Published On: Wed, Jul 30th, 2014

Israeli Hi-Tech Businesses Continue to Thrive During War

Atox Bio

The conflict between Israel and Hamas is not causing Israeli businesses to hide out in the trenches.

Rocket fire and negative media coverage do not seem to be effective weapons against business and technology. Atox Bio announced funding to the tune of $23 million for its flesh-eating bacteria treatment.

The problem of spontaneous destruction of the body’s tissues after the introduction of bacteria has horrified and perplexed doctors, patients and readers of tabloid headlines alike. Atox developed a drug called AB 103 will be given a late-phase study after passing phase 2 with flying colors, and venture capital funds of the companies GlaxoSmithKline, Lundbeck’s and OrbiMed are investing the money to enable final testing and hopefully, approval of Atox’s drug.

Tel Aviv-based V-Gen is going to be bought by the Newport Corporation of California for an amount in the range of $15 million and $20 million. V-Gen is a fast-grower in the laser beam space and specializes in fiber lasers.

Unlike the downsizing that happens in the aftermath of mergers, the 50 employees at V-Gen are going to be retained after the company is purchased. CEO Eran Inbar expressed enthusiasm over the deal, and said that Newport’s “worldwide sales and service network and complementary technologies will enable us to expand our business beyond what we could have achieved as a stand-alone company. Together we will provide innovative laser solutions for both existing and emerging applications.”

 

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