WEST LAFAYETTE, Ind.--(BUSINESS WIRE)-- Officials of a fund created to help commercialize new technologies announced a $150,000 investment in a startup based in the Purdue Research Park of West Lafayette.
Bioscience Vaccines Inc. will receive finances from the Emerging Innovations Fund, which was established in 2008 as a partnership between Purdue Research Foundation and Purdue University to fast-track the development of new technologies.
"This Emerging Innovations Fund round of financing was very competitive, with 10 applicants from the sectors of nanotechnology, food science, medical devices, advanced materials and pharmaceuticals," said Joseph B. Hornett, senior vice president, treasurer and COO of the Purdue Research Foundation.
In February 2010, Bioscience Vaccines received funding from BioCrossroads, an Indianapolis-based organization that works to advance life sciences in Indiana.
"Bioscience Vaccines is developing a wound technology that was developed at Purdue and commercialized by Cook Biotech and is now being used by Bioscience Vaccines to improve the performance of vaccines," said David Johnson, BioCrossroads president.
Bioscience Vaccines' technology is administered for the prevention and treatment of infectious diseases and cancers. The base technology for the Matrix Immune Modulator (MIM) product has been commercialized by Cook Biotech and has been used in approximately 2 million patients worldwide.
Amy Overby, vice president of business development and operations at Bioscience Vaccines, said the MIM technology will lower the necessary amount of vaccine needed per dose.
"MIM boosts the immune response to vaccines, consequently decreasing the required amount of antigen present in each vaccination," she said. "The end results are an increase in the availability of vaccines and a decrease in the production cost of each vaccine."
Bioscience Vaccines was established in 2009 by a team that includes Anthony Hubbard, acting president and CFO; Overby; Rae Record Ritchie, vice president of research; and Mark Suckow, chief scientific officer. Suckow, the director of the Freimann Life Science Center at the University of Notre Dame, also is an adjunct associate professor of laboratory animal medicine in Purdue University's School of Veterinary Medicine.
Purdue faculty, staff, students and Purdue Research Park-based companies are eligible to apply for funding, including all Indiana incubators and satellite campuses.
Purdue Research Foundation
Steve Martin, 765-588-3342
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