BioAdvance Announces Investment Activity in PA Life Science …

PHILADELPHIA, Jun 18, 2012 (BUSINESS WIRE) –
BioAdvance, the Biotechnology Greenhouse Corporation of Southeastern
Pennsylvania, today announced commitments of $2.4 million to seven new
life science companies, two academic technologies and seven current
portfolio companies during its fiscal year ending June 30, 2012.

Seven new start-up companies have received investments:

–
RMH Sciences (Philadelphia), discovering novel antibacterial agents
for the treatment of resistant gram negative and gram positive
infections, based on the work of Harvey Rubin, M.D., Ph.D., of the
University of Pennsylvania.

–
Ossianix (Philadelphia), developing single domain antibodies based on
the shark VNAR structure, with a platform of potential therapeutics in
immunological, inflammatory, musculoskeletal, neurologic, and other
disorders.
www.ossianix.com

–
Merganser Biotech (Delaware), developing hepcidin peptides for the
treatment of hemoglobinopathies, such as sickle cell anemia and beta
thalassemia, and diseases of iron overload.

–
Anakim Biologics (Chester), developing efficiencies and improvements
in biologics manufacturing.

–
Enzium (Philadelphia/Allegheny), developing highly sensitive biosensor
methodologies for the testing of proteases and other enzymes.
www.enzium.com

–
Imiplex (Bucks), developing the TriPol platform, engineered from
proteins, designed to provide a flexible system for constructing
diverse nanostructures.
www.imiplex.com

–
Cool~Bio (Delaware), developing platelet-inhibiting technology geared
specifically to activation during the cooling process of cardiac
bypass.

BioAdvance also supported two academic technologies for potential
company formation in the region: one selective TNFRI inhibitor
discovered at the University of Pennsylvania and one for hearing loss
discovered at the University of Auckland.

“The demand for funding and the technical and commercial attractiveness
of new technologies in 2012 has been strong, particularly when coupled
with the experienced industry talent pool here,” said Barbara S.
Schilberg, Managing Director and CEO of BioAdvance. “Given the shortage
of start-up capital, we’re pleased to continue filling a critical role
in funding early-stage innovation. We know from success stories such as
Avid Radiopharmaceuticals and Infrascan that these companies have the
potential to significantly impact human health and drive economic growth
in the region.”

In addition to new start-up funding, seven companies in the BioAdvance
portfolio are receiving follow-on investments, including:

–
Solaris Therapeutics (Bucks), working on a unique approach to protein
misfolding through ring domains of E3 ligases responsible for
ubiquitinization.

–
Novira Therapeutics (Delaware), developing first-in-class antiviral
therapeutics based on a novel mechanism of action that targets viral
capsid assembly.
www.noviratherapeutics.com

–
Niiki Pharma (Philadelphia), developing two clinical-stage
first-in-class anti-cancer drug candidates: NKP-1339, which targets
BiP/GRP78, and NKP-2235 which uses transferrin to disable the
endoplasmic reticulum, causing tumor cell death.
www.niikipharma.com

–
Galleon Pharmaceuticals (Montgomery), developing innovative breathing
control medicines for acute and chronic neurorespiratory conditions,
including opiate-induced respiratory depression and sleep apnea.
www.galleonpharma.com

–
Immunome (Montgomery), developing proprietary native human monoclonal
antibody (N-huMAB) platform which enables the discovery of N-huMABs
engineered by the human immune system that are not accessible by other
antibody cloning methods.
www.immunomeinc.com

–
Optofluidics (Philadelphia) developing microfluidic and biophotonic
devices for single molecule manipulation for analysis and
point-of-care medical diagnostics.
www.optofluidicscorp.com

–
Ceptaris Therapeutics (Chester), developing mechlorethamine gel, a
topically delivered cytotoxic agent to treat cutaneous T-cell lymphoma
(CTCL).
www.ceptaris.com

Since 2003, BioAdvance has invested $21.3 million in 54 companies with
over 60 products for the diagnosis and treatment of diseases such as
Alzheimer’s, obesity, diabetes, infectious diseases and cancer. For
every $1 that BioAdvance has invested in early stage companies, $72
additional dollars were attracted into the Pennsylvania economy. Its
portfolio companies have raised nearly $500 million in subsequent
funding and nine companies have attracted over $1 billion in capital
from acquisitions and other exits, including Acuity Pharmaceuticals,
Protez Pharmaceuticals, Avid Radiopharmaceuticals and NuPathe Inc.

For more information or to apply for funding please visit
www.bioadvance.com .

SOURCE: BioAdvance

        
        BioAdvance 
        Jennifer Smith, 610-230-0645 
        jsmith@bioadvance.com
        

Copyright Business Wire 2012