Herndon, VA (PRWEB) August 12, 2014
The Center for Innovative Technology (CIT) announced today that it closed an investment in PhosImmune, a Charlottesville-based clinical-stage biotechnology company developing therapeutic cancer vaccines.
PhosImmune controls a library of unique, aberrantly phosphorylated tumor antigens (PTAs) that are directly implicated in metastasis, meeting a pressing need for high quality tumor antigens for use in new and more effective cancer vaccines. PhosImmune's PTAs are superior to conventional tumor antigens because they are derived from proteins associated with the process that drives cancer, and they target multiple forms of cancer, including leukemia, melanoma, and breast cancer. The Company's lead candidate, PxM-01, is currently in Phase I testing to treat melanoma. This technology stemmed from research at the University of Virginia.
CIT President and CEO Pete Jobse said, "The team at PhosImmune has developed PTAs that meet an important need in cancer treatment and will enable a variety of targeted immunotherapy approaches. Innovative solutions like this one are what we look for in making CIT GAP Funds investments."
PhosImmune President Donald Hunt said, "We will use the investment from CIT GAP Funds to expand and continue our current trials, and to develop an additional PTA-based immunotherapy."
CIT GAP Funds is a family of seed- and early-stage investment funds placing near-equity and equity investments in Virginia-based high-growth technology, life science and clean technology companies.
Tom Weithman, CIT Vice President and GAP Funds Managing Director, said, "Companies with important and innovative solutions like PhosImmune often find it difficult to obtain the early-stage funding they need to continue to grow and develop their products. CIT GAP Funds looks to plug this funding gap, creating opportunities for Virginia-based startups that can contribute significantly to the Commonwealth's innovation economy."
Since its 2005 launch, CIT GAP Funds has invested in over 100 companies across the Commonwealth of Virginia, deploying more than $13 million of public funds and attracting over $200 million more in private funding.
About the Center for Innovative Technology, http://www.cit.org
Since 1985, CIT, a nonprofit corporation, has been Virginia's primary driver of innovation and entrepreneurship. CIT accelerates the next generation of technology and technology companies through commercialization, capital formation, market development and revenue generation services. To facilitate national innovation leadership and accelerate the rate of technology adoption, CIT creates partnerships between innovative technology start-up companies and advanced technology consumers. CIT's CAGE Code is 1UP71. To learn more, please visit http://www.cit.org. Follow CIT on Twitter @CITorg and add the Center for Innovative Technology on LinkedIn and Facebook.
About the CIT GAP Funds, http://www.citgapfunds.org
CIT GAP Funds makes seed-stage equity investments in Virginia-based technology, clean tech and life science companies with a high potential for achieving rapid growth and generating significant economic return for entrepreneurs, co-investors and the Commonwealth of Virginia. CIT GAP Funds investments are overseen by the CIT GAP Funds Investment Advisory Board (IAB). This independent, third-party panel consists of leading regional entrepreneurs, angel and strategic investors, and venture capital firms such as: New Enterprise Associates, Grotech Ventures, Valhalla Partners, Harbert Venture Partners HIG Ventures, Edison Ventures, In-Q-Tel, Intersouth Partners, SJF Ventures, Carilion Clinic, Johnson & Johnson, General Electric and Alpha Natural Resources.
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