Florida Institute Provides Seed Funding to Ponte Vedra-Based Sun BioPharma
Seed-Stage Company Focused on Diagnostics for Heart Disease
Gainesville and Boca Raton, FL – November 20, 2012 -The Institute for the Commercialization of Public Research (the Institute) announced today that it has finalized a funding agreement with Sun BioPharma, a startup company engaged in advancing the commercial development of a novel drug compound targeting pancreatic cancer. The Institute works with Florida’s research universities and institutions to support new company and job growth, and the goal of this program is to bridge company funding gaps, enabling them to reach critical milestones and attract additional private investment capital.
The new drug candidate discovered at the University of Florida and now licensed to Sun BioPharma targets DNA replication in the acinar/ductal cells of the pancreas from which cancerous tumors typically emerge. In animal models at two independent laboratories, the drug has demonstrated near 100% suppression of transplanted human pancreatic cancer, including metastatic pancreatic cancer growth.
“Funds made available to our company through the Seed Capital Accelerator Program, along with its requirement for private matching investment, will enable us to initiate important preclinical development work on our licensed drug candidate”, said Paul Herron, Chief Executive Officer of Sun BioPharma. “Programs like these, which are offered in several other states, are critical to the development and growth of early-stage life science companies like Sun BioPharma.”
“The Institute’s Seed Capital Accelerator Program provides funding to some of Florida’s most promising companies, enabling them to reach critical development milestones and create jobs for our future, ” said Jamie Grooms, Institute President and Chief Executive Officer. “This program, combined with the company creation and building services that the Institute provides, complements other economic development programs in the state and positions early stage companies for future investment and success.”
About the Institute
Founded in 2007 as a non-profit organization, the Institute is Florida’s One-Stop-Shop for investors and entrepreneurs who seek to identify new opportunities based on technologies developed through publicly-funded research. The Institute delivers programs that facilitate new venture and job creation through commercially-viable technologies in major industries that are driving the global economy. The Institute also administers the Florida Research Commercialization Matching Grant Program launched in 2010, and the Seed Capital Accelerator Program launched in 2011. For more information, visit www.florida-institute.com.
About Sun BioPharma, Inc.
Founded in 2011, Sun BioPharma has executed a Technology License Agreement with the University of Florida Research Foundation for the worldwide rights to a novel drug compound showing promise in pancreatic cancer. Funds raised to date from private investors and the Florida Institute have enabled the Company to take initial steps to advance the commercialization of its licensed compound.