Arrowhead Research Corporation (Nasdaq: ARWR) announced today that its portfolio company, Leonardo Biosystems, has received a $2.5 million grant from the Texas Emerging Technology Fund, a state fund established to accelerate commercialization of new technologies.
Leonardo Biosystems, co-founded by prominent nanoscientist Dr. Mauro Ferrari, professor at the University of Texas, and Arrowhead’s, CEO Dr. Christopher Anzalone, is engineering a multi-stage drug delivery platform to improve the effectiveness of drug therapy, particularly for cancer.
The Texas Emerging Technology Fund was established by the Texas Legislature at the urging of Governor Rick Perry. The Fund’s commercialization awards provide selected, early-stage investments in new, technology-based, private entrepreneurial entities that collaborate with public or private institutions of higher education in Texas, and which, if successful, may provide significant economic benefit to the state.
“We are honored that our company has been recognized by the blue ribbon ETF Advisory Board as a promising channel for providing economic development for the state of Texas,” said Dr. Bruce Given, Leonardo’s CEO. “Leonardo’s proprietary nanoparticle delivery system is designed to overcome the body’s natural defense mechanisms which make it difficult or impossible to effectively deliver many promising therapeutics, especially in cancer. This award from the ETF allows us to keep this crucial technology in Texas, where we hope to develop it to its full potential.”