Seed Funding from the Biotech Greenhouse of Southeastern PA for Two Penn Startups
Two new companies based on technologies developed at Penn are among the seven start-ups receiving seed capital from BioAdvance, the Biotechnology Greenhouse of Southeastern Pennsylvania. Avid Radiopharmaceuticals, which develops diagnostic tools for Alzheimer disease, and Marillion Pharmaceuticals, which creates target cancer chemotherapies, will each receive $500,000 as part of the Greenhouse fund third cycle of investment.
Avid Radiopharmaceuticals has licensed technologies from Penn and is leveraging the work of Dr. Hank Kung, a radiopharmaceutical researcher and a professor in the department of radiology at the School of Medicine. Avid is using this technology to create extremely safe and low-dosage radiopharmaceuticals for use with brain scan imaging to evaluate and diagnose Alzheimer disease.
“We are optimistic that our products will allow for early and accurate diagnosis of Alzheimer disease and will fundamentally change the way the medical community evaluates and treats elderly patients with memory complaints,” said Daniel Skovronsky, president and CEO of Avid.
Marillion Pharmaceuticals is working with Dr. Gang Zheng and Dr. Jerry Glickson, also of the department of radiology, to develop safer and more effective cancer treatments. The company has licensed technology from Penn that will enable pharmaceutical companies to enhance the effectiveness of existing cancer drugs and resurrect failed cancer treatments by providing a novel drug delivery vehicle, the glucose transporter.
“Marillion is very happy to be working with BioAdvance to move this critically important technology from the scientists’ labs to the patients that need it. We are looking forward to developing this technology as we believe it has the power to drastically improve the treatment of cancer,” said Zahed Subhan, CEO of Marillion.
Additional information about BioAdvance and a webcast of last week’s events are available at www.bioadvance.com.
Almanac, Vol. 51, No. 19, February 1, 2005
February 1, 2005
Volume 51 Number 19