GAINESVILLE and BOCA RATON, Fla., June 18, 2015 /PRNewswire-USNewswire/ -- The Florida Institute for the Commercialization of Public Research (the Institute) announced today that it has finalized a funding agreement with TransGenex Nanobiotech, Inc. (TGN), a company that is developing nano-scale technologies for novel, cost-effective diagnostic and therapeutic agents against cancers and other inflammatory diseases. The Institute supports new company creation based on publicly-funded research, and bridges early funding gaps for companies spinning out of Florida-based universities and research institutions.
TGN, with 3D cell culture technology licensed from the University of South Florida, has developed the TUMOR-ON-A-DISH™ platform for translational cancer research and drug discovery. The company is addressing the need for improved cell culture models, as current 2D models do not reflect the in vivo environment accurately, and poorly predict drug efficacy and patient response.
The company's goals are to develop nano-scale technologies for cancer drug discovery and personalized cancer treatment; nano-cell particle formulations for detection and treatment of cancers and other diseases; and broad-based technologies for the nano-encapsulation of diagnostic and therapeutic compounds.
"TransGenex is developing the fiber-inspired smart scaffold technology (FISS™) platform that enables development of multicellular tumor spheroids that fully resemble tumors in vivo, resulting in improved drug discovery and development, as well as better prediction of the clinical efficacy of drugs for personalized cancer treatment," said Sagar Galwankar, MD interim CEO of TransGenex. "This funding comes at a critical time in our development, and, coupled with other funds raised, will enable us to rapidly move to product manufacturing and commercialization."
"TGN is developing novel approaches to drug discovery and personalized medicine, causing a shift in how we think of cancer as a disease," said Jamie Grooms, Institute Chief Executive Officer. "The Institute is pleased to support the TGN team as it advances the commercialization of promising new nano-scale technologies, and to furthering the advancement of Florida's Life Sciences industry cluster.
About the Institute
Formed by the Florida Legislature in 2007, the Florida Institute for the Commercialization of Public Research is a non-profit organization that works collaboratively with the technology licensing and commercialization offices of Florida's state universities and private research institutions to leverage a $2B+ research base and form investable companies that create clean jobs in new industries that are driving the global economy. Over 100 new company projects have been identified across the state, and the Institute deploys company building and funding programs to promising Florida startups. Thirty-nine companies have been funded since the program's inception.
About TransGenex Nanobiotech, Inc.
TransGenex Nanobiotech, Inc. ,is a privately held nano-biotechnology company that engages in the discovery and development of nanoparticle formulations and nano-encapsulation methods for the treatment of cancers. Located in Tampa, FL the company is a spin-out from the University of South Florida, with a strong patent position, developed by the founders and licensed from the University of South Florida.
Chief Operating Officer
Institute for the Commercialization of Public Research
SOURCE Florida Institute for the Commercialization of Public Research