NEW BRUNSWICK, N.J., July 12, 2017 /PRNewswire-USNewswire/ -- Actinobac Biomed Inc., started with an investment from FoundationVenture Capital Group (FVCG), Inc., an affiliate of New Jersey Health Foundation (NJHF), has received an investment from Kairos Ventures of up to $4.4 million to continue its groundbreaking research, announced James
Foundation Venture Capital Group invested in Actinobac to advance its work for the treatment of hematological malignancies (leukemias & lymphomas), autoimmune diseases (rheumatoid arthritis, multiple sclerosis, Crohn's disease, type 1 diabetes, lupus, and psoriasis), and HIV infection.
"We provided Actinobac with its first investment, allowing the company to advance its groundbreaking research to where it is today," said George F. Heinrich, M.D., vice chair and CEO of FVCG. "We are confident that this next investment will allow Actinobac to continue its important work."
Actinobac is developing LeukotheraŽ, a protein therapeutic that is able to seek out and destroy white blood cells that are involved in various diseases. The technology was originally developed at Rutgers, The State University of New Jersey.
"Rutgers is very excited about this important funding that will allow Actinobac to advance the LeukotheraŽ technology toward commercialization," said S. David Kimball, PhD, associate vice president of Research Commercialization at Rutgers. "This can have major implications for the treatment of blood cancer patients. It also strengthens our relationship with NJHF and Kairos Ventures in our mutual effort to further support university innovation that benefits society."
Scott Kachlany, PhD, Actinobac co-founder, noted, "The investment from Kairos, in conjunction with funding from the National Cancer Institute, will be vital for the advancement of LeukotheraŽ into human clinical trials, eventually making it available to patients suffering from leukemia and lymphoma."
Foundation Venture Capital Group
Foundation Venture Capital Group, an affiliate of New Jersey Health Foundation, invests in commercially viable new start-up companies developing health-related technology at major research universities in New Jersey with which they have affiliations. In addition to Actinobac, FVCG portfolio companies currently include:
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SOURCE Foundation Venture Capital Group
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