RD72 - Virginia Israel Advisory Board Annual Report for FY2007


Executive Summary:
FY 2007 Results

1. Initiated the development of the “Virginia Israel Bio Sciences Commercialization Center” within the Virginia BioTechnology R&D Park. The Center will attract 3-4 new companies to Virginia per year. Two companies have begun working in the Center during FY2007, which created an initial 2 positions.

2. OSG, an Israeli company, began operations in FY2007 in Emporia employing 50 workers. They are accelerating the three year plan with an expansion that will add another 25 jobs in FY2008.

3. Accelerated two BIRD grants that awarded total of $1.8 million for joint projects between Virginia and Israeli companies that will add approximately 6 new positions in Virginia.

4. The VIAB contributed to the growth of 85 new jobs in FY2007 which represents additional tax revenue to the State of $293,000 on a tax base of $5.1 million.