Gov. Perry Announces ETF Investment in Azaya Therapeutics Inc.

AUSTIN – Gov. Rick Perry today announced the state will invest more than $1 million in Azaya Therapeutics Inc. of San Antonio through the Texas Emerging Technology Fund (ETF) for the development of their innovative Azaya Liposome Encapsulated Radiation Therapy (ALERT) for treatment of cancerous tumors.

“The biotechnology industry is essential to developing products that can improve and save lives, and Texas is working to foster continued growth of this industry within the state,” Gov. Perry said. “This ETF investment will help make certain cancer treatments more safe and efficient for patients, and will hopefully help them return to a healthy, cancer-free life.”

ALERT uses liposomes, or tiny bubbles made of cell membrane material, to deliver cancer therapy drugs through an injection directly to a tumor. ALERT will be used as a post surgery treatment for several types of tumors and can potentially be used to treat a variety of cancers including prostate, breast, rectal, head and neck.

Current cancer treatments such as chemotherapy and radiation do not focus specifically on cancer cells, and are therefore often detrimental to the overall health of a patient. ALERT solves this problem by focusing drug therapy on a specific cancerous tumor, improving the outcome and safety of oncology treatments.

The ETF is a $200 million initiative created by the Texas Legislature in 2005 at the governor’s request, and reauthorized in 2007 and again this session with $203.5 million for the 2010-2011 biennium. A 17-member advisory committee of high-tech leaders, entrepreneurs and research experts reviews potential projects and recommends funding allocations to the governor, lieutenant governor and speaker of the House. To date, the ETF has allocated more than $102 million in funds to 81 early stage companies, and $148 million in grant matching and research superiority funds to Texas universities.

For more information on the ETF, please visit http://www.emergingtechfund.com.