04:12 PM EST, 03/08/2024 (MT Newswires) -- NurExone Biologic ( NRXBF ) down 6.1% on Friday, said it is setting up a research and development facility in Israel.

The pharmaceutical company said it finalized a lease and construction agreement for the lab, which will be on the campus of the Israel Institute of Technology, known as Technion.

"Being located at the Technion provides access to multi-million-dollar equipment and advanced facilities at the Technion, streamlining costs for the Company. We are deeply grateful to the Technion for their partnership and support," research and development director Noa Avni said in a release.

Construction is expected to be complete in 12 weeks.

NurExone shares closed down C$0.05 to C$0.77 on the TSX Venture Exchange,