South Florida University spin-out TransGenex secures backing from Florida Institute for the Commercialisation of Public Research.
TransGenex Nanbiotech, a spin-out of South Florida University developing nanotech therapeutics for cancer, has secured financing from the Florida Institute for the Commercialisation of Public Research (FICPR).
The exact terms of the deal with the state-backed FICPR, which supports company creation and support services for Florida universities, were not disclosed. The funding will be used to further develop TransGenex’s oncology technology focused on drug discovery and therapeutics.
Sagar Galwankar, interim CEO of TransGenex, said: “TransGenex is developing the fibre-inspired smart scaffold technology platform that enables development of multicellular tumour spheroids that fully resemble tumours in vivo, resulting in improved drug discovery and development, as well as better prediction of the clinical efficacy of drugs for personalised cancer treatment. This funding comes at a critical time in our development, and, coupled with other funds raised, will enable us to rapidly move to product manufacturing and commercialisation.”
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