development and functionality, and Virginia is proud to continue its expansion into the biosciences field with a leading international partner."

Since last November, the Park has interviewed representatives from four Israeli biosciences companies, in addition to hosting officials from the Israel Export and International Cooperation Institute. "The Center has already executed agreements with two of the companies to locate in the Park and to assist them with their U.S. commercialization and business strategies," said Robert T. Skunda, president and CEO of the Park. "R&D Supports Ltd., developers of flexible orthopedic braces, will be working with the Center and Richmond-based Owens & Minor to establish their innovative products in the emergency medicine, military, sports medicine and home care markets."

The Center will be able to assist Israeli companies with business organization, intellectual property protection, regulatory approvals, market channel development, manufacturing and sales and marketing strategies. In addition, the Center will assist in raising capital and fostering research collaborations with VCU and other companies located in the Park.

"Virginia is a unique U.S. entry point for Israeli companies," said Mel Chaskin, chairman of the Virginia Israel Advisory Board. "Virginia offers Israeli companies a one-location entry into both the commercial and federal markets. On the state level, it has major clusters of homeland security, defense, IT and bioscience companies. At the same time, it is located next to Washington, D.C., where federal contracting decisions are made."

The Virginia BioTechnology Research Park is a joint initiative of the commonwealth of Virginia, VCU and the city of Richmond. It is Virginia's only technology park with a mission exclusively dedicated to the advancement of the life sciences. Open for more than 11 years, and adjacent to the VCU Medical Center, it has been recognized for excellence in business incubation, technology transfer and economic development. For more information on the Park, visit www.vabiotech.com.

The Virginia Israel Advisory Board is a state agency that facilitates the entry of Israeli companies into the U.S. with Virginia as the entry point. The VIAB directs activities that will accelerate market entry and economic development in Virginia. For more information visit www.viab.org.

Contact: Nicky Colomb, 804/828-6884, ncolomb@vabiotech.com.