February 20, 2008
Biotechnology Developer Grows its Purdue Research Park Operation
WEST LAFAYETTE, Ind. - Kylin Therapeutics, a developer of cancer and disease fighting biotechnology, announced today it has doubled its workforce and outside investment in its operations with the help of Indiana’s 21st Century Research and Technology Fund.
The state awarded the biotech company a $250,000 grant to further develop and commercialize Purdue University technology that allows doctors to target drug delivery for treatment of diseases ranging from AIDS to cancer.
"The 21st Century Fund provides critical seed capital to emerging high-growth companies such as Kylin Therapeutics that are necessary to ensure our state's economic growth," said Governor Mitch Daniels.
Located in the Purdue Research Park, Kylin Therapeutics currently employs six associates at its Purdue Research Park offices and is in the pre-clinical stage of commercializing a technology called pRNA. Kylin’s pRNA is a platform technology that leverages the power of RNA and a natural process called RNA interference (RNAi) to directly target and "turn off" genes that cause disease. Kylin’s pRNAi technology has already proven effective in preventing tumor formation in animals.
"We feel we have a truly amazing platform and look forward to building additional excitement with it in the years to come," said Eric Davis, president and chief executive of Kylin Therapeutics. "The 21 Fund allowed us the leverage to secure additional venture capital here in Indiana."
Formed through a joint effort between IN-vivo Ventures and North Carolina-based Golden Pine Ventures, Kylin Therapeutics acquired an exclusive license to an RNAi delivery method known as pRNA from Purdue University in January. Since the licensure and the state’s investment, the company has secured an additional $1.2 million in private funding and hired four professionals to bring its disease fighting platform to the market.
Kylin Therapeutics is one of 165 high-tech companies operating in the Purdue Research Park system. Developed in the late 1990s to spur economic growth in Indiana’s high-tech sector, the park is operated by the Purdue Research Foundation and creates an opportunity for companies to share innovation and a highly skilled workforce.
Kylin Therapeutics is one of 51 businesses awarded a 21st Century Fund grant since January 2006. During that time, the fund has invested more than $62 million in high-tech Indiana entrepreneurial companies which expect to create more than 6,000 new jobs.
About Kylin Therapeutics
Kylin Therapeutics Inc. is a cutting-edge biotechnology company that employs a revolutionary RNA nanoparticle technology platform called "pRNA" to exploit the enormous potential of RNA interference (RNAi) for treatment of many common diseases. This visionary platform has enormous potential to meet the huge market opportunity for treating cancer and other diseases with RNA-based therapeutics. The unique capabilities of the platform have enabled Kylin to overcome the most significant challenges in the development of RNA-based therapies.
About IEDC
Established under Governor Mitch Daniels in 2005 to replace the former Department of Commerce, the Indiana Economic Development Corporation is governed by a 12-member board chaired by Governor Daniels. Indiana Secretary of Commerce Nathan Feltman serves as the chief executive officer of the IEDC. Since the creation of the IEDC, the state has posted three consecutive years of record-breaking commitments for new jobs. For more information about IEDC, visit www.iedc.in.gov.
Media Contact:
Mitch Frazier(IEDC) – 317.232.8873 or MFrazier@iedc.in.gov
Eric Davis (Kylin) – 765.412.6661