Florida Institute finalizes funding agreement with TransGenex Nanobiotech

The Florida Institute for the Commercialization of Public Research (the Institute) announced today that it has finalized a funding agreement with TransGenex Nanobiotech, Inc. (TGN), a company that is developing nano-scale technologies for novel, cost-effective diagnostic and therapeutic agents against cancers and other inflammatory diseases. The Institute supports new company creation based on publicly-funded research, and bridges early funding gaps for companies spinning out of Florida-based universities and research institutions.

TGN, with 3D cell culture technology licensed from the University of South Florida, has developed the TUMOR-ON-A-DISH^™ platform for translational cancer research and drug discovery. The company is addressing the need for improved cell culture models, as current 2D models do not reflect the in vivo environment accurately, and poorly predict drug efficacy and patient response.

The company's goals are to develop nano-scale technologies for cancer drug discovery and personalized cancer treatment; nano-cell particle formulations for detection and treatment of cancers and other diseases; and broad-based technologies for the nano-encapsulation of diagnostic and therapeutic compounds.

"TransGenex is developing the fiber-inspired smart scaffold technology (FISS^™) platform that enables development of multicellular tumor spheroids that fully resemble tumors in vivo, resulting in improved drug discovery and development, as well as better prediction of the clinical efficacy of drugs for personalized cancer treatment," said Sagar Galwankar, MD interim CEO of TransGenex. "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 commercialization."

"TGN is developing novel approaches to drug discovery and personalized medicine, causing a shift in how we think of cancer as a disease," said Jamie Grooms, Institute Chief Executive Officer. "The Institute is pleased to support the TGN team as it advances the commercialization of promising new nano-scale technologies, and to furthering the advancement of Florida's Life Sciences industry cluster.