ParinGenix Gets $4 Million Series A Funding
Charlotte, NC, and Tucson, AZ – Aug 12, 2002
ParinGenix Inc., an early-stage drug development company, has secured a $4 million financing package to develop its proprietary PGX-100 pharmaceutical technology.
Lead investors are Academy Venture Fund in Charlotte, N.C., Research Corporation Technologies (RCT) in Tucson, Ariz., and A.P. Kennedy Family Securities in Madisonville, La.
Based on inventions by Dr. Thomas Kennedy, a physician and researcher at Carolinas Medical Center in Charlotte, the PGX-100 technology is projected to significantly reduce heart damage in heart-attack patients. The funding package will be released in stages as developmental milestones are met.
Kennedy and RCT founded ParinGenix to complete the preclinical and clinical evaluation of PGX-100. The company holds several issued U.S. and foreign patents that protect the composition, use and manufacture of PGX-100.
“I am gratified that Academy and RCT have placed so much confidence in me and the technology,” said ParinGenix Founder Kennedy. “I am anxiously awaiting the commercialization of this new pharmaceutical since I see the need every day in my critical-care medical practice.”
“ParinGenix now has the resources to demonstrate the value of treating heart-attack victims with their PGX-100 technology,” said Jeffrey Jacob, RCT senior vice president for commercialization. Jacob will serve as ParinGenix chief executive officer and as a member of the board of directors.
“This is an exciting investment for Academy Venture Fund,” said Gregory Johnson, Academy partner. “We are helping to underwrite the development of a new blockbuster drug for critical-care medicine.” Johnson will also serve on the ParinGenix board of directors.
Academy Venture Fund is a venture capital fund with the objective of generating long-term capital appreciation through investments in seed and early-stage growth companies throughout North Carolina. The Fund’s focus is on companies commercializing technology arising out of, developed at, or affiliated with the constituent institutions of the University of North Carolina System or other major research institutions such as Carolinas Medical Center and Wake Forest University.
RCT is an independent technology management company that works in partnership with universities and research institutions worldwide to commercialize their technologies. Commercialization vehicles include seed investments, venture development of early-stage technologies, partnerships and licensing.
For more information about ParinGenix, contact Jeffrey Jacob, Chairman and CEO, (520) 748-4417; Gregory Johnson, Director, (704) 540-9379; or Jay Foust, General Manager, (520) 748-4457.