Drug development company BioLineRx on Tuesday launch its Early Development Program (EDP), a new initiative that aims to provide funding for early stage research and development of innovative therapeutics that have not yet achieved in-vivo proof of concept (proven results from animal testing). The new initiative is to be funded with a $6 million grant from Pan Atlantic Bank and Trust Ltd.
BioLineRx CEO Morris Laster told The Jerusalem Post this marks the "moving [of] the industrial paradigm to the left." Whereas previously, companies would generally pick up on post in-vivo research begun by academics, the EDP aims to "get in the game before a company normally would" in order to position new research so that it is better suited to industry.
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