Connecticut Innovations Provides Facilities Loan of $1.5 Million to HistoRx INC.
—New Haven-Based Bioscience Company Offers Diagnostic Solutions to Help in Cancer Treatments—
Rocky Hill, Conn., March 15, 2010—Connecticut Innovations (CI), the state’s quasi-public authority responsible for technology investing and innovation development, today announced that it has made a loan of $1,500,000 to HistoRx Inc. (HistoRx) of New Haven, Conn., through its BioScience Facilities Fund. The funding will be used to help HistoRx build out laboratory space and purchase laboratory equipment.
HistoRx, which licensed its core technology from Yale University, is developing and commercializing diagnostic solutions to aid in cancer treatment. The company’s proprietary AQUA® technology quantifies specific protein expression within different parts of the cells in cancerous tissue samples. This enables researchers and clinicians to determine which drugs may be best suited to fight a particular patient’s cancer while more accurately predicting a patient’s response to treatment. The AQUA® platform combines fluorescence-based image analysis with automated microscopy to deliver highly efficient and precise measurement of protein molecules. The company provides research services to more than a dozen pharmaceutical and biotechnology companies, including four of the top ten drug developers.
“I am delighted that the BioScience Facilities Fund is assisting HistoRx Inc. with the expansion of its laboratory facilities in New Haven and congratulate the company on its impressive progress to date,” commented Governor M. Jodi Rell. “HistoRx has already created more than 30 jobs in our state and has potential to expand that number even further as it grows.”
Thanks in part to CI’s funding, HistoRx plans to establish a special CLIA-certified testing laboratory that will enable the company to participate in significantly more Phase II and Phase III clinical studies with pharmaceutical and biotechnology companies. A CLIA-certified laboratory is a clinical services laboratory, monitored by the College of American Pathology and Centers for Medicare & Medicaid Services, that provides certified laboratory test results for medical decision making, in this case intended for clinical trials.. “Our AQUA® technology has provided valuable insights to our pharma partners in their research efforts,” said Bill Sullivan, senior vice president of operations for HistoRx. “HistoRx will use its CLIA lab to help its customers carry out the prospective clinical trials required for FDA approval of their drugs. It’s a key milestone in our growth as a company.”
HistoRx, established five years ago with the goal of commercializing this broadly applicable technology, is led by a team of seasoned bioscience executives and pathology researchers with combined experience of over 90 years in the health care and bioscience fields.
Peter Longo, president and executive director of CI, said, “HistoRx’s experienced management team, robust intellectual property portfolio, with more than 40 patents issued and pending, and strong investor base gave CI the confidence to back the company with facilities financing. Our funding will enable the expansion of HistoRx’s important diagnostic services. We are pleased to be a part of the company’s growing support team.”
The BioScience Facilities Fund, established in 1998, has assisted in the start up and expansion of numerous Connecticut bioscience companies. Through the fund, Connecticut Innovations has facilitated the creation of more than 330,000 square feet of new laboratory and related space in the state.
About Connecticut Innovations, Inc.
Connecticut Innovations (CI) is a quasi-public organization dedicated to driving a vibrant, entrepreneurial, technology-based economy in Connecticut. CI stimulates high-tech growth by investing in: early-stage Connecticut technology companies, university/industry research collaborations, technology transfer, and clean energy initiatives through the Connecticut Clean Energy Fund. CI also fosters collaboration among government, business, nonprofit and academic organizations to advance technology growth and promotes public policies consistent with CI’s mission. For more information on CI, please visit www.ctinnovations.com.
About HistoRx Inc.
HistoRx Inc. is a leading developer of tissue-based theranostic solutions to advance individualized patient care. The company’s products and services are based on proprietary AQUA® technology for tissue biomarker analysis. AQUA® software is the only platform capable of precisely measuring protein biomarker concentration with subcellular resolution in tissue sections, enabling fully objective, standardized, reproducible, and automated analysis to guide targeted drug development and therapeutic decision making. HistoRx currently helps biopharmaceutical companies advance their product pipelines by generating valuable new insights into the safety and effectiveness of targeted therapeutics in development for cancer and other diseases, and is developing clinical assays based on these insights. Additionally, HistoRx has commercialized its test kits and software for the research market; is licensing its technology to commercial labs for laboratory-derived tests; and, once HistoRx’s diagnostic tests achieve FDA approval, the company plans to commercialize its kits for clinical use. For more information on HistoRx, please visit www.historx.com.
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Contacts:
Emily Smith,Managing Director, External Relations, Connecticut Innovations, Phone: (860) 257-2337
Patrick McGloin on behalf of Connecticut Innovations Phone: (860) 841-3921
Kathleen Q. Adams VP, Diagnostics Marketing, HistoRx Phone: (203) 498-7500