ANN ARBOR, Mich., Jan. 27 /PRNewswire/ -- NanoCure(TM) Corporation has been awarded a contract from the Michigan Economic Development Corporation (MEDC) that provides $187,075 over three years. This contract is part of a $1.24 million award to the University of Michigan from the MEDC to develop a drug delivery platform based on patented dendrimer technology exclusively licensed by NanoCure(TM) from the University. The funds provided to NanoCure(TM) will support costs related to commercialization, including developing applications for clinical testing of the platform and funding to support clinical trials.
NanoCure(TM) is developing unique cancer treatments based on dendrimer targeted drug delivery. This approach accomplishes the long-sought goal of specifically killing cancer cells while avoiding the poisoning of normal cells. The dendrimers' small size enables them to escape the blood stream through vascular pores to selectively target and treat tumor cells. The dendrimer-based drugs can be coupled to additional agents that will simultaneously image tumors and analyze treatment efficacy.
The discovery phase of NanoCure's drug delivery system was initiated through a $5.5 million contract from the National Cancer Institute (NCI). An additional $7.3 million was secured from the NCI in September of 2003 to test the targeted cancer treatment in animal models.
This project involves the close collaboration of the University of Michigan, two non-profit institutions (The Van Andel Research Institute and The Michigan Molecular Institute) and three private companies (NanoCure(TM), Dendritech(TM), and Dow Chemical). All collaborators are based in the State of Michigan. The project uses core facilities developed through the Michigan Life Sciences Corridor (MLSC) and leverages funds from Federal, MEDC/MLSC and private sources to achieve crucial milestones in technology development.
Dr. James. R. Baker, Jr., CEO and CSO of NanoCure(TM), states "The flexibility of this platform for drug delivery provides the potential to revolutionize therapeutics and provide unique solutions for many areas of medical care. The funding from the MEDC provides crucial support to transition this technology from the research phase to clinical development."
NanoBio(R) Corporation, also of Ann Arbor, recently formed NanoCure(TM) to focus on the development of dendrimer-based drug delivery and imaging nanotechnology. This technology was developed in the University of Michigan's Center for Biologic Nanotechnology.
CONTACT: John Coffey of NanoCure Corporation, +1-734-302-4000 X 107, email@example.com