Yale and UConn researchers secure $2m

Connecticut Innovations (CI) is making its first investments in the form of both grants and loans worth a total of about $2m. The state-funded venture capital agency’s money comes via its $200m Bioscience Fund, which will be investing over the next 10 years.

The first spin-out to receive an investment is Connecticut University (UConn) spin-out Dura Biotech. Dura is looking at a $400,368 loan, with an option for CI to convert it into an equity stake. The loan will fund research on an aortic valve concept, developed by associate professor Wei Sun, and an animal study of the valve.

CaroGen Corporation, a biopharmaceutical spin-out of Yale University, is looking at a $500,000 equity investment. The company is in the early-stage of developing a new Hepatitis B vaccine, but the underlying technology could potentially be used for vaccines against other infectious diseases and cancer. CaroGen previously secured $160,000 from various programmes managed by CI.

Both the terms of the Dura and CaroGen deals are still being discussed.

Demetrios Braddock, associate professor at the Yale School of Medicine, is receiving $500,000 to conduct a proof-of-concept study for a drug treating an undisclosed fatal orphan disease that leads to heart failure and cardiac arrest.

Quing Zhu, professor at UConn’s School of Engineering, has also secured $500,000 in funding. Her research is the basis for a handheld near-infrared imager that can predict the response of a breast cancer patient to chemotherapy.

Jeremy Crisp, executive vice-president at Connecticut Innovations, said: “We were extremely pleased with the high-calibre applicants and look forward to reviewing and evaluating the next round in coming weeks.”