Navigation Links
Biotech Firm Spun Off from Children's Hospital Raises $7 Million to Advance Magnetic-Based Vascular Treatment
Date:3/1/2012

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 company's work is called vascular magnetic intervention. The system combines biodegradable, magnetic drug-loaded particles with a magnetic targeting catheter and a device that creates a uniform magnetic field. The system, which Levy has tested in animals, guides the particles to the walls of arteries narrowed by peripheral artery disease. At the disease site, the particles remain in place, slowly biodegrading and releasing the drug paclitaxel, which prevents re-obstruction of the artery.

The technology could fill an important unmet need in treating peripheral artery disease (PAD), in which blocked arteries, primarily in the legs, exact a heavy toll in some 30 million older adults in North America and Europe. Diabetes patients and smokers are particularly affected by this painful, debilitating condition, responsible for the majority of amputations performed in this country. Drug-eluting stents, currently used in heart disease, are less effective in PAD. Levy said that magnetic intervention could deliver more effective doses of drugs than the standard drug-eluting stents, and could be used to re-administer drugs as needed.

As a new platform technology, Levy added, vascular magnetic intervention could also be adapted to delivering other agents, such as therapeutic genes or cells, and has potential utility in treating heart conditions in children.

In the near future, Vascular Magnetics will complete preclinical development of its technology, with plans to begin its first clinical trial in 2014, in adult patients.

About The Children's Hospital of Philadelphia: The Children's Hospital of Philadelphia was founded in 1855 as the nation's first pediatric hospital. Through its long-standing commitment to providing exceptional patient care, training new generations of pediatric healthcare professionals and pioneering major research initiatives, Children's Hospital has fostered many discoveries that have benefited children worldwide. Its pediatric research program is among the largest in the country, ranking third in National Institutes of Health funding. In addition, its unique family-centered care and public service programs have brought the 516-bed hospital recognition as a leading advocate for children and adolescents. For more information, visit http://www.chop.edu.

About Vascular Magnetics: Vascular Magnetics is developing novel therapeutic products based on the magnetic targeting of drug-loaded biodegradable particles. The company's first product in development is a treatment for peripheral artery disease that is designed to target anti-restenotic drugs specifically to diseased arterial sites and deliver doses not achievable with a drug-eluting stent.  The company's approach, called Vascular Magnetic Intervention (VMI), combines a magnetic targeting catheter, and external magnetic device, along with drug-loaded biodegradable particles.  Learn more at www.vascularmagnetics.com.

Contact: John Ascenzi
The Children's Hospital of Philadelphia
Phone: (267) 426-6055
Ascenzi@email.chop.edu  

 

 


'/>"/>
SOURCE The Children's Hospital of Philadelphia
Copyright©2010 PR Newswire.
All rights reserved

Related biology technology :

1. Global Biotechnology Industry
2. Wake Forest Baptist Medical Center Unveils Historic World-Class Biotech Research & Innovation Center in Downtown Winston-Salems Growing Piedmont Triad Research Park
3. JumpStart Invests $250,000 in Milo Biotechnology
4. Marina Biotech, Inc. Joins OTCQX
5. ConnectBiotech.org Launched, a Unique Life Science Business Networking Site
6. Neuralstem President and CEO to Update Ongoing ALS and NSI-189/Major Depressive Disorder Trials at 2012 Biotech Showcase
7. Chembio Presenting at Biotech Conference
8. Selexis SA to Present at Biotech Showcase 2012
9. Saladax Biomedical, Inc. to Present at Biotech Showcase™ 2012
10. SuperNova Diagnostics® to Present at Biotech Showcase™ 2012 During JP Morgan Healthcare Conference January 9 - 12
11. Metamark Genetics Signs Collaboration Agreement on Novel Therapeutic Targets with Janssen Biotech
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:5/18/2017)... ... May 16, 2017 , ... Clinical Supplies Management (“CSM”), a Great Point Partners ... to grow. CSM has doubled in size over the past six months with ... strategy. , Roger Gasper joins CSM as Chief Financial Officer. Roger has over ...
(Date:5/18/2017)... SANTA BARBARA, CALIFORNIA (PRWEB) , ... May 17, ... ... risk management, technological innovation and business process optimization firm for the life sciences ... the Chairman of the UDIs and Traceability for Medical Devices conference in Brussels, ...
(Date:5/18/2017)... ... May 18, 2017 , ... When James Sherley, was notified earlier this year that ... Brands for the Year 2017 by The Silicon Review , he was not surprised ... progress increasing Asymmetrex’s value, but this recognition by Silicon Valley was particularly meaningful. Our ...
(Date:5/16/2017)... , ... May 16, 2017 , ... ... and cancer diagnostics, has released its ClearID Lung Cancer blood test. Leveraging a ... cancer, this new test is designed to quickly and accurately identify tumor-related genetic ...
Breaking Biology Technology:
(Date:3/30/2017)... , March 30, 2017 The research team ... for three-dimensional (3D) fingerprint identification by adopting ground breaking 3D fingerprint ... new realm of speed and accuracy for use in identification, crime ... affordable cost. ... A ...
(Date:3/28/2017)... India , March 28, 2017 ... IP, Biometrics), Hardware (Camera, Monitors, Servers, Storage Devices), Software ... Vertical, and Region - Global Forecast to 2022", published ... Billion in 2016 and is projected to reach USD ... between 2017 and 2022. The base year considered for ...
(Date:3/24/2017)... , Mar 24, 2017 Research and Markets ... System Market Analysis & Trends - Industry Forecast to 2025" ... ... grow at a CAGR of around 15.1% over the next decade ... industry report analyzes the market estimates and forecasts for all the ...
Breaking Biology News(10 mins):