Modulation Therapeutics, a Florida-based early-stage pharmaceutical company dedicated to the development of novel treatments for multiple myeloma, received funding from the Institute for the Commercialization of Public Research.
The amount of the transaction was not disclosed.
Based on technology licensed from the Moffitt Cancer Center in Tampa, Modulation Therapeutics focuses on cancers such as multiple myeloma that home or metastasize to the bone.
The company intends to use the funds to continue to develop MTI-101, a drug with a novel mechanism of action for myeloma, an incurable blood cancer.
As also stated by interim CEO Michael Cerio, the support from the Institute will enable Modulation Therapeutics to conduct studies to better understand the dosing, toxicology and optimal clinical program for MTI-101, bringing them closer to the goal of IND filing by Q4 2013.
The company recently received funding from the Multiple Myeloma Research Foundation.