Colorado Institute for Drug, Device and Diagnostic Development Awards Funding to Fort Collins-based VetDC

AURORA, Colo., June 22, 2011 /PRNewswire/ -- The Colorado Institute for Drug, Device and Diagnostic Development (CID4), a 501(c)(3) not-for-profit entity focused on advancing the Colorado life science ecosystem through company creation and job growth, has selected Ft. Collins, Colorado-based Veterinary Emerging Technologies Development Corporation (VetDC) to receive funding and management assistance. VetDC in-licenses, develops and commercializes technologies to address serious unmet medical needs in companion animals.

The announcement is made by Kevin M. Smith, CID4 President & CEO, who says, "CID4 is providing funding, as well as access to CID4's expert management team's experience and deep network of potential partners, to VetDC."

In the first quarter of 2011, VetDC completed the acquisition of all North American veterinary rights to VDC-1101 (GS-9219) from Gilead Sciences, allowing for development and commercialization in animal cancer. VDC-1101 is an anti-proliferative agent that preferentially targets lymphoid cells and works by inhibiting DNA synthesis, leading to the induction of apoptosis or programmed cell death.

"We are excited to partner with VetDC and their experienced management team," said Richard C. Duke, Founder and Chief Scientific Officer of CID4. "Our capital and management resources will assist with late-stage clinical trials and the potential commercialization of what may be an important new therapeutic option for animals suffering from lymphoma."

"We are extremely pleased to enter into this financing agreement with CID4," said Steven Roy, President and Chief Executive Officer of VetDC. "The CID4 funding will not only help us advance our lead cancer program, but will also help increase employment."

About VetDC

VetDC, Inc., a Colorado State University start-up headquartered in Fort Collins, Colorado, is a product development company focused on in-licensing, developing and commercializing novel biotechnologies to address serious unmet medical needs in companion animals. Visit http://vet-dc.com.

About the Colorado Institute for Drug, Device and Diagnostic Development

Founded in 2009, the Colorado Institute for Drug, Device and Diagnostic Development (CID4) is a 501(c)(3) not-for-profit charitable organization whose mission is to advance the Colorado bioscience ecosystem through company creation and job growth. Visit http://CID4.com.

SOURCE The Colorado Institute for Drug, Device and Diagnostic Development