CIT GAP Funds Invest in Parabon NanoLabs
HERNDON, Va. (July 6, 2010) – The Center for Innovative Technology announced today that its CIT GAP BioLife Fund closed on an investment in Parabon NanoLabs, Inc., a Reston-based nano-pharmaceutical company that uses a proprietary combination of innovative software and nanoscale fabrication technologies that speeds up and lowers the cost of drug discovery, especially for treatments for cancerous brain tumors like malignant glioma that took the life of late-Senator Edward Kennedy.
In making the announcement, CIT President & CEO Pete Jobse said, “Innovation and innovative entrepreneurs like the team at Parabon NanoLabs will be the keys to reviving our economy and creating sustainable job growth. To succeed, they need access to capital, and that is what our CIT GAP Funds provide.”
Parabon NanoLabs allows scientists to develop novel therapeutics using its proprietary Essemblix™ Drug Design Platform – a powerful combination of computer-aided design (CAD) software for designing macromolecules and nanoscale fabrication technology for their production. This platform gives scientists the ability to design and construct multi-functional macromolecules from simpler subcomponents, replacing the current slow and costly model of “drug discovery" with a new efficient, faster and more affordable "drug design" model that allows for faster treatments.
Dr. Steven Armentrout, Founder and President of Parabon NanoLabs, said, “The newly discovered ability to precisely manipulate matter at the nanoscale is ushering in an era of even greater economic impact: the Nanotechnology Revolution. Parabon NanoLabs is on the forefront of that revolution with the development of faster ways to create new designer drugs.”
Parabon NanoLabs capitalizes on the commercial opportunities made possible by its technology for creating a new class of designer macromolecules. These engineered molecular structures — not producible with the traditional methods of pharmacology, chemistry or microelectronics — can be used across a wide spectrum of domains, such as nano-sensors for bioweapons defense; nano-arrays for DNA biometrics; and nano-additives for consumer products.
The CIT GAP BioLife Fund is part of the CIT GAP Funds, seed stage investment programs that leverage public and private investments to launch new high expectation companies. This is the 38th investment. Since its launch, CIT GAP Funds has invested almost $3.8 million to help create 38 companies that, in turn, were able to attract an additional $51 million in private equity. (For a list of portfolio companies, please go to http://www.citgapfunds.org/.)
Tom Weithman, Managing Director the GAP Funds, said, “The CIT GAP Funds offers much needed capital and superior economic returns for entrepreneurs and co-investors, while providing a significant long-term economic value to Virginia.”
About the Center for Innovative Technology, www.cit.org
Celebrating its 25th year, CIT is a nonprofit corporation that accelerates the next generation of technology and technology companies. CIT creates new technology companies through capital formation, market development and revenue generation services. To facilitate national innovation leadership and accelerate the rate of technology adoption, CIT creates partnerships between innovative technology startup companies and advanced technology consumers. CIT is now listed on the GSA MOBIS Schedule, Special Item Numbers (SINs) SIN 874-1 for Consulting Services and SIN 894-2 for Facilitation Services. Its CAGE Code is 1UP71.
About Parabon NanoLabs, Inc., www.Parabon-NanoLabs.com
Parabon NanoLabs, of Reston, Va., designs and develops a new class of nano-enabled products made possible by proprietary technology for precisely directing the self-assembly of designer macromolecules that are functionalized with molecular subcomponents (e.g., enzymes, metals or pharmaceuticals). The Company’s nanoscale development platform gives its scientists the ability to design and construct multi-functional macromolecules from simpler subcomponents, replacing the current paradigm of "molecular discovery" with that of "molecular design." Parabon NanoLabs is actively developing macromolecules for use in the areas of cancer therapeutics, rapid readouts of DNA SNPs and nano-sensors for bioweapons defense.
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