Herndon, VA (PRWEB) February 21, 2012
The Center for Innovative Technology (CIT) announced today a $50,000 investment in Charlottesville, Va.-based Xdynia LLC, a drug development company with a new class of compounds targeting the Cav 3.2 Ca++ channel, a common pathway in the development of neuropathic pain.
Current pain therapies are subject to common side-effects (nausea, vomiting, constipation, dizziness, and somnolence), addictive potential, and rapid tolerance. Xdynia’s Cav3.2 inhibitors alleviate these problems with first-in-class, well-tolerated, non-addictive treatments, and orally bioavailable, making them the ideal product for clinicians and patients.
CIT President and CEO Pete Jobse said, “Xdynia’s therapeutic technology is derived from research conducted at the University of Virginia – research that intends to enhance the treatment for neuropathic pain. This Virginia-based research demonstrates future innovation in the life sciences industry throughout the Commonwealth.”
Xdynia’s President Yuri Maricich said, “Chronic pain over 76 million Americans with only 40% reporting partial relief of symptoms from available therapies. Whether caused by diabetes, shingles, fibromyalgia, HIV, or cancer, the Cav3.2 T-channel is a common pathway in the development of neuropathic pain. Xdynia is poised to introduce a better class of drugs to treat such pain, and this investment will help us advance our product to pre-clinical trials.”
Tom Weithman, CIT Vice President and GAP Funds Managing Director, said, “With our funding, Xdynia plans to produce the data necessary to begin the commercialization of a Cav3.2 product for the treatment of pain, with the endeavor to build a Charlottesville-based company that will be the world leader in pain management.”
Since its 2005 launch, CIT GAP Funds has placed over 60 investments across the Commonwealth, deploying more than $5M of public funds and attracting $15 dollars of private funding for every $1 of public money invested. (For a list of portfolio companies, please visit the GAP Funds website.)
About the Center for Innovative Technology, http://www.cit.org
CIT is a nonprofit corporation that accelerates the next generation of technology and technology companies. CIT creates new technology companies through 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.
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 Health Systems, Johnson & Johnson, General Electric, and Alpha Natural Resources.