ETF Companies Announce Successful Clinical Trial

AUSTIN – Gov. Rick Perry today announced that MacuCLEAR Inc. and Mystic Pharmaceuticals, which have received investments through the Texas Emerging Technology Fund (ETF), have successfully completed a stage one clinical trial for their ophthalmic drug delivery system. The collaboration pairs MacuCLEAR’s therapeutic topical eye drops with Mystic’s innovative drug delivery platform as a treatment for macular degeneration, the leading cause of blindness in the nation.

“The success of this clinical trial is an example of how the ETF is fostering the development of innovative technologies in Texas through collaborations that help bring Texans’ good ideas to life,” Gov. Perry said. “This clinical trial makes a significant step in the treatment of this debilitating disease.”

MacuCLEAR received a $1.7 million investment in March for the development of a patented drug delivered through a topical eye drop that increases blood flow and fosters normal cell functioning in the eye. Mystic received a $1.56 million investment in May for the commercialization of its drug delivery platform, which allows for preservative-free, precision delivery of ophthalmic and intranasal drugs, biologics and vaccines.

The ETF is a $200 million initiative created by the Texas Legislature in 2005 at the governor’s request, 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 $110 million in funds to 89 early stage companies.

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