PHILADELPHIA, March 1, 2012 /PRNewswire-USNewswire/ -- Vascular Magnetics, the first start-up company spun off by The Children's Hospital of Philadelphia, has raised $7 million to advance development of an innovative drug delivery system using magnetically targeted nanoparticles to treat peripheral artery disease.
Vascular Magnetics, based in West Philadelphia, announced that Devon Park Bioventures, of Wayne, Pa., is the sole investor in this Series A financing agreement.
"It's exciting to see that one of our hospital's research discoveries has attracted investors to move it toward commercial development," said Philip R. Johnson, M.D., chief scientific officer and executive vice president, The Children's Hospital of Philadelphia. "This work can have multiple benefits—directly to patients receiving a new treatment, and also to children whose lives will be improved by future research supported by revenue generated by this technology."
Vascular Magnetics was co-founded in 2010 by Robert J. Levy, M.D., William Rashkind Endowed Chair of Pediatric Cardiology at The Children's Hospital of Philadelphia, and Richard S. Woodward, Ph.D. Levy, whose extensive laboratory research forms the basis of the proprietary drug delivery system, is the firm's founding scientist. Woodward, who has a business background in nanotechnology and polymeric coatings, is the company's president and chief operating officer. Vascular Magnetics has an exclusive license to the technology invented by Levy's cardiology research team at Children's Hospital.
Levy and Woodward were brought together through the University City Science Center's QED Proof-of-Concept Funding Program, the nation's first multi-institutional proof-of-concept program for life sciences technologies. That program partners academic scientists with business advisors to help realize the commercial potential of promising biological research.
The drug delivery system at the heart of the
|SOURCE The Children's Hospital of Philadelphia|
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