Follow on Google News News By Tag Industry News News By Location Country(s) Industry News
Follow on Google News | Midas International strikes Venture Capital deal with orphan drug companyDubai based investment firm takes position in promising U.S. biotech industry companies pursuing cures for untreated ailments.
By: Midas International “Midas International has long supported the biotech industry. We believe that not only is it the right thing to do as global citizens, but from a business perspective as well,” said Kenneth Emerson, Director of Business development. “Several years ago we funded a small biotech firm in the U.S. that was developing a drug to protect the central nervous system. That drug is now used in treatments of more than a dozen diseases including Multiple Sclerosis.” The companies that Midas has agreed to fund will both be receiving matching grants from a U.S. Foundation. The Dollar for Dollar agreement allows companies to effectively pursue treatments to ailments that often go untreated. Midas in return for its early round funding efforts will have a seat on the board of both companies and a right of first refusal on certain next steps the companies may take. The business model for investment into Orphan Drugs has been in effect since the 1983 Orphan Drug Act in the US granted special patent rights. Similar laws protect and promote this vital research and the drugs that are developed as a result in the EU. # # # Midas International, FZE (http://www.midasworldwide.com) End
Page Updated Last on: Nov 13, 2008
|
|