AUSTIN, Texas, June 19 -- Gov. Rick Perry, R-Texas, issued the following news release:
Another Texas Emerging Technology Fund (TETF) grant awardee, ZS Pharma, has launched a successful initial public offering (IPO). ZS Pharma raised nearly $107 million on the NASDAQ capital market from its IPO yesterday.
"ZS Pharma's IPO exemplifies the purpose of the Texas Emerging Technology Fund's mission - to encourage growth in groundbreaking research, development and commercialization of emerging technologies in the Lone Star State," Gov. Perry said. "This isn't just good news for ZS Pharma, it's good news for Texas because companies like this partner with universities across the state and create jobs, attract investment and develop potentially life-saving technology."
ZS Pharma received a $2 million TETF award in 2010 for its development of an orally available sorbent product, ZS-9, which was designed and engineered to safely and effectively remove excess potassium from the blood and maintain normal potassium levels. This technology could potentially be used to treat hyperkalemia, a life-threatening metabolic condition that can lead to irregular heartbeat and sudden cardiac death.
"The Texas Emerging Technology Fund has been instrumental in supporting the development and commercialization of emerging technologies," said Robert Alexander, Ph.D., executive chairman and CEO of ZS Pharma. "The TETF award we received was critical in allowing us to build our Texas-based business and primarily the development of ZS-9, our product candidate in Phase 3 development for the potential treatment of hyperkalemia."
TETF grant awardee, Ideal Power was the first to successfully complete an IPO, raising $15 million in November of 2013.