Biotech Cluster in Czech Republic to Receive Large Infusion of Capital to Forward Development

CzechInvest announces the Czech Republic will have significant monies available for forwarding the nations biotechnology cluster. With 348 million euros earmarked for futhering the nations economy, a portion will be available to emerging biotechnology companies and research initiatives as part of an effort to forward areas critical to the growth of the life sciences in the nation. Undertakings slated to benefit the biotechnology sector include: the development of science and technology parks, incubators and technology transfer centers; subsidies for applied research projects undertaken by companies of any size; and a wide range of support for research and development-driven enterprises.

(PRWEB) June 7, 2004 -- CzechInvest announces the Czech Republic will have significant monies available for forwarding the nations biotechnology cluster. With 348 million euros earmarked for futhering the nations economy, a portion will be available to emerging biotechnology companies and research initiatives as part of an effort to forward areas critical to the growth of the life sciences in the nation. Undertakings slated to benefit the biotechnology sector include: the development of science and technology parks, incubators and technology transfer centers; subsidies for applied research projects undertaken by companies of any size; and a wide range of support for research and development-driven enterprises.

A total of 348 million euros, 261 million euros contributed by the European Unions Structural Funds, and 87 million euros granted by the government of the Czech Republic, will be used to further the nations overall business infrastructure. The nation is seeking to expand its R&D facilities, continue marketing to foreign investors, and create financial support for emerging enterprises in biotechnology. Portions of the funding will also be earmarked for supporting human resource development, the accelerated regeneration of business properties, and to assist small and medium enterprise development in economically weak regions.

We are well-positioned to experience ongoing growth in our biotechnology cluster," stated Karolina Bockova, Director of U.S.-West Operations, CzechInvest. There is a great deal of untapped potential for investors to leverage the research at our world-class institutions. While presently there is a gap between research and commercialization, we are undertaking measures to address early-stage companies requirements by making these funds available and seeking global collaborations. With our membership to the EU, coupled with new resources, we anticipate focusing significant efforts toward expanding the capabilities of our biotechnology sector."

Key focuses of biotechnology research in the Czech Republic are the areas of molecular genetics, genomics, genetic engineering, gene therapy, pharmaceutics and botany. Recent breakthroughs include Dr. Antonin Holy´'s world-renowned work in the development of new treatments for the suppression of AIDS (HIV) and hepatitis at the Institute of Organic Chemistry and Biochemistry, Academy of Sciences of the Czech Republic.

In addition to the nations existing assets, increasingly foreign life sciences companies have been attracted to the nation for its highly skilled, educated and innovative workforce. Baxter International has recently opened one of two state-of-the-art facilities for the production of cell-cultured derived and recombinant vaccines. Lonza Biotec s.r.o, part of Lonza Group, headquartered in Switzerland, has been investing in the Czech Republic since 1992 and is expanding its facilities in 2004 with 60 million USD in additional investment.

Presently the largest and most modern biotechnology center created in the Czech Republic is MEDIPARK in Brno, the Czech Republic´s second largest city. The aim of of the MEDIPARK project is to solve problems of integration, development and commercialization. MEDIPARK, based on the biomedical capabilities of Masaryk University, is slated to support the creation of incubators and spin-off centers as well as encourage ongoing biotechnology investors to the region.

Additionally, the nation provides a progressive legal and patent environment.

European patent attorney, Julia Kalmar, Tributum Company, explains: Patent protection in the Czech Republic is really advanced resulting from the Czech Republic's membership in crucial multilateral international treaties. Furthermore, the Czech Republic in contrast to other EU member states implemented the EU´s Directive on the legal protection of biotechnological inventions already in 2000 by adopting the Act on the protection of biotechnological inventions, which contributed to the harmonization of the legal framework and interpretive practices as well as to a larger legal safety of patent law application. "

For more information, please visit us at BIO 2004 in San Francisco, stall No. 5474.

About CzechInvest
CzechInvest, the Investment and Business Development Agency, is an agency of the Ministry of Industry and Trade. Established in 1992, the agency contributes to attracting foreign investment and developing domestic companies through its services and development programmes. CzechInvest also promotes the Czech Republic abroad and acts as an intermediary between the EU and small and medium-sized enterprises in implementing structural funds in the Czech Republic.

All CzechInvests services are free of charge:
-Comprehensive services for investors
-Business infrastructure development
-Access to Structural Funds