AMIDEX Mutual Funds, a small investment manager in New York, announced the launch of AMIDEX Cancer Innovations & Healthcare Mutual Fund, the first mutual fund that is "targeted at cancer."

The new fund will invest in the 45 pharmaceutical, biotechnological and medical device companies that are in the AMIDEX eMed Cancer Innovations & Healthcare Index. The index is calculated and published by eMedsecurities, Inc., an investment bank and broker.

Direct medical expenses attributable to cancer exceed $60 billion, according to AMIDEX. "Almost half of all medicines now in clinical trials are drugs targeted at cancer," said Robert Naismith, CEO of eMedsecurities. "I see this subset of the healthcare industry as one of the most significant for the next decade."

The fund will begin investing in companies in the index beginning Nov.1. Shares of the new fund can be purchased through eMedsecurities with no sales load through October. After that, a load of 5.5% will be applied to the purchase of class A shares, according to the company.

AMIDEX also manages the AMIDEX35 Mutual Fund, which invests in the largest Israeli companies traded on Wall Street or in Tel Aviv, and the AMIDEX Israel Technology Fund, which invests in small- and medium-sized Israeli technology firms that are listed on the NASDAQ. Those funds have $9 million and $1 million in assets under management, respectively.

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