South Korea companies to invest 12 million USD in Israeli innovation

South Korean companies invested 12 million USD into two companies made possible by tech-transfer from the Weitzman institute of Science.

By JERUSALEM POST STAFF
Mice [Illustrative] (photo credit: INGIMAGE)
Mice [Illustrative]
(photo credit: INGIMAGE)
South Korean Yozma Group Asia and group BioLeaders Corporation announced they will invest roughly 12 million USD in Israeli anti-cancer technology based on technology developed at the Weizmann institute of Science, the Institute reported on Tuesday.
Yozma Group Asia will invest 2 million USD in On-Sight Medical Inc., which is currently developing an easy-to-use ultrasound technology that patients may use on their own and analyze the results. Once in service, the technology will solve the deficit in the numbers of trained technicians as well as help ease the workload in hospitals.
Another company to receive investments from Korea is BioLeaders, which is currently developing an anti-cancer drug.
The cancer therapy will be founded on the discovery by Israeli scientists that the p53 protein is disabled in roughly two thirds of cancer types.
Israeli scientists developed a new protein [peptide] which restores p53 protein's normal functions. During the therapy in lab mice with human cancer tumors, it was reported that they experienced a diminishing of the tumors and, in some cases, their complete disappearance.