CHARLESTON, SC – SC Launch has approved a first-round investment in Israeli biotech company NeuroQuest, which plans to open a location in the South Carolina Lowcountry.
“Receiving this follow-on investment is crucial in getting our United States development center open and operational,” said Ilya Budik, CEO of NeuroQuest in a statement. “We thank SCRA’s SC Launch program for their support, and we look forward to many successes in South Carolina.”
The investment adds to $500,000 in financing the company received in December 2012 from The InterTech Group and the Maryland/Israel Trendlines Fund.
NeuroQuest is the 14th company to enter the state through a SCRA investment, and the first as a direct result of the S.C.-Israel Economic Development Mission, SCRA said in a news release.
The S.C.-Israel Development Mission is co-sponsored by SCRA, The InterTech Group, the American-Israel Chamber of Commerce Southeast Region, Clemson University, the Medical University of South Carolina and the University of South Carolina.
NeuroQuest is developing immune biomarkers for early diagnosis and therapeutic tools for Alzheimer’s and Lou Gehrig’s patients. The company is preparing for clinical studies of its diagnostic test and is partnering with the Harvard Clinical Research Institute and other national research centers.
The Charleston development center will serve as the base for the company’s clinical and regulatory work, SCRA said.
“We are delighted to welcome NeuroQuest to South Carolina,” said SCRA CEO Bill Mahoney. “This investment is a significant early step in bringing Israeli technology companies to our state. The root of our mission is to create high-tech jobs that grow South Carolina’s economy, and this noteworthy funding is a perfect example of our efforts in action. We look forward to continued work with NeuroQuest and other promising Israeli companies.”