[November 07, 2014]

SCRA Technology Ventures Announces Funding

SCRA Technology Ventures today announced that Client Company PPI Pharmaceuticals has received Small Business Technology Transfer (STTR) matching funds from the SC Launch program. The funds will help the Columbia-based company develop targeted oncology therapeutics.

The company was formed by Dr. Campbell McInnes of the University of South Carolina, based on discoveries from his laboratory. PPI's technology allows for more efficient pharmaceutical development against targets previously inaccessible to conventional methods. This will enable generation of compounds that are specific for molecular targets in tumors thereby decreasing the effects on normal cells. A more selective therapeutic thus allows improved efficacy against cancers while also decreasing the negative side effects and toxicities associated with traditional chemotherapy drugs.

"We are delighted to support PPI Pharmaceuticals through this STTR match," said SCRA CEO Bill Mahoney. "Advancement of technologies to the marketplace, like PPI Pharmaceuticals' therapeutics, will bring better jobs to our state's Knowledge Economy as well as better options for oncology specialists and their patients."

About SCRA and SCRA Technology Ventures

http://www.scra.org/

SCRA Technology Ventures helps innovative companies grow and develop new technologies, creating jobs and advancing the Knowledge Economy throughout South Carolina. This SCRA business sector provides support and mentoring to early stage, start-up technology companies through its flagship SC Launch program. Since 2006, SCRA has deployed over $83 million in funding for entrepreneurs and infrastructure to support over 300 high-tech, early-stage enterprises. SCRA has directly invested over $19 million into the program's top 71 South Carolina start-ups, attracting over $301 million in add-on private investment. The sector also supports commercialization and growth by facilitating the transfer of intellectual property and accelerating the transition of inventions to the marketplace. Additionally, SCRA Technology Ventures invests in more established technology companies through its Stage 2 affiliate.

Multiple economic impact studies show SCRA's cumulative output on South Carolina's economy to be over $16.6 billion, and that the company has helped create approximately 15,000 technology-related jobs in the state, with annual wages averaging between $55,000 and $77,000.

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