October 13, 2003
ITEC Fund Makes Award to Cue Biotech
EVANSTON, Ill. --- Chicago-based life sciences company cue BIOtech,
Inc., has received a $25,000 investment from the Illinois Technology
Enterprise Center (ITEC)-Evanston. This is the third investment
ITEC has made from its pre-seed fund for technology startup companies.
Based on work
that was done at Northwestern University, Cue has developed an
innovative drug discovery platform that targets G-protein-coupled
receptors (GPCRs). GPCRs are responsible for transferring many
signals into cells and are the targets of 50 to 60 percent of all
drugs on the market today. Cue’s proprietary platform enables
them to discover small molecule drugs that have fewer side effects
and target GPCRs that have proven resistant to drug development.
The company, which has been awarded multiple Small Business Innovation
Research (SBIR) grants from the National Institutes of Health,
is using its platform to create a robust pipeline of new small
molecule drugs for use in a number of large markets where there
are serious unmet needs.
“cue BIOtech is poised to become a leader in the Illinois
biotechnology community,” said Jeff Coney, director of ITEC-Evanston. “We
believe in Cue’s platform technology and are excited that
the ITEC investment will be used to advance the company’s
lead program.”
Cue’s
lead program targets the thrombin receptor, which is involved
in platelet aggregation. Platelet aggregation causes
much of the damage associated with deep vein thrombosis, stroke
and heart attacks. All previous efforts to target this receptor
have failed, which has forced companies to resort to other, less
attractive targets. With its unique approach, Cue has already generated
several lead molecules that show promise as preventatives in this
multi-billion-dollar market. The investment from the ITEC pre-seed
fund will be used to help refine these compounds into viable drug
candidates.
The principals at cue BIOtech are Annette Gilchrist, Ph.D., president,
and Geoff Trukenbrod, vice president of finance and business development.
Cue is currently seeking partnerships and investors to fund further
development of its drug discovery programs. More information about
the company is available online at www.cuebiotech.com.
ITEC-Evanston was established by the State of Illinois in 2000
to provide services relevant to the formation, growth and retention
of early-stage technology companies in Illinois. Northwestern University
manages the program, which is actively seeking new applicants to
its Pre-Seed Fund. More information about ITEC-Evanston is available
online at www.itec-evanston.org. |