Charlottesville, VA (PRWEB) April 11, 2014
The Center for Innovative Technology (CIT) announced today that its CIT GAP Funds’ portfolio reached 100 companies with an investment in Neoantigenics, a University of Virginia spin-out and Charlottesville-based biotech company that is developing a targeted treatment for cancer.
In making the announcement at the 3rd Annual Tom Tom Founders Festival in Charlottesville, Tom Weithman, VP, CIT Entrepreneur and Managing Director of the CIT GAP Funds, said, “CIT GAP Funds provides the early-stage funding for entrepreneurs and startups that is absent in private markets. Our investments allow these companies to grow and contribute to Virginia’s innovation economy while providing solutions that meet important needs.”
Neoantigenics was established in July 2012 to advance the research and development of novel research findings of Dr. John Herr on oocyte proteomics. Neoantigenics holds an exclusive license from U.Va. Licensing & Ventures Group to the intellectual property of Herr on oocyte-associated biomarkers in the cancer field. The company is actively advancing both monoclonal antibody agents to these biomarkers, as well as molecular diagnostic assays for precision, personalized medicine. Earlier this year, it announced a partnership and investment from Pfizer, Inc.
Neoantigenics CEO Dr. Brian Pollok said, “The investment from CIT GAP Funds will help us advance to defining an antibody drug agent for pre-clinical development.”
CIT GAP Funds is a family of seed- and early-stage investment funds placing near-equity and equity investments in Virginia-based high-growth technology, life science and clean technology companies. Since its 2005 launch, CIT GAP Funds has invested in 100 companies across the Commonwealth of Virginia, deploying more than $12 million of public funds and attracting over $180 million more in private funding.
CIT Board of Directors Chairman David Lucien said, “With investments in innovative technology startups like Neoantigenics, the CIT GAP Funds are creating new opportunities for Virginia’s entrepreneurs. This 100th investment is not only an important milestone for CIT; it also demonstrates a vibrant pipeline of innovative companies and entrepreneurs who are building our innovation economy.”
About the Center for Innovative Technology, http://www.cit.org
Since 1985, CIT, a nonprofit corporation, has been the Commonwealth’s primary driver in developing innovation-based economic development strategies and opportunities. CIT accelerates the next generation of technology and technology companies through commercialization, capital formation, market development and revenue generation services. To facilitate national innovation leadership and accelerate the rate of technology adoption, CIT creates partnerships between innovative technology startup companies and advanced technology consumers. Follow CIT on Twitter @CITorg and add the Center for Innovative Technology on LinkedIn and Facebook.
About the CIT GAP Funds, http://www.citgapfunds.org
CIT GAP Funds makes seed-stage equity investments in Virginia-based technology, clean tech and life science companies with a high potential for achieving rapid growth and generating significant economic return for entrepreneurs, co-investors and the Commonwealth of Virginia. CIT GAP Funds investments are overseen by the CIT GAP Funds Investment Advisory Board (IAB). This independent, third-party panel consists of leading regional entrepreneurs, angel and strategic investors, and venture capital firms such as: New Enterprise Associates, Grotech Ventures, Valhalla Partners, Harbert Venture Partners HIG Ventures, Edison Ventures, In-Q-Tel, Intersouth Partners, SJF Ventures, Carilion Clinic, Johnson & Johnson, General Electric and Alpha Natural Resources.