Colorado Institute for Drug, Device and Diagnostic Development Awards Funding to Fort Collins' VetDC

June 23, 2011 - PRLog -- The Colorado Institute for Drug, Device and Diagnostic Development (CID4), a 501(c)(3) not-for-profit entity focused on advancing the Colorado life science ecosystem through company creation and job growth, has selected Ft. Collins, Colorado-based Veterinary Emerging Technologies Development Corporation (VetDC) to receive funding and management assistance. VetDC in-licenses, develops and commercializes technologies to address serious unmet medical needs in companion animals.

The announcement is made by Kevin M. Smith, CID4 President & CEO, who says, "CID4 is providing funding as well as access to CID4’s expert management team’s experience and deep network of potential partners and funders to advance VetDC’s cancer-focused veterinary products."

In the first quarter of 2011, VetDC completed the acquisition of all North American veterinary rights to VDC-1101 (GS-9219) from Gilead Sciences, allowing for development and commercialization in animal cancer. VDC-1101 is an anti-proliferative agent that preferentially targets lymphoid cells and works by inhibiting DNA synthesis, leading to the induction of apoptosis or programmed cell death. In a recently completed animal study, VDC-1101 was well tolerated and demonstrated significant activity against spontaneous non-Hodgkin’s lymphoma in pet dog subjects (n=38).

“We are excited to partner with VetDC and their experienced management team in the companion animal and veterinary space,” said Richard C. Duke, Founder and Chief Scientific Officer of CID4. “Our capital and management resources will assist with late-stage clinical trials and the potential commercialization of what may be an important new therapeutic option for animals suffering from lymphoma.”

“We are extremely pleased to enter into this financing agreement with CID4,” said Steven Roy, President and Chief Executive Officer of VetDC. “The CID4 funding will not only help us advance our lead cancer program, but will also help increase employment to the company and the State of Colorado.  Furthermore, CID4's solid reputation and deep industry connections have already proven valuable in helping VetDC raise additional capital.”

Performance highlights of CID4 and its funded entities include:

• $1.25 million in investments by CID4 has allowed an additional $1.3 million in third party financing into Project companies.

• 20 jobs created within 18 months.

• FDA clearance to market Sophono, Inc.’s Alpha 1 abutment-free, bone anchored hearing device in the US and Europe.

• Rapid progression in PeptiVir’s research and development of its universal influenza vaccine.

• Established a continuous application process so technology owners can apply when they are ready (versus the prior model which was limited to semi-annual solicitations).

• Redevelopment of the CID4 website to provide a more interactive experience and provide more benefits to visitors, as well as provide a direct link to technology submissions.

About VetDC

VetDC, Inc., a Colorado State University start-up headquartered in Fort Collins, Colorado, is a product development company focused on in-licensing, developing and commercializing novel biotechnologies to address serious unmet medical needs in companion animals. Visit http://vet-dc.com.  

About the Colorado Institute for Drug, Device and Diagnostic Development

Founded in 2009, the Colorado Institute for Drug, Device and Diagnostic Development (CID4) is a 501(c)(3) not-for-profit charitable organization whose mission is to advance the Colorado bioscience ecosystem through company creation and job growth. Active business management and capital work in tandem to help bridge the gap between discovery and product development. CID4 works to identify, fund and actively manage emerging life science technologies. This aim is achieved via an ongoing technology solicitation process augmented by additional deal flow sourcing through networked relationships. Active due diligence is provided by CID4 management in consultation with members of the CID4 Technical and Business Advisory Committee. For more information visit http://CID4.com.

Contacts:

Kevin M. Smith, President & CEO, The Colorado Institute for Drug, Device and Diagnostic Development - 720-859-4043 - kevin.smith@cid4.com     

Maggie Chamberlin Holben, APR, Absolutely PR - http://absolutelypr.com - 303-984-9801 or 303-669-3558 - maggie@absolutelypr.com