Austin Technology Incubator Welcomes Aeglea BioTherapeutics
Cancer Fighting Drug Development Company Closes $12 Million Funding
Austin, TX (PRWEB) March 24, 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 Aeglea BioTherapeutics to its Bio/Health Sciences Portfolio. Aeglea BioTherapeutics is an early-stage drug development company working on novel cancer fighting treatments which recently raised $12 million in financing.
“We are excited that Aeglea has joined ATI’s Biosciences portfolio. Not only does Aeglea have a novel cancer treatment technology, they also have an exceptional leadership team. David is well versed in drug development, and has created a novel business model, which will benefit the company’s growth and success,” said Cindy WalkerPeach, PhD, Director, Bio/Health Sciences Portfolio at ATI.
Many cancer tumors are dependent on certain amino acids for survival, this mechanism is fundamentally different than the needs of normal, non-cancerous tissue. Aeglea BioTherapeutics, in partnership with Dr. George Georgiou of The University of Texas at Austin, is developing three drugs invented at UT, that degrade certain amino acids in the circulation, taking advantage of the cancer’s metabolic vulnerability, and selectively killing only the tumor.
“Aeglea is pleased to be joining ATI at this stage in our growth,” said David G Lowe, PhD, President and CEO of Aeglea. “Our focus on product development is well suited to the ATI model. The facilities at ATI provide an immediate jump start for our operations as we move our lead program, a therapeutic enzyme targeting the amino acid dependence of cancer, through IND enabling studies.”
Aeglea BioTherapeutics will use the $12 Million in new funding to continue to grow, adding new staff, conducting research and manufacturing for the lead drug, and preparing for the first phase of clinical trials. ATI will support these next business milestones. “We are pleased that Aeglea has chosen to locate in Austin, Aegela’s presence will add to the growing bioscience ecosystem and have economic impact in Central Texas,” said Dr. WalkerPeach.
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.
For the original version on PRWeb visit: http://www.prweb.com/releases/2014/03/prweb11694770.htm