Alfred Mann Institute at the Technion Established.

NEW YORK -- Biomedical entrepreneur and philanthropist Alfred E. Mann today signed an agreement to establish a life sciences/biomedical engineering research institute at the Technion-Israel Institute of Technology. Mann signed the agreement with the Technion and the American Technion Society (ATS) at the organization's Manhattan office.

The Technion is the first university outside of the U.S. selected by Mann to be a part of his vision of establishing a total of 12 Alfred Mann Institutes (AMI's) at the world's top research centers. So far, the only other AMI can be found at the University of Southern California (USC); two others are in later stage discussions.

According to the agreement, Mann will provide initial funding of $4 million for the AMI's operating expenses over the next two years. The money is intended as a bridge to the establishment of a $100 million endowment for the institute. This is coupled with a multi-year agreement that would provide millions of dollars annually for the institute's operating budget, pending establishment of the $100 million endowment.

The gift will become one of the largest ever established for an Israeli institution. Mann said the Technion's standing as a world leader in scientific research and its high academic ranking played significant roles in his decision.

"The Technion's interdisciplinary nature allows for the melding of biomedicine and science with engineering and technology not possible at most universities," he said. "I'm confident this unique focus will make the institute a world leader, and a place that will help cure the diseases that plague mankind."

A board of directors for the institute has already been selected. The 12-member group will be comprised of five Technion-appointed representatives; six handpicked by Mann (who will serve as chairman); and one from the ATS. The institute will operate under the direction of Dr. Zeev Gilkis, who has been an investment director of venture capital firm Comverse Investments.

"The establishment of this institute is recognition of the Technion's strengths and potential for innovative and important scientific and medical advances," said Technion President, Professor Yitzhak Apeloig. "This will greatly increase our ability to translate the knowledge and research emanating from the Technion into products to meet unmet and poorly met medical needs. We believe the AMI will form the basis for the establishment of various successful companies."

The agreement will give the Alfred Mann Institute unbridled access to information about Technion intellectual property in fields that fall under the institute's umbrella. The Institute - dedicated to the creation of medical device and pharmaceutical products and processes to improve human health and well-being - will also have the right to develop and commercialize that property.

"Al Mann's contributions to science and medicine are well-known," said ATS Executive Vice President Melvyn H. Bloom. "We're extremely fortunate to be involved in the process of making the Alfred Mann Institute at the Technion a reality."

Alfred E. Mann is Chairman of the Board of Trustees of The Alfred Mann Foundation, founded in 1985, and the Alfred Mann institute for Biomedical Engineering at the University of Southern California. The foundation and the institute are nonprofit research organizations devoted to development of advanced medical products in a variety of fields.

Mann is Chairman and Chief Executive Officer of MannKind Corporation and of Advanced Bionics[R] Corporation (ABC); and Chairman of Second Sight, LLC, Bioness, Inc. AlleCure Corporation, Quallion, LLC, Implantable Acoustics, and Chairman Emeritus of Pacesetter[R] System, Inc., and MiniMed - all companies founded by Mann.

ATS Executive Vice President Melvyn H. Bloom, Technion President Prof. Yitzhak Apeloig and Technion Prof. Zvi Kochavi, director of the Technion's Research and Development Foundation, were present at today's meeting.

The Technion-Israel Institute of Technology is Israel's leading science and technology university. Home to the country's only winners of the Nobel Prize in science, it commands a worldwide reputation for its pioneering work in nanotechnology, computer science, biotechnology, water-resource management, materials engineering, aerospace and medicine. The majority of founders and managers of Israel's high-tech companies are alumni. Based in New York City, the American Technion Society is the leading American organization supporting higher education in Israel, with 17 offices around the country.