TOPEKA, Kan., June 17 /PRNewswire/ -- The Kansas Technology Enterprise Corporation (KTEC) has made a seed round investment in Overland Park, Kan.- based Inverseon Inc. from its Technology Commercialization Seed Fund (TCSF).
Inverseon is a newly created biopharmaceutical company that focuses on the development of inverse agonists -- substances that traditionally are thought of as antagonists but under certain conditions upregulate active receptors. Inverseon's lead product candidate, INV-102, is an orally available small molecule for the treatment of asthma. When administered chronically, INV-102 increases the number of active receptors in the lungs, thereby preventing severe bronchoconstriction during an asthma attack.
The most common treatment for asthma is a class of drugs known as beta agonists. It has been known for some time that prolonged use of these drugs may result in a worsening of the asthma condition in some patients. INV-102 is intended primarily to treat those patients that have become less responsive to beta agonists.
Inverseon possesses unique insights into the pharmacology of inverse agonists and their chronic effects through a technology developed by Dr. Richard Bond, an associate professor at the University of Houston and Inverseon's scientific founder. Bond leads a distinguished panel of scientists as part of Inverseon's Scientific Advisory Board, which includes Nobel Laureate in Medicine Sir James W. Black.
Inverseon was created and initially funded by EGB Advisors LLC, a San Francisco-based firm that provides business development and financial resources to the life science community.
"We are very excited that KTEC is leading Inverseon's seed investment round," said Michael Sember, managing director of EGB Advisors and interim CEO of Inverseon. "This capital will build on the investment made by EGB Advisors and accelerate the clinical development of INV-102. With these funds, we intend to initiate human clinical trials in the second half of 2004 and further develop a portfolio of unique inverse agonists."
"With a proven management team, an innovative platform for the identification of clinical candidates and a lead compound entering the clinic this year, we feel that Inverseon is an exciting investment opportunity for KTEC and we are pleased to lead this round of investment," said Tracy Taylor, president and CEO of the Kansas Technology Enterprise Corporation.
KTEC's TCSF program is designed to stimulate the commercialization of new products, processes or technologies with the goal of increasing sales for the company and creating jobs for Kansans.
Inverseon is a privately held biopharmaceutical company that has identified a class of unique inverse agonists that will be developed for the treatment of chronic diseases. Inverseon's lead program, INV-102, will enter human clinical trials for the treatment of asthma in 2004.
About EGB Advisors LLC
EGB Advisors LLC is a San Francisco-based firm providing business development and financial resources to life science companies, focusing on start-up to mid-cap bio-pharmaceutical companies.
KTEC is a state-chartered corporation dedicated to stimulating technology-based economic development in the state. KTEC's goal is to commercialize emerging technologies and, in turn, create high-quality jobs and diversify the Kansas tax base. KTEC is funded by proceeds from the state's Economic Development Initiatives Fund, which consists of revenues from the Kansas Lottery and Racing Commission.
Kansas Technology Enterprise Corporation