Velocity Pharmaceutical Development and Remeditex Ventures Announce Collaboration Agreement and Initial Co-Investment
SOUTH SAN FRANCISCO, Calif. and DALLAS, Aug. 19, 2013 /PRNewswire/ -- Velocity Pharmaceutical Development, LLC ("VPD") and Remeditex Ventures, LLC ("Remeditex") announced today the signing of a collaboration agreement. Under this agreement, VPD and Remeditex will jointly evaluate pharmaceutical development opportunities for management by the VPD development team and potential funding from Velocity Pharmaceutical Holdings, LLC and Remeditex.
In conjunction with this collaboration, both VPD and Remeditex have announced an investment by Remeditex in a VPD-managed pharmaceutical development company, Tigercat Pharma, Inc.
"VPD has assembled a world-class group of scientists and drug developers" said Dennis Stone, Chief Scientific Officer of Remeditex. "Everyone at Remeditex is thrilled to be working with the VPD team. We look forward to identifying and developing a series of promising pharmaceutical candidates in partnership with VPD."
"It is a great honor for us to join in this partnership with Remeditex" said David Collier, CEO of VPD. "The Remeditex team, network and experience perfectly complement the skill set we have at VPD. Having Remeditex as a potential funding partner greatly expands the scope of opportunities we can address at VPD."
About Velocity Pharmaceutical Development, LLC
VPD is a pharmaceutical development organization dedicated to rapidly advancing promising drug candidates to clinical proof of concept using a highly virtual management model. VPD seeks to acquire promising drug candidates, generally within a year of their entering human clinical trials or after initial human clinical data have been generated. VPD then manages a highly virtual development program for each drug candidate intended to generate convincing human proof of concept data (generally by conducting a phase 2 clinical trial). Following successful human proof of concept, VPD then seeks a large pharmaceutical company acquirer for each program. VPD is staffed by a seasoned team of clinical drug developers with expertise identifying attractive drug candidates, target markets, and designing and managing outsourced clinical trials. This expert team manages multiple single asset companies to remove the costly overhead and misaligned incentives present in traditional biotechnology company structures. VPD operates on a rapid decision principle, which identifies drug candidates with the greatest promise and repurposes capital from those that don't work out early in the process. VPD believes this new capital-efficient model will yield attractive new drugs to treat patients with significant unmet clinical needs. The company is located in South San Francisco, California. More information is available at www.vpd.net.
About Remeditex Ventures, LLC
Remeditex is a company that seeks to develop opportunities in need of commercial validation, guidance, and capital. Its mission is to develop early stage biomedical science and make Texas and Colorado a preferred location for biotechnology companies, venture capitalists, and entrepreneurs by accelerating the pace of commercialization of biomedical research; help create and support a thriving biotechnology industry; attract biotech venture capital to Texas and Colorado; and achieve significant returns to support the next generation of promising science. More information is available at www.Remeditex.com.
About Velocity Pharmaceutical Holdings, LLC
Velocity Pharmaceutical Holdings, LLC, is an entity funded by CMEA Capital that makes investments in highly virtual, project-focused pharmaceutical development companies that are managed by Velocity Pharmaceutical Development, LLC. More information is available at www.vpd.net and www.cmea.com.
SOURCE Velocity Pharmaceutical Development, LLC