Cancer drug company poised for growth at UT incubator

Mar 27, 2014
Austin Business Journal

Aegela BioTherapeutics Holdings has secured a spot at the Austin Technology Incubator, part of the University of Texas’s IC2 Institute. Aeglea, which recently raised $12 million in startup funding, is a three-month old drug development company working on novel cancer treatments

Aeglea currently has four employees and CEO David Lowe told Austin Business Journal that he expects to double staff in the next year as the company continues research and manufacturing for its lead cancer drug, with plans to begin the first phase of clinical trials by the end of 2014

The company is being funded through a partnership with a trio of pharmaceutical companies — KBI Biopharma, Eli Lilly and Company and Novartis — and has licensed molecules and technology developed by UT researchers George Georgiou and Everett Stone

Aeglea currently has a grant proposal submitted to the Cancer Prevention and Research Institute of Texas and it will likely raise Series B funding by the end of the year with its pharmaceutical partners. The possibility of funding from the state was one reason the company located in the Austin area instead of Lowe’s native California, he said

Lowe said the company hopes to stay at ATI for as long as the incubator can accommodate its staff but that a move to separate office space is likely if it doubles its headcount as expected

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