Houston County Courier - Local News
Stories Added - June 2008
Copyright 2008 - Polk County Publishing Company
Secretary Wilson Announces Two New TETF Investments
Houston County Courier - June 2008
During the 2008 BIO International Convention, hosted by the Biotechnology Industry Organization, Secretary of State Phil Wilson announced two new Texas Emerging Technology Fund (TETF) investments to advance Texas’ biotech activities.
The two investments, totaling $3.7 million, will add to the $49 million Texas has already invested in biotech research and development activities throughout the state. Secretary Wilson is the governor’s official designee on the $200 million TETF.
“The Texas Emerging Technology Fund was created with the objective to revolutionize our state’s technology industries to improve the lives of Texans through new medical breakthroughs and scientific research,” stated Wilson.
“The investments made today in these two biotech entities will drive us even farther in surpassing our goals and position Texas as a stronger leader in the economy of tomorrow.”
Receptor Logic, Ltd, of Abilene, is the recipient of a $2 million Commercialization Award to advance its efforts in the creation of antibodies through their T Cell Receptor mimic (TCRm™) technology.
These TCRm’s offer valuable insight into how the immune system interacts with a diseased cell, yielding better immunology research, better clinical diagnostics, and better therapies such as monoclonal antibodies and vaccines.
Terapio Corp., of Austin, received a $1.7 million Commercialization Award from the TETF that will further its activities in the research, development and commercialization of a topical cream to prevent and treat “Hand-Foot Syndrome,” a side effect of several common chemotherapy drugs used in the treatment of breast, colon and ovarian cancers.
Terapio’s product is the first in the market and will provide a relatively inexpensive, easy-to-use, and safe therapy for patients undergoing chemotherapy.
“Texas is a national leader in biotechnology thanks to incentives like the Texas Emerging Technology Fund,” said Gov. Rick Perry. “Today’s awards will contribute to valuable advances in medical technology, help improve Texans’ quality of life and maintain our state’s strong, diversified economy.”
The Texas Emerging Technology Fund was created by the Texas Legislature under the leadership of Governor Rick Perry in 2005 to support Texas’ activities in innovation and the commercialization of new technology.
To date, the TETF has invested more than $110 million in Texas companies and universities across the state.
The TETF program has three main areas of investment:
• Increasing research collaboration between public and private sector entities through new Regional Centers of Innovation and Commercialization where the seeds of an idea can take root in a university lab and eventually grow into a new product marketed by a new or expanding firm;
• Matching research grants provided by both federal and private sponsors to help innovators acquire the capital they need to bring their idea to life; and
• Attracting more top-notch research teams from other universities around the nation that will help put Texas universities on the cutting edge of technology research and development.
A 17-member advisory committee of high-tech leaders, entrepreneurs and research experts reviews potential TETF projects and recommends funding for projects to the governor, lieutenant governor and speaker of the house.
The 2008-2009 state budget recently passed by the legislature and signed by the governor includes $75 million in new general revenue for the TETF.
In addition to previous TETF balances and interest, more than $165 million will be available for the 2008-09 biennium.
For more information on the TETF, visit www.emergingtechfund.com