Tuesday, June 28, 2011

CID4 Portfolio: 'VetDC hopes money will lead to canine cancer drug on market'

Quoting from the Coloradoan article by Business Editor Pat Ferrier:

"A small CSU biotech spinoff developing a cancer drug for dogs has become the third company to partner with Colorado Institute for Drug, Device and Diagnostic Development, CID4, since the statewide institute was formed in 2009...

Veterinary Emerging Technologies Development Corporation, or VetDC, will get $200,000 in bridge financing, management support and key introductions to potential venture capitalists from CID4, a 2-year-old nonprofit designed to grow the state's biosciences...

VetDC hopes to leverage the $200,000 convertible notes from CID4 into $7 million to $8 million in venture or angel capital to develop and bring a new canine cancer drug to market...

VetDC acquired the North American rights to the chemotherapy drug, VDC-1101, earlier this year from Gilead Sciences."

Link to full article at coloradoan.com

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