Austin, TX (PRWEB) March 12, 2014
The Austin Technology Incubator (ATI), part of the IC2 Institute at The University of Texas at Austin (UT), is pleased today to announce the admittance of Lung Therapeutics Inc. to its Bio/Health Sciences Portfolio. Lung Therapeutics Inc.’s lead drug candidate, LT1-01, will allow for effective fluid drainage of the lung cavity, a rare consequence of hospitalized pneumonia, without the need for surgery. The company has been awarded more than $12 million in NIH funding toward the development and IND-enabling studies of the lead candidate, as well as a seed investment from the UT Horizon Fund, a strategic venture fund of the University of Texas System.
“Lung Therapeutics is unique as a pharmaceutical startup. The team has a wealth of experience in the respiratory disease field and the company has removed much of the technology risk by funding advanced translational research and manufacturing with substantial federal dollars. We are very pleased to admit them into the ATI portfolio,” said Cindy WalkerPeach, PhD, Director, Bio/Health Sciences Portfolio at ATI.
Lung Therapeutics takes advantage of more than 25 years of research in lung disease at UT Health Science Center Tyler to pursue indications for which there is no effective therapeutic option. The company’s lead candidate, LTI-01 for complicated pleural disease, addresses an unmet need in a billion dollar global market.
“I believe doors will more readily open to us now as a member company of ATI. Since ATI’s selection process involves thorough diligence, investors and corporate contacts realize our company is one to be taken seriously,” said Brian Windsor, CEO of Lung Therapeutics. “The ATI team has provided insight and advice that have helped hone our value proposition and put it into terms that are easy to understand. They have also made themselves available at virtually any time to help with matters big and small. It's been much more than mentoring - they are working hand in hand, in partnership with us, to make our business succeed.”
Lung Therapeutics will continue to work with ATI and others in the central Texas region while the scientific and medical leadership in Tyler continues to develop lifesaving drugs for pulmonary indications.
About the Austin Technology Incubator:
The Austin Technology Incubator (ATI) is the startup incubator of the IC2 Institute of The University of Texas at Austin. ATI works with seed and pre-seed-stage companies, helping prepare these businesses for commercial success, with a particular focus on helping startups compete in the capital markets. The Incubator has operated since 1989 with a dual mission: create jobs and wealth in Central Texas through technology entrepreneurship, and provide distinctive teaching and research opportunities to the UT-Austin community. Over the past 10 years, ATI companies have created more than 5,500 jobs, nearly $1 billion in economic impact, and over $20 million in tax revenues in Central Texas.