Mapi-Pharma receives Government of Israel Funding for Jerusalem PlantAll Articles
Clinical stage company Mapi-Pharma is planning to invest NIS 46 million to build a new production plant for GA Depot injectable products in Jerusalem.
The Israeli Ministry of the Economy has approved a NIS 9.2 million grant to support the project. The approved government incentives is for a pioneering production plant for the manufacturing of a slow release formulation of Glatiramer Acetate (GA) (Copaxone®) for treating multiple sclerosis. The plant will be built in Jerusalem, a Zone A region, allowing it to receive various tax incentives. The project will create 30 new jobs.
GA Depot, a long-acting Glatiramer Acetate (Copaxone®) injection is currently being tested for treating relapsing remitting multiple sclerosis (RRMS) and primary progressive multiple sclerosis (PPMS). Mapi Pharma partnered with Mylan N.V. (NASDAQ: MYL), a leading global specialty and generic pharmaceutical company, for GA Depot injection in an agreement under which Mylan was granted an exclusive license to commercialize the GA Depot injection product for relapsing multiple sclerosis.
“I am pleased that, as a result of the combined evaluation process conducted by the Israel Innovation Authority and the Israel Investment Authority, these entities have again expressed their confidence in Mapi Pharma and are committed to supporting our future plans to become a fully integrated biopharmaceutical company with in-house production, marketing and R&D capabilities,” said Ehud Marom, Chairman and CEO of Mapi Pharma.
Dr. Nahum Itzkovitz, the Director of the Israel Investment Authority, said: “Mapi Pharma is a leading company in its field. As a strategy, the Israel Investment Authority is promoting biotechnology and biopharmaceutical companies so these companies will be able to pass the regulatory hurdles and develop meaningful production processes in Israel. The Israel Investment Authority is pleased with Mapi Pharma’s development and, in case additional action and support within the scope of the Israel Investment Authority charter is needed, we will be wholeheartedly willing to do so.”
The incentives from the Israeli Ministry of the Economy will support Mapi’s future expansion of production facilities to enable the commercial launch of GA Depot as well as other depot products which are in the Company’s product pipeline.
Mapi-Pharma, a development stage pharmaceutical company, develops complex active pharmaceutical ingredients (APIs) and formulations and life cycle management (LCM) products. Its LCM products comprise Glatiramer Acetate Depot, a once-monthly injection for the treatment of multiple sclerosis; Pregabalin ER, an extended release capsule for the treatment of neuropathic pain and epilepsy; and Risperidone LAI (long acting injection), a generic depot formulation of Risperdal Consta for the treatment of schizophrenia and bipolar disorder. The company is also developing a portfolio of 13 complex APIs. Mapi-Pharma Ltd. was founded in 2008 and is headquartered in Ness Ziona, Israel.
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