Louisville, KY - February 23, 2010 - Advanced Cancer Therapeutics (ACT), a privately held company dedicated to bringing new anti-cancer therapies to market, today announced that it has received its final investment of $250,000 from the Commonwealth Seed Capital (CSC), an entity established by the Kentucky Economic Development Partnership Board to invest funds in support of seed-stage technology companies in Kentucky. This final investment was received ahead of schedule based on the progress and milestones ACT has acheived since starting operations in October 2007 and brings CSC's total amount invested in ACT to $500,000.
Additionally, ACT has received $187,000 in funding from the Kentucky Cabinet for Economic Development's High-Tech Investment Pool. The program is administered through the Cabinet's efforts in creating a knowledge-based economy throughout the Commonwealth. The DCI monitors the return on investment and effectiveness of these initiatives for the Cabinet.
“Receiving this final investment from CSC will help ACT continue to make significant progress in developing potentially lifesaving therapeutics for cancer patients,” said Randall Riggs, President & CEO of ACT.
Deborah Clayton, DCI Commissioner, added, "We continue to be pleased with the progress ACT is making in commercializing the innovations coming out of the University of Louisville's James Graham Brown Cancer Center. Their relationship with the Cancer Center is truly unique and we believe an important initiative for the Commonwealth."
About Advanced Cancer Therapeutics (ACT):
ACT is a privately held company dedicated to advancing novel therapeutics for the prevention and treatment of cancer. ACT has successfully established a unique and innovative business model with the University of Louisville’s James Graham Brown Cancer Center (Brown Cancer Center) whereby ACT is able to obtain exclusive worldwide licenses to novel cancer therapeutics discovered at Brown Cancer Center under preset business terms. ACT then fast-tracks these discoveries, including the selection process for partnership, commercialization and manufacture, to the pharmaceutical industry, and ultimately to the patients who need them. Led by Dr. Don Miller, the Brown Cancer Center employs over fifty scientists focused on the discovery and advancement of breakthrough cancer therapeutics for patients suffering from cancer. For more information, please visit www.advancedcancertherapeutics.com.
About James Graham Brown Cancer Center:
The James Graham Brown Cancer Center is a key component of the University of Louisville's Health Sciences Center and UofL Health Care. As the region's leading academic, research, and teaching medical center, our patients benefit from the latest medical advances, often long before they become available in non-teaching settings. The Brown Cancer Center is affiliated with the Kentucky Cancer Program and the National Cancer Institute. It is the only cancer center in the region to use a unified approach to cancer care, with multidisciplinary teams of physicians working together to guide patients through diagnosis, treatment and recovery. For more information, visit our website www.browncancercenter.org.
Advanced Cancer Therapeutics Receives Final $250,00 Investment From Commonwealth Seed Capital
State funding completes $500,000 total investment for company's efforts to develop potentially lifesaving cancer treatments
Randall B. Riggs, President & CEO
Advanced Cancer Therapeutics
Phone: (502) 345-8911
FOR IMMEDIATE RELEASE