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Press ReleaseRECEPTOR LOGIC RECEIVES $2 MILLION ADVANCED TECHNOLOGY PROGRAM AWARD FROM THE NATIONAL INSTITUTE OF STANDARDS & TECHNOLOGYAmarillo, TX, and Austin, TX - (BUSINESS WIRE) - September 30, 2004 - Emergent Technologies, Inc. (ETI) of Austin announced today that its Amarillo-based biotech company, Receptor Logic, Inc., has won a three year, $2 million award from the Advanced Technology Program (ATP) of the National Institute of Standards & Technology (NIST). The award will fund development of a cancer profiling and immunotherapy platform targeting breast cancer. ATP, managed by NIST, provides cost-shared funding to industry for high-risk R&D projects with the potential to spark important, broad-based economic benefits for the United States. The awards are made on the basis of a rigorous peer-reviewed selection process. Out of 870 proposals submitted last April, ATP made 32 awards. For more information, visit the ATP web site, www.atp.nist.gov. Mr. Tony Taylor, ETI Vice President and Managing Director of Receptor Logic stated, “This new platform will lead to more sensitive and accurate tools for diagnosing and treating breast cancer for patients who might have exhausted all other options. It also has the potential to save hundreds of millions of dollars annually in the U.S economy by reducing costs associated with cancer-related morbidity, mortality, and worker productivity losses.” “Receptor Logic will develop a new class of antibodies that mimic T cell receptors (TCR mimics) which will identify and then attack tumor-specific human leukocyte antigen complexes (HLA). HLA are present on virtually all cells and display cancer targets on tumor cell surfaces,” remarked Dr. Jon Weidanz, Receptor Logic Chief Scientist. Mr. John Hoopingarner, ETI Executive Vice President added, “Pure Protein, L.L.C., an affiliate based in Oklahoma City, will perform a variety of subcontract tasks, including the use of proprietary mass spectrometry technology to discover tumor associated HLA complexes utilizing its license from the University of Oklahoma Health Sciences Center also in Oklahoma City. Texas Tech University Health Sciences Center School of Pharmacy (Amarillo, Texas) will provide consulting and lab support services.” Dale Gannaway, Director of the Lubbock Regional Bioscience Initiative, a program of Market Lubbock, commented, “We have known for a long time that Texas Tech was a great resource for commercialization opportunities. We appreciate ETI’s WesTech Ventures I fund (WesTech) for creating Receptor Logic to license the base technology from the university and turning this opportunity into a reality.” ETI formed WesTech (its third fund) in August, 2003, and launched Receptor Logic in December, 2003. Visit its website at www.receptorlogic.com. Tommy Harlan founded ETI in 1989 and as its Chairman, CEO and President directs the activities of ETI and its nine portfolio companies. ETI is a venture capital firm that specializes in forming, funding, commercializing and managing biotech companies for the purpose of converting institutional and university-based technology into high-return ventures. Visit its website at www.emergenttechnologies.com Contact: KEYWORD: Austin, Lubbock, Amarillo INDUSTRY KEYWORD: Immunotherapy Pharmaceutical Antibody Biotech Breast Cancer HLA MHC T-Cell back to Press & Publications |
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