Rocky Hill, Conn., January 11, 2010 – Connecticut Innovations (CI), the state’s quasi-public authority responsible for technology investing and innovation development, today announced that it has made a follow-on investment of $500,000 in Helix Therapeutics LLC (Helix) of New Haven, Conn., through its Eli Whitney Fund. This investment is part of a $600,000 round also involving LaunchCapital and individual investors. This latest investment in Helix represents CI’s sixth investment in early-stage Connecticut technology companies since the fiscal year began in July.
Dr. Joseph J. Catino, president and CEO of Helix Therapeutics LLC, commented, “This support by Connecticut Innovations, and all of our investors, will allow Helix Therapeutics to advance our mission to cure select genetic diseases using this exciting technology and innovative therapeutic approach. We have made significant progress and look forward to completing preclinical data in support of an Investigational New Drug (IND) application with this continuing support. We are pleased that our investors and our board have demonstrated their confidence in us through this additional investment.”
Helix is pursuing therapies for HIV/AIDS and genetic disorders, such as sickle cell anemia, B-Thalassemia, Hurler’s Syndrome and Gaucher’s Disease, which together represent a $500-800 million market opportunity. The company’s technology, developed at the Yale University School of Medicine and licensed exclusively on a worldwide basis to Helix, uses patented oligonucleotides that bind to the human genome resulting in permanent, targeted gene modification (TGM). Helix’s proprietary TGM technology platform uses the cell’s own DNA repair machinery to permanently modify human genes, resulting in a cure once a sufficient portion of the cells have been modified.
“Helix is thriving today and stands ready to make an impact on tomorrow, thanks in large part to the support it has received from Connecticut Innovations,” said Governor M. Jodi Rell. “The company is a shining example of how technology transfer from a leading Connecticut academic institution to entrepreneurs can lead to solutions that may benefit thousands of patients.”
“The Helix team has made significant progress over the past year – generating data on a potential therapy for Hurler’s Syndrome, filing the company’s first patent applications, launching animal studies and initiating discussions with potential business partners,” said Peter Longo, president and executive director of CI. “These significant accomplishments have given us the confidence to strengthen our commitment to the company.”
Longo added, “If Helix demonstrates its technology successfully, patients may soon have access to cost-effective treatments, or cures, for a number of blood and genetic diseases, saving the health care system billions of dollars annually in treatment costs.”
The Helix team includes: Joseph J. Catino, Ph.D., president and CEO of Helix and board member; Gerald F. Vovis, Ph.D., a founder of Helix; Peter Glazer, M.D., Ph.D., a founder of Helix and inventor of the company’s technology platform, a member of Helix’s board of directors, and professor and chair of the Department of Therapeutic Radiology at the Yale University School of Medicine; Ranjit Bindra, M.D., Ph.D., a founder of Helix; and Kevin Rakin, a Helix founder and board chair.
CI Managing Director of Investments Russell Tweeddale will continue to represent CI on Helix’s board of directors.
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 Helix Therapeutics LLC
Helix Therapeutics LLC (Helix) is a privately held startup biotechnology company based in New Haven, Connecticut. The company’s proprietary technology was developed at the Yale University School of Medicine and is licensed exclusively to Helix on a worldwide basis. The mission of Helix is to establish cures for select genetic diseases using triplex-forming oligonucleotide (TFO) technology. Specific targeting of genetic information in human hematopoietic stem cells leads to stable, heritable correction of responsible mutations. For more information please visit www.helixtherapeutics.com.
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