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MEDIA CONTACTS:
Debra Kain, 561-297-2010, dkain@fau.edu
Kristine McGrath, 561-297-1168; kmcgrath@fau.edu
FAU Center of Excellence Spawns First Spin-Off Company
Tequesta Marine Biosciences is also the first start-up company resulting from
Scripps Florida Initiative
BOCA RATON, FL (November 9, 2004) - Building upon the successes of the Center of Excellence in Biomedical and Marine Biotechnology, the first Scripps Florida-related startup company, Tequesta Marine Biosciences (TMB), is poised to develop therapeutic drugs that will bring relief to millions who suffer from inflammatory diseases.
TMB is a specialty pharmaceutical firm with a product platform to develop small-molecule therapeutic drugs for treatment of inflammatory conditions which presently have no effective treatments. A direct and joint result of the Scripps Florida initiative and the Center of Excellence in Biomedical and Marine Biotechnology, based at Florida Atlantic University, TMB's focus - as well as the overall mission of the Center of Excellence - is to develop Florida's marine life as a source of novel therapeutic agents.
The firm is located in FAU's Research Park and uses technology licensed from FAU. Its three co-founders are chief scientific officer, Dr. Russell Kerr, professor of chemistry and biochemistry at FAU; Dr. K.C. Nicolaou, chair of the Department of Chemistry at The Scripps Research Institute in La Jolla; and Rhys L. Williams, Chief Executive Officer of Tequesta Marine Biosciences, a former venture capitalist, biotechnology manager and attorney.
The technology being utilized is a result of research and patents by Dr. Kerr, who is also scientific director of the Center of Excellence. The Center was founded one year ago as a result of FAU's Division of Research and Graduate Studies' procurement of a $10 million grant from the State of Florida to develop medicines from the sea. "Tequesta represents one of the first steps in what Governor Bush and the state's Emerging Technology Commission planned when they invested $30 million in such Centers in 2003," said FAU President Frank T. Brogan. "This startup company is also exciting because it is just the beginning of the growth in biotechnology that is envisioned as a result of Scripps' coming to South Florida."
The Center of Excellence, which combines the scientific expertise of a group of academic institutions - FAU, Harbor Branch Oceanographic Institution, and the Smithsonian Marine Station at Ft. Pierce, along with Florida International University and Nova Southeastern University - is an unparalleled collaboration of academic scientists and engineers, high-tech researchers and private businesses that is expected to expedite the discovery and commercialization of new pharmaceutical drugs. Tequesta plans to hire graduate students from FAU and other Center institutions, as well as enter into sponsored research agreements with FAU and Scripps.
The topical inflammatory compounds being developed by Tequesta have already been proven safe and effective in prior clinical trails. The firm is completing its clinical regulatory plan and will be seeking an outside investor. The partners estimate the U.S. available market for such a non-steroidal anti-inflammatory medicine, designed to treat inflammatory skin diseases, to be in the $9.2 billion range. Products being developed are also of interest to major cosmeceutical manufacturers, who use them as anti-inflammatory additives in personal care products.
Recombinant technology will enable TMB's scientific team to produce analogs of this lead compound in a cost-efficient manner as well as other, related molecules with anti-cancer properties. "These are major diseases we're tackling," said Williams. "Our clear focus is drug development, but most importantly we hope to bring relief to millions who suffer from inflammatory diseases."
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