HOUSTON TECHNOLOGY CENTER CLIENT COMPANY SALIENT PHARMACEUTICALS INCORPORATED RECEIVES $2 MILLION COMMERCIALIZATION AWARD FROM THE
(HOUSTON) – January 29, 2010 – Houston Technology Center (HTC), announced today that client company Salient Pharmaceuticals received a $2 million commercialization award from the Texas Emerging Technology Fund (TETF) for the commercialization of their CASAD therapy, an all natural product used to prevent and treat some cancer therapy-induced side effects.
“It is imperative that we continue to foster the growth of Texas’ biotechnology industry to grow our economy and develop products that can improve and save lives,” Gov. Perry said. “This investment in Salient Pharmaceuticals will help commercialize a product that will improve cancer patients’ quality of life, and strengthen our state’s biomedical technology sector.”
“Emerging businesses in this state that embark in new fields -- particularly in areas such as pharmaceutical development which require a long time and a great deal of capital, rely on the long range vision of investors and partners like the TETF,” said Richard Scruggs, President and CEO, Salient Pharmaceuticals. “Their work in the vetting process was thorough and the decision to invest validates the confidence we have in our product. We are looking forward to delivering results from our initial trials in the next 12 to 18 months and, eventually, bringing a Texas-based product to market.”
Established by Gov. Perry and the Texas Legislature in 2005, the TETF is bringing the best scientists and researchers to Texas, attracting high-paying jobs, and helping start-up companies get off the ground faster. The TETF program has been renewed to fund awards through August 2011. Including Salient’s award, the TETF program has announced awards to 31 Gulf Coast region companies, eligible for almost $30 million in assistance.
The HTC serves as the Gulf Coast Regional Center for Innovation and Commercialization (GCRCIC) for the TETF, collaborating with the Greater Houston Partnership, area universities, community volunteers and economic development organizations within its 30-county region. The GCRCIC is responsible for processing all funding applications and supporting emerging technology companies in its region. For more information about the GCRCIC, visit www.gulfcoastrcic.org.
About Salient Pharmaceuticals
Formed in 2007, Salient’s mission is to improve health and quality of life while developing and commercializing therapeutic products for the prevention and treatment of gastro-intestinal side effects caused by disease, chemotherapy or radiation.
About the Houston Technology Center
Houston Technology Center (HTC), a business accelerator and the largest technology business incubator in Texas, accelerates the commercialization of emerging technology companies in the Greater Houston area. A 501(C)(3)non-profit organization, HTC assists Houston-based entrepreneurs within several key sectors: Energy, Information Technology, Life Sciences, Nanotechnology and NASA/Aerospace technologies, by providing in-depth business guidance, access to capital and service providers, and entrepreneurial education. For more information, visit www.houstontech.org.