A BOLD VISION...

 

 

 

March 20,2012

 

CPRIT ANNOUNCES PARTNERSHIP AGREEMENT POISED TO BRING

LIFE-SAVING TREATMENTS AND JOBS TO TEXAS

 

The Cancer Prevention and Research Institute of Texas (CPRIT) announces a partnership agreement with Texas BioAlliance and Spindletop Healthcare Capital to boost investment in life-saving cancer technologies in Texas. As part of the two-year agreement, CPRIT is providing $200,000 annually to help Craig Tooman – former top executive at Enzon Pharmaceuticals, Inc. – in his efforts to identify an oncology-related technology around which to start a Texas-based life sciences company. This is the first agreement to come out of the CPRIT-funded Entrepreneur-in-Residence (EIR) program.

 

CPRIT’s EIR program recruits experienced entrepreneurs to build Texas-based life sciences companies in collaboration with qualified investment firms. It is strategically aligned with CPRIT’s efforts to fund the commercialization of cancer research and build a critical mass of life science companies within the state. Texas BioAlliance administers the EIR program for CPRIT.

 

“I am extremely pleased that we have begun attracting life science management expertise to Texas through CPRIT’s Entrepreneur-in-Residence Program,” said Charles Tate, CPRIT Oversight Committee member and Chairman of the Economic Development and Commercialization Subcommittee. “Having experienced life science managers who can create successful oncology companies in the state is a key component of the infrastructure to get important discoveries from the laboratory to patients.”

 

Dr. Evan Melrose, Managing Director of Spindletop Capital, noted that “We are excited about the opportunity to build a commercial stage business in Oncology together with CPRIT.  Craig’s success at ILEX Oncology together with over 20 years of operating and M&A experience at Pharmacia and Enzon is a great addition to the Texas life science landscape and the Spindletop Capital team.”  

 

Tooman has a wealth of experience in the life sciences, including senior positions at several small cap pharmaceutical companies. He is also an expert in investor relations with several industry awards to his credit. He began his career at the Upjohn Company.

 

About CPRIT

Texas voters overwhelmingly approved a constitutional amendment in 2007 establishing CPRIT and authorizing the state to issue $3 billion in bonds to fund groundbreaking cancer research and prevention programs and services in Texas. CPRIT’s goal is to expedite innovation and commercialization in the area of cancer research and to enhance access to evidence-based prevention programs and services throughout the state. CPRIT accepts applications and awards grants for a wide variety of cancer-related research and for the delivery of cancer prevention programs and services by public and private entities located in Texas. More information about CPRIT is available on its website, www.cprit.state.tx.us.

 

About Spindletop

Spindletop Capital is a late stage venture capital firm focused on expansion capital for high growth healthcare companies. Spindletop Capital was founded in 2011 and is based in Austin, Texas. Spindletop recently participated in the investment in BioVENTUS, a spinout of the Biologics and Clinical Therapies division of Smith & Nephew.

 

About Texas BioAlliance

CPRIT’s Virtual Management Company (VMC), Texas BioAlliance, assists entrepreneurs and researchers in creating commercially viable companies to take promising technologies from the bench-top to the bedside. The programs provided through the VMC services will measurably impact the start-up and growth of cancer-related companies in Texas and will in turn help build a sustainable life science industry and safeguard CPRIT’s investment in promising cancer research and companies.