Israeli drugmaker Biokine Therapeutics has announced the approval of a $600,000 grant from the European Union FP6 program.

The grant is part of an overall approved budget of $5 million by the FP6 to a consortium of companies and academic institutes for the development of chemokine-based drugs for the treatment of inflammatory diseases.

"We are pleased to be part of this consortium which brings together the leading academic and commercial organizations in Europe in the field of chemokine-based therapeutics" said Lior Carmon, co-founder and vice president of business development for Biokine.