The Monaco Scientific Center takes stake in the startup Coraliotech

This Monday, January 11, a financial agreement ceremony was held between the CSM and the startup Coraliotech.

The collaboration between the CSM and Dr. Rachid Benchaouir, Founder and CEO of the Coraliotech startup, started in 2014, when he was conducting joint research with the Departments of Marine Biology and Medical Biology, in the field of genetic diseases and DNA sequencing of corals.

The molecule discovered during this research is of major interest for the development of pharmacological and cosmetic products, both innovative and sustainable.

It helps protect skin cells against ultraviolet radiation and against particularly toxic chemical agents. These remarkable properties have been valued in the form of a patent application extended internationally, of which the CSM is co-owner.

Faced with the potential for innovative substances in corals, Mr. Benchaouir decided to create Coraliotech, with the support of the CSM. The Monegasque marine biotechnology startup has been part of the MonacoTech incubator since the end of 2017.

Its objective is to produce, promote and market products of interest to human health from these marine organisms. Coraliotech is able to reproduce in the laboratory coral active ingredients identical to natural molecules, from their DNA.

The entry of CSM into the capital of CORALIOTECH demonstrates that science and the development of new applications are closely linked and makes it possible to capitalize on the benefits of this joint patent through the marketing of patented products or operating licenses.

With this agreement, acted today, the CSM becomes the first Monegasque public establishment to enter the capital of a private company.

Article: Communication Department of the Princely Government of the Principality of Monaco

Post Author: Wealth Monaco