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NeuroQuest Receives Funding

MISGAV, ISRAEL, SCRA Technology Ventures' SC Launch program approved a first round investment in Israeli company NeuroQuest.
SCRA Technology Ventures' SC Launch program approved a first round investment in Israeli company NeuroQuest at last week's investment board meeting. NeuroQuest, currently operating in Israel, will establish its U.S. affiliate and clinical development center in South Carolina. This move makes NeuroQuest the 14th company landing party to enter the state through SCRA investment, and the first landing party as a direct result of the S.C.-Israel Economic Development Mission. 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.

"Receiving this follow-on investment is crucial in getting our United States development center open and operational," stated Ilya Budik, CEO of NeuroQuest. "We thank SCRA's SC Launch program for their support, and we look forward to many successes in South Carolina."

NeuroQuest is developing blood-based immune biomarkers that produce early and accurate diagnostic and therapeutic tools for Alzheimer's and ALS. The company is preparing for clinical studies of its diagnostic test, partnered with the Harvard Clinical Research Institute and top national research centers. The company's Charleston, S.C. development center will serve as the base for its clinical and regulatory work.

"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."

The SC Launch investment follows recent funding led by the North Charleston-based InterTech Group, and the Maryland/Israel Trendlines Fund, managed by the Baltimore- based Maryland/Israel Development Center. Seed financing was provided by the Misgav Venture Accelerator and Israel's Office of the Chief Scientist.

About SCRA and SCRA Technology Ventures

SCRA Technology Ventures helps innovative companies grow and develop new technologies, creating jobs and advancing the Knowledge Economy throughout South Carolina. This SCRA business sector provides support and mentoring through its flagship SC Launch program to early stage, start-up technology companies. Since 2006, SCRA has deployed over $65 million in funding and infrastructure to support around 280 high-tech, early-stage enterprises, and has directly invested over $13 million in South Carolina start-ups, attracting over $212 million in private investment. SCRA Technology Ventures also supports commercialization and growth by facilitating the transfer of intellectual property and accelerating the transition of inventions to the marketplace. Additionally, SCRA Technology Ventures invests in more established technology companies through its Stage 2 affiliate.

Multiple economic impact studies show SCRA's cumulative output on South Carolina's economy to be over $15.3 billion, and that the company has helped create approximately 15,000 technology-related jobs in the state, with annual wages averaging between $55,000 and $77,000.
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