Scranton, PA – October 13, 2006. Chaperone Technologies, Inc., a developer of novel therapies for difficult-to-treat and drug-resistant infectious diseases, is pleased to announce an investment of $300,000 from two Pennsylvania-based early stage investors: $150,000 each from the Life Sciences Greenhouse of Central Pennsylvania (LSGPA)and the Ben Franklin Technology Partners of Northeastern Pennsylvania (BFTP/NEP). Chaperone has corporate offices in Malvern , PA and an R&D facility in Scranton, PA.
These recent deals follow a previous investment this year of $100,000 by LSGPA, and prior investments totaling more than $300,000 by BFTP/NEP. The funding will be used to advance development o f the co m pany’s pro prietary antimicrobial technologies. Potential applications of the technologies include treatment of infections often acquired during hospital stays, such as surgical wound and complicated urinary tract infections. The company is also pursuing therapeutics that might prove effective for use against suspected biowarfare agents.
The Greenhouse and Ben Franklin investments complement other funding received by Chaperone this year from private investors and the US Department of Defense. The company has received significant federal funding, beginning with a Cooperative Research and Development Agreement (more commonly known as a CRADA) executed in cooperation with the US Army Medical Research Institute for Infectious Diseases. More recently, Chaperone has initiated work on a $1 million contract it was awarded to conduct biotechnology research for the United States Army.
“Ben Franklin has been a key partner to C hapero ne T echno lo g ies since 2004,” said Gerald E phau lt, B en F rank lin R eg io nal M anager, P o co no N o rtheast. “Chaperone is an extremely promising biotech company that has benefited from a regional economic development partnership that also includes the Life Sciences Greenhouse, the University of Scranton and Lackawanna College, among others.”
About Chaperone Technologies, Inc.
Chaperone Technologies Inc. develops antimicrobials, based on a novel target and mechanism of action, for difficult-to-treat and drug-resistant organisms across a broad range of infectious diseases. The company is pursuing treatments for hospital acquired infections, such as those from surgical wounds, respiratory and urinary tract infections, and has a program with the Department of Defense to develop therapeutics for use against selected biowarfare pathogens.
In the search for a superbug killer, Chaperone Technologies is developing a new class of antimicrobials that have the potential to kill any pathogen where it’s unique designed compounds can bind to the organism’s DnaK, a new bacterial target. Belonging to a class of vital bacterial intracellular structures called chaperone molecules, DnaK’s role is to help promote refolding of critical regulatory proteins and enzymes, a necessary process in the life of the pathogen. Chaperone’s products are designed to kill bacterial pathogens by binding to the bacteria’s DnaK and preventing the molecule from doing its protein-repair work, thereby killing the targeted pathogen.
Chaperone’s core technology also includes novel combinations of DnaK inhibitors with other known antimicrobial agents to elicit an enhanced inhibitory effect upon bacterial growth and/or activity, and proprietary high-throughput drug discovery screening tools for identification of compounds that inhibit DnaK for use as bacterial agents. Chaperone’s discovery program has yielded proprietary synthetic peptide analogs and small molecule DnaK inhibitors which could serve as new drug leads.
For more information visit www.chaperonetechnologies.com.
About The Life Sciences Greenhouse of Central Pennsylvania
The Life Sciences Greenhouse of Central Pennsylvania has been formed to accelerate economic growth through commercialization of discoveries in the life sciences. A public/private joint venture with input and resources from government, business, universities, and economic development partners, it provides early stage investment capital and business support services to the region’s most promising life sciences enterprises. LSGPA invests up to $750,000 into the early-stage life sciences companies via its Technology Development and Gap Funds. The investments are typically via milestone-driven convertible debt or equity instruments, and may be used for variety of purposes, including prototype development, proof-of-principle work, attraction of a management team, early marketing efforts and business development.For more information, please visit www.lsgpa.com.
About the Ben Franklin Technology Partners of Northeastern Pennsylvania
The Ben Franklin Technology Partners of Northeastern Pennsylvania links companies with experts, universities, funding, and other resources to help them prosper through innovation. The Center strategy encompasses three key areas: developing early-stage, technology-oriented companies; helping established manufacturers creatively apply new technologies and business practices; and promoting an innovative community-wide infrastructure that fosters a favorable business environment for high-growth companies. Ben Franklin makes investments of up to $150,000 per year for up to three years. BFTP/NEP takes calculated risks investing in young, unproven companies as well as supporting established companies by providing attractive loan packages for manufacturing innovation and access to a network of university and industry experts and facilities. The northeastern center, located on the campus of Lehigh University with regional offices in Lewisburg, Reading, and Wilkes-Barre, is part of a four-center, state-funded economic development initiative. For additional information, visit www.nep.benfranklin.org.
Contact: Chaperone Technologies, Inc. (484) 913 1286
