Wednesday, June 18, 2008

Texas Emerging Technology Fund Makes Two Investments

The Texas Emerging Technology Fund (TETF) said Wednesday that it has made two new investments in the biotech area. According to the TETF, Abilene-based Receptor Logic received a $2M Commercialization Award for the firm's antibody technology, and Austin's Terapio Corp. has scored $1.7M in a Commercialization Award around a topical cream to prevent side effects from common chemotherapy drugs. The Texas Emerging Technology Fund said the investments bring its total to $49M in biotech research and development activities in the state. Receptor Logic's technology is focused on yielding better immunology research, better clinical diagnostics, and better therapies such as monoclonal antibodies and vaccines. Terapio's product is targeted at reducing the side effect of several common chemotherapy drugs used in the treatment of breast, colon and ovarian cancers. So far, the Texas Emerging Technology Fund has invested more than $110M in Texas companies and universities; the fund received $75M in the 2008-2009 state budget, which will give the fund more than $165M in funding investments.