NIST Awards $2 Million to Velcura Therapeutics, Inc. for Innovative Technology R&D Dual-Action Therapies for Bone Disease
ANN ARBOR, Mich., Sept. 27 /PRNewswire/ -- The National Institute of Standards and Technology (NIST) has selected Velcura Therapeutics, Inc. as an award winner in the Commerce Department's Advanced Technology Program (ATP), a peer-reviewed competition. NIST announced today that $2 million was awarded to the early-phase Michigan biotechnology company developing drug therapies to treat osteoporosis, bone cancer, bone fractures, and other bone disorders.
Velcura scientists have discovered a family of small molecules that possess characteristics of dual-action therapies, both stimulating bone formation and inhibiting loss. "These molecules are rapidly cleared from the blood stream, so these new drugs offer low systemic exposure, reduced off- target effects and extended time on target resulting in increased efficacy," according to Michael W. Long, PhD, president and CEO of Velcura Therapeutics, Inc. "This makes them effective agents for cancer patients and Velcura will start clinical trials I Multiple Myeloma patients for its first therapy, VEL- 0230, in early 2008."
Velcura's ATP funding supports the development of improved, or second- generation, molecules for use in bone diseases requiring long-term therapy, such rheumatoid arthritis or osteoporosis. "Velcura will use the ATP funding to invent new types of therapeutic molecules that retain the advantages of the current generation of compounds and their dual-action effects," Dr. Long added.
The ATP choose Velcura for its innovative approaches both at the level of medicinal chemistry and in the area of bone cell assay development. Velcura's new therapy could have a major economic impact on the treatment of many bone diseases such as osteoporosis that affects more than 10 million Americans. Current projections indicate a more than $60 billion market worldwide for diagnosis and treatment of the bone disease by 2020.
About Velcura Therapeutics(R), Inc.
Velcura Therapeutics Inc. is an early stage biotechnology company headquartered in Ann Arbor, Michigan. Velcura's research focus is to better understand human bone disease and to discover novel therapeutics that restore bone health. Velcura develops highly differentiated therapies for bone disease; specifically, dual-acting therapies that demonstrate both anabolic bone-building and anti-bone-loss activities in a single molecule. Velcura uses its patented platform technologies to discover and optimize compounds that both simulate and inhibit bone growth. Velcura's lead compound, VEL-0230 was identified using these bone assays. More information is at www.velcura.com.
About the Advanced Technology Program
Managed by the National Institute of Standards and Technology (NIST), the Advanced Technology Program encourages research on technologies that lead to revolutionary new products and industrial processes and services that address national priorities and generate large societal benefits. Winners are chosen on scientific and technological merit and potential for broad-based economic benefits. A single company can receive up to a total of $2 million for research and development activities for up to three years. Information on the 2007 Advanced Technology Program competition is available at www.atp.nist.gov/ and www.nist.gov/public_affairs/releases/atp_2007_awards.html.
Available Topic Expert(s): For information on the listed expert(s), click appropriate link. Michael W. Long, Ph.D. http://profnet.prnewswire.com/Subscriber/ExpertProfile.aspx?ei=49215
Velcura Therapeutics, Inc.CONTACT: Cindy Orlandi, APR, ABC of Velcura, +1-734-250-2619,+1-734-973-1000, orlandi@velcura.com, or Michael Baum of NIST Public andBusiness Affairs Division, +1-301-975-2763, michael.baum@nist.gov