Israel's Ministry of Economy will support startup companies, mainly in life sciences, in a plan worth 100 million new shekels (27.1 million U.S. dollars), a local website reported Sunday.

The purpose of the program is to help such companies pass from the research and development stage in the laboratory to the establishment of a plant, the Hebrew-language website Calcalist said.

In the first stage of the program, 10 companies will receive a grant of up to 10 million new shekels.

The Israel Innovation Authority estimates that 1,450 life sciences companies operate in the state, employing more than 85,000 workers.