Institute for the Commercialization of Public Research Funds Jupiter Biotech Company
GLG Pharma Approved for Seed Capital Accelerator Program
Boca Raton and Gainesville, FL – June 1, 2012 - The Institute for the Commercialization of Public Research (the Institute) announced today that it has provided early-stage funding to GLG Pharma (GLG), a Jupiter-based company developing treatments based on technology licensed from the Moffitt Cancer Center in Tampa, for cancer and other proliferative diseases wherein cells grow or multiply rapidly. The Institute works with Florida’s research universities and institutions to support new company and job creation, and participants in the program must match Institute funding with private capital raised from angel investors and other sources.
GLG Pharma is developing a series of patented inhibitors of activated Signal Transducer and Activators of Transcription 3 (p-STAT3). The p-STAT3 protein is encoded by the STAT3 gene and is unique in the ability both to respond to extracellular signals and to regulate other genes directly. In normal cells, the formation of the p-STAT3 protein is switched on and off in response to signals that control cellular function. The presence of persistent levels of p-STAT3 is thought to play a key role in a number of diseases including cancer, psoriasis, polycystic kidney disease and Crohn’s disease. GLG Pharma’s initial therapeutics are expected to aid in the treatment of a wide variety of cancers with potentially greater efficacy and significantly fewer side effects than existing therapies in the $75-80 billion anti-cancer market.
GLG’s Executive VP Michael W, Lovell, Ph.D. stated that “this funding will enable us to advance the development of three product candidates and expand our collaborations with other research institutions in Florida. We appreciate Florida’s commitment to advancing the Life Sciences sector and these funds will enable us to raise additional capital to support our product commercialization efforts.”
“Companies like GLG Pharma demonstrate the promise of a diversified, knowledge-based economy in our state, and we are pleased to offer programs that help early-stage companies such as GLG Pharma achieve critical development milestones, said Jamie Grooms, Institute president and CEO. “GLG Pharma also represents the statewide connectivity provided by the Institute, which facilitated bringing together technology from West and Central Florida, management from Northeast Florida, and funding from Southeast Florida.”
About the Institute
Founded in 2007 as a non-profit organization, the Institute is Florida’s One-Stop-Shop for investors and entrepreneurs who seek to identify new opportunities based on technologies developed through publicly-funded research. The Institute delivers programs that facilitate new venture and job creation through commercially-viable technologies in major industries that are driving the global economy. The Institute also administers the Florida Research Commercialization Matching Grant Program launched in 2010, and the Seed Capital Accelerator Program launched in 2011. For more information, visit .
About GLG Pharma
Located in Jupiter, Florida, GLG Pharma, LLC is a privately held, early stage, biotechnology company founded in 2009 to develop personalized therapies for patients with cancer and other proliferative diseases. GLG Pharma’s therapeutics are expected to aid in the treatment of a wide variety of cancers and address unmet needs in the multi-billion dollar anti-cancer market with potentially greater efficacy and fewer side effects than existing therapies. For more information on GLG Pharma visit: http://glgpharma.com