Gov. Perry Announces $2 Million Investment in Development, Commercialization of Cancer Treatment
AUSTIN – Gov. Rick Perry today announced that the Texas Emerging Technology Fund will invest $2 million in Salient Pharmaceuticals Inc. of Houston for the commercialization of their CASAD therapy, used to prevent and treat some side effects of cancer therapy.
“This investment in Salient Pharmaceuticals will help commercialize a product that will improve cancer patients’ quality of life, and strengthen our state’s biomedical technology sector,” Gov. Perry said. “It is imperative that we continue to foster the growth of Texas’ biotechnology industry to grow our economy and develop products that can improve and save lives.”
Formed in 2007, Salient’s mission is to improve patients’ health and quality of life by developing and commercializing therapeutic products for the prevention and treatment of gastrointestinal side effects caused by disease, chemotherapy or radiation. Up to 45 percent of chemotherapy patients suffer from severe gastrointestinal problems that affect their treatment outcome and protocol through reduction in dosage and malnourishment. Salient’s preventative treatment will be administered alongside a patient’s chemotherapy drugs to reduce the gastrointestinal complications associated with chemotherapy treatment.
The TETF is a $200 million initiative created by the Texas Legislature in 2005 at the governor’s request, and reauthorized in 2007 and again in 2009 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 TETF has allocated more than $128 million in funds to 99 early stage companies, and $153 million in grant matching and research superiority funds to Texas universities.
Governor's Initiatives »