Yeda, the commercial arm of the Weizmann Institute of Science, is establishing with the Johnson & Johnson Corporate Office of Science & Technology a joint fund to support scientific research at the Weizmann Institute.
The fund's research grants, totaling hundreds of thousands of dollars, will support research in life sciences, medical aspects of nanotechnology and the development of medical devices.
By participating in the new fund, Johnson & Johnson will be exposed to emergent scientific research and will be able to follow new scientific trends as they develop in real time.
"We welcome the cooperation with Johnson & Johnson, one of the most broadly-based manufacturers of health care products in the world," Yeda CEO Dr. Isaac Shariv, said on Sunday.
"We believe this joint fund will lead to stronger ties between the company and Israel, to the mutual benefit of all sides."
Yeda's Chief Business Officer, Dr. Einat Zisman, added:
"Since the announcement of the program, we have received a number of requests for support for exciting, original, multi-disciplinary research projects. No doubt the existence of a joint fund with Johnson & Johnson will encourage the growth of novel directions in research at Weizmann and the development of new intellectual property."
Johnson & Johnson, said Dr. Joni Catalano-Sherman, head of the company's corporate office of science and technology in Israel, is committed to funding research at leading universities worldwide, and is very excited to establish a partnership with Yeda and the Weizmann Institute.
"We are convinced that the research funded through collaborations with research institutions throughout the world will help lead to medical breakthroughs that could transform the lives of patients in the future."
The Weizmann Institute of Science in Rehovot, is one of the world's top-ranking multi-disciplinary research institutions. Noted for its wide-ranging exploration of the natural and exact sciences, the Institute is home to 2,500 scientists, students, technicians and supporting staff.
Institute research efforts include the search for new ways of fighting disease and hunger; examining leading questions in mathematics and computer science; probing the physics of matter and the universe; creating novel materials; and developing new strategies for protecting the environment.