Neurexis Therapeutics Awarded Colorado Advanced Industries Accelerator Grant
Neurexis Therapeutics, Inc. announced today that it was approved for funding as part of the Colorado Office of Economic Development and International Trade's (OEDIT) Advanced Industries Accelerator Program for a $250,000 Early Stage Capital and Retention Grant to be used to accelerate development of the company's innovative therapeutic peptide for the prevention of brain damage following cerebral ischemia.
AURORA, Colo., June 2, 2020 /PRNewswire-PRWeb/ -- Neurexis Therapeutics, Inc. announced today that it has been approved for funding as part of the Colorado Office of Economic Development and International Trade's (OEDIT) Advanced Industries Accelerator Program. The $250,000 Early Stage Capital and Retention Grant will be used to accelerate development of the company's innovative therapeutic peptide for the prevention of brain damage following cerebral ischemia. This includes the loss of blood flow to the brain caused by stroke, cardiac arrest, sickle cell anemia, congenital heart defects, high-risk vascular surgery, coronary disease, and other complications.
Neurexis was formed by VIC Technology Venture Development in early 2020 based on the efforts of Dr. Ulli Bayer at the University of Colorado Anschutz Medical Campus to create an optimized drug called tatCN19o, which dramatically reduces both the brain cell death and behavioral problems resulting from cerebral ischemia. This is especially relevant to the current COVID-19 pandemic given that a significant side-effect of SARS-CoV-2 infection is an alarming incidence of strokes in otherwise healthy individuals in their 30s, 40s, and 50s. A neuroprotective option for stroke would lessen the brain damage and long-term health impacts from the loss of circulation that the virus appears to cause.
"Neurexis is the first of what we hope will be many startup companies that we create and invest in here in Colorado to develop innovation created by the State's universities, institutes and national labs," stated Dr. Michael Artinger, CEO of Neurexis and EVP and Managing Director of VIC. "That fact that Professor Bayer's technology had received prior commercialization support from the State and University through their BDEGP and SPARK programs was a compelling factor during our due diligence, and will likely hold true for other investment opportunities that we evaluate in the future. We look forward to continuing to partner with OEDIT to advance early, but promising Colorado-grown healthcare innovation."
"Colorado's Advanced Industries Early Stage Capital and Retention Grant program is designed to fuel innovations that solve market needs, can be created or manufactured in Colorado and be exported globally," said Katie Woslager, Senior Manager- Advanced Industries at OEDIT. "Colorado's AI program helps bioscience companies explore the far-reaching impact of medicine and Neurexis embodies the dramatic impact that innovation has on the standard of care in times of pandemic crisis or for the daily betterment of society. These advancements perfectly illustrate the economic and social impact of Colorado's Advanced Industries program."
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About Neurexis Therapeutics, Incorporated
Stroke and cardiac arrest affect millions of patients each year. Re-establishment of blood flow to the brain—although life-saving—does not address the substantial impact on quality of life and healthcare costs associated with the resulting neuronal death and cognitive impairment. There are no FDA-approved drugs for this indication, resulting in a tremendous unmet medical need for a product such as tatCN19o that significantly reduces brain damage from stroke. To learn more, visit http://www.neurexistherapeutics.com.
About VIC Technology Venture Development, LLC
VIC Technology Venture Development, LLC is a technology venture development firm that creates innovative new companies with world-changing science- and engineering-based technologies. VIC carefully selects and licenses technologies from universities and research institutions around the world, then partners technology entrepreneurs with VIC's team of business and technology experts and allocates seed capital through the national VIC Investor Network. VIC provides its portfolio companies with senior management expertise, extensive knowledge of technology startups, and proven processes to execute business strategies, including legal, financial, operations, marketing, capital acquisition, and technology management. For more information, please visit http://www.victech.com.
About Colorado Office of Economic Development and International Trade
The Colorado Office of Economic Development and International Trade (OEDIT) works with partners to create a positive business climate that encourages dynamic economic development and sustainable job growth. Under the leadership of Governor Jared Polis, we strive to advance the State's economy through financial and technical assistance that fosters local and regional economic development activities throughout Colorado. OEDIT offers a host of programs and services tailored to support business development at every level including business retention services, business relocation services, and business funding and incentives. Learn more at http://www.choosecolorado.com.
SOURCE Neurexis Therapeutics, Inc
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