The Monaco Scientific Centre (CSM) has taken a stake in the startup Coraliotech. A signing ceremony was held on Monday, January 11, to mark the financial agreement.

The collaboration between the CSM and Dr Rachid Benchaouir, Founder and CEO of Coraliotech, began in 2014, while 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 has a major role to play in 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 active ingredients identical to the natural DNA of coral molecules.

CSM’s entry into Coraliotech capital demonstrates that science and the development of new applications are closely linked and make it possible to enhance the benefits of this joint patent through the marketing of patented products or operating licenses, the Government said. “With this signature, confirmed today, the CSM becomes the first Monegasque public establishment to take a stake in a private company,” the statement said.

ORIGINAL SOURCE & PHOTO: Monaco Government Press Service