Elscint sets up biotech investment unit

12 February 2001

Israel's Elscint, which is listed on the New York Stock Exchange, hasestablished a wholly-owned subsidiary, Elscint BioMedical, to focus on investments in early-stage biotechnology companies. Elscint will allocate $30 million for the subsidiary and a scientific advisory committee has been set up at the new unit.

EBM's first investment, made earlier this year, was in Gamida Cell, which develops proprietary technology for multiplying stem cells. The company also noted that, as part of its "quest to be a leader in the biotechnology sector," it expects to establish in the next year an international umbilical cord blood bank, which will provide a broad-based source of stem cells collected. Elscint's chief executive, Rachel Lavine, claimed that biotechnology is an exciting area of investment for the company as there are many Israeli firms that offer "opportunities with significant growth potential."

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