Modulation Therapeutics Receives Seed Funding through Florida Institute
Tampa-Based Company is Eleventh to Receive Capital through the SCAP Program
GAINESVILLE & BOCA RATON, Fla.--(BUSINESS WIRE)--The Institute for the Commercialization of Public Research (the Institute) announced today that it has finalized a funding agreement with Modulation Therapeutics, an early-stage pharmaceutical company dedicated to the development of novel treatments for multiple myeloma. The Institute works with Florida's research universities and institutions to support new company creation and job growth, and this program bridges funding gaps, enabling recipients to reach critical milestones and attract additional private investment capital.
"Companies like Modulation Therapeutics are developing novel therapies targeting some of the most dreaded diseases we face today, and contribute much to the development of Florida's life sciences industry cluster."
Modulation Therapeutics, based on technology licensed from the Moffitt Cancer Center in Tampa, focuses on cancers such as multiple myeloma that home or metastasize to the bone. The company is developing MTI-101, a drug with a novel, first in class mechanism of action for myeloma, an incurable blood cancer. "Support from the Institute will enable us to trigger studies to better understand the dosing, toxicology and optimal clinical program for MTI-101, bringing us closer to our goal of IND filing by Q4 2013," said Michael Cerio, interim CEO of Modulation Therapeutics. "This funding comes at a critical time in our development and, paired with funding we recently received from the Multiple Myeloma Research Foundation, the company is poised to take its first in class therapy into the clinic.
"Modulation Therapeutics is addressing a previously unmet need to treat Myeloma and the devastating prognosis that it delivers," said Jamie Grooms, Institute Chief Executive Officer. "Companies like Modulation Therapeutics are developing novel therapies targeting some of the most dreaded diseases we face today, and contribute much to the development of Florida's life sciences industry cluster."
About the Institute
Formed by the Florida Legislature in 2007, the Institute for Commercialization of Public Research is a non-profit organization that works collaboratively with the technology licensing and commercialization offices of Florida's eleven 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. The Institute's proven, two-pronged approach includes both company building and company funding programs, ensuring that the most promising startups receive the support and capital they need in order to grow. Over 100 new company projects have been identified across the state, and in 2011 the Institute began deploying a $10M Seed Capital Accelerator Program which provides "repayable upon liquidity" loans to qualifying companies. Over 70 companies have applied for funding, with 19 approved and 11 funded to date, for a total of $3.3M. Funded companies have raised in excess of $10M in additional private investment capital, and direct jobs are being created at an average salary of $74,000 per year.
About Modulation Therapeutics
Modulation Therapeutics is a pharmaceutical company developing its lead candidate MTI-101, a novel treatment with a first-in-class mechanism, for Multiple Myeloma. We are dedicated to improving patient outcomes by developing novel approaches to treating cancers that originate in or metastasize to bone. For more information about Modulation Therapeutics please visit www.modulationtherapeutics.com.
Institute for the Commercialization of Public Research
Jane Teague, 561-368-8889
Chief Operating Officer