The Institute for Commercialization of Public Research said this week that it will provide $300,000 in funding to RxMP Therapeutics, an emerging pharmaceutical company in Miami. The non-profit institute supports new company creation based on publicly-funded research, and bridges early funding gaps for companies spinning out of Florida-based universities and research institutions.
RxMP Therapeutics’ innovative hemostatic agent, RMP-HPE, is based on technology licensed from the University of Miami, the news release said. RMP-HPE quickly stops and prevents excessive bleeding in pre-clinical testing, which positions it as a potential improvement over existing therapies. Excessive bleeding is life-threatening and may occur during surgical procedures, trauma care, obstetrics procedures, and even dentistry.
Currently, the primary treatment for excessive bleeding is blood transfusions. In 2011, 13.8 million units of blood were transfused in the United States, with 2.38 million people transfused for all causes of bleeding. "Blood transfusions are the standard treatment for bleeding, but have serious risks. By reducing or even eliminating blood transfusions in cases of excessive bleeding, RMP-HPE should limit patients’ exposure to these serious risks, as well as reduce costs,” said Jamie Grooms, CEO of the institute.
The institute's funding was matched by a private investment, Grooms said.
The Institute typically provides $50,000 to $300,000 in seed funding, either as debt or equity. Since 2007, 32 companies have been funded through Institute seed capital programs; you can see them here.
Posted Aug. 1, 2014