The investment in Altheus is the first for the newly formed Oklahoma Seed Capital Fund, managed by i2E. The Oklahoma Seed Capital Fund was formed after the Oklahoma Legislature provided funding in 2006 to the Oklahoma Center for the Advancement of Science and Technology (OCAST) for the OCAST Seed Capital program, for the first time since it was authorized by Oklahoma voters in 1988.
Commenting on the transaction, i2E President and CEO Greg Main said, "This is a great example of Oklahoma's developing capacity to support strong commercialization opportunities by combining local sources of equity with capital from out of state. This is the first of what I think will be many more."
OCAST Executive Director Michael Carolina said, "It has been 20 years since Oklahoma voters approved a state-funded seed capital program. Closing of the recent round of fundraising for Altheus Corporation is the first example of seed capital investment to come from that effort. All Oklahomans should be excited about what such investments can mean for future generations who will enjoy improved health, wealth and the opportunity for quality jobs. This is a high water mark for Oklahoma's economic development. I believe this investment coupled with future announcements gives our state much to look forward to in the form of emerging advanced technology enterprise."
Altheus Therapeutics, Inc., based in Oklahoma City, is a pharmaceutical development company focused on innovative therapies for the treatment of Inflammatory Bowel Disease (IBD).
i2E, Inc. is a private not-for-profit corporation focused on wealth creation by growing the technology-based entrepreneurial economy in Oklahoma. i2E is a strategic partner of and is funded by OCAST, the Oklahoma Center for the Advancement of Science and Technology.
|SOURCE Altheus Therapeutics, Inc.|
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