Arrowhead Portfolio Company, Leonardo Biosystems, Receives $2.5 Million Funding from Texas Emerging Technology Fund
PASADENA, Calif., Jun 07, 2010 (BUSINESS WIRE) -- Arrowhead Research Corporation /quotes/comstock/15*!arwr/quotes/nls/arwr (ARWR 1.65, -0.01, -0.60%) announced today that its portfolio company, Leonardo Biosystems, has received a $2.5 million grant from the Texas Emerging Technology Fund, a state fund established to accelerate commercialization of new technologies. Leonardo Biosystems, co-founded by prominent nanoscientist Dr. Mauro Ferrari, professor at the University of Texas, and Arrowhead's, CEO Dr. Christopher Anzalone, is engineering a multi-stage drug delivery platform to improve the effectiveness of drug therapy, particularly for cancer.
The Texas Emerging Technology Fund was established by the Texas Legislature at the urging of Governor Rick Perry. The Fund's commercialization awards provide selected, early-stage investments in new, technology-based, private entrepreneurial entities that collaborate with public or private institutions of higher education in Texas, and which, if successful, may provide significant economic benefit to the state.
"We are honored that our company has been recognized by the blue ribbon ETF Advisory Board as a promising channel for providing economic development for the state of Texas," said Dr. Bruce Given, Leonardo's CEO. "Leonardo's proprietary nanoparticle delivery system is designed to overcome the body's natural defense mechanisms which make it difficult or impossible to effectively deliver many promising therapeutics, especially in cancer. This award from the ETF allows us to keep this crucial technology in Texas, where we hope to develop it to its full potential."
About Arrowhead Research Corporation
Arrowhead Research Corporation (www.arrowheadresearch.com) /quotes/comstock/15*!arwr/quotes/nls/arwr (ARWR 1.65, -0.01, -0.60%) is a nanotechnology company commercializing new technologies in the areas of life sciences and electronics. Arrowhead is seeking to build value for shareholders through the progress of its subsidiaries and investments. Currently, Arrowhead is focused primarily on its two majority owned subsidiaries; Unidym, a leader in carbon nanotube technology for electronic applications, and Calando, at the forefront of the clinical application of RNAi delivery technology. Arrowhead also has minority investments in two privately held nanobiotech companies.
About Leonardo Biosystems
Leonardo Biosystems is a drug delivery company built around technology developed by Dr. Mauro Ferrari, one of the world's best-known nano-science innovators. Leonardo has a multi-stage delivery platform that has been shown in animal models to be highly effective in targeting delivery of siRNA and small molecule drugs.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:
This news release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are based upon our current expectations and speak only as of the date hereof. Our actual results may differ materially and adversely from those expressed in any forward-looking statements as a result of various factors and uncertainties, including the future success of our clinical studies, our ability to successfully develop and manufacture products, rapid technological change in our industry, changes in demand for our future products, legislative, regulatory and competitive developments and general economic conditions. Our Annual Report on Form 10-K, and other SEC filings discuss these and other important risk factors that may affect our business, results of operations and financial condition. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.