Czech science to receive hundreds of millions of CZK from IOCB Tech
January 26, 2022
IOCB Tech, a subsidiary of the Institute of Organic Chemistry and Biochemistry (IOCB) of the Czech Academy of Sciences, will distribute approximately CZK 250 million to support Czech science, research and innovation next year.
These funds will be used to create spin-off companies involved in the pharmaceutical, diagnostics and medical device industries and towards other activities that support the practical application of science and research. IOCB Tech handles all of IOCB’s activities in the field of technology transfer, i.e. the transformation of scientific research discoveries into commercially attractive products.
“Thanks to a number of patents and subsequent licence agreements that we have negotiated in the past, we can now invest considerable funds towards increasing the value of Czech scientists’ current research outcomes. Combined with our expertise, we’ve achieved a profit that we will largely invest back into science and research development,” explains Martin Fusek, the director of IOCB Tech.
IOCB Tech had a net profit of CZK 528 million in 2020 and paid more than CZK 100 million in taxes. The company is investing CZK 200 million into a new investment fund, i&i Biotech Fund (i&i Bio), which is cofinanced by the European Investment Fund and is focused on investing into academic spin-off companies involved in developing medicinal products, diagnostics, and medical devices. Another CZK 200 million will be used to create future reserves. Approximately CZK 100 million will be used to launch the future Institute of Translational Research, which will focus on accelerating drug development. The company will invest the remaining funds directly into supporting new scientific research projects at IOCB and collaboration with international experts, and into covering operating costs.