For Immediate Release:
March 16, 2015
Traverse Biosciences Executes Exclusive, Worldwide License Agreement with the Research Foundation for the State University of New York for the Animal Health Applications of a Proprietary Library of
Polyenolic Zinc-Binding Agents
Inventors Dr. Lorne Golub and Dr. Francis Johnson Join
Traverse Biosciences as Scientific Co-Founders
Stony Brook, NY; March 16, 2015: Traverse Biosciences announced today that it has executed an exclusive, worldwide license agreement with the Research Foundation for the State University of New York (RF/SUNY) for access to the animal health applications of a proprietary library of polyenolic zinc-binding agents. These novel pharmaceutical drug candidates, the subject of four pending patent applications in the U.S. and Europe, were co-invented by Dr. Lorne Golub, Distinguished Professor in the Department of Oral Biology and Pathology within the Stony Brook University School of Dental Medicine, and Dr. Francis Johnson, President of Chem-Master International Inc., as well as Professor of Chemistry and Pharmacology at Stony Brook University. Drs. Golub and Johnson have also agreed to join Traverse Biosciences as scientific co-Founders, while Mr. Peter Donnelly, Director of the Office of Technology Licensing and Industry Relations (OTLIR) at Stony Brook University, has been appointed to represent RF/SUNY as a Board Observer. Importantly, the license agreement also extends Traverse Biosciences the exclusive option to license the human health applications of these promising drug candidates.
The library of proprietary polyenolic zinc-binding agents are chemically-modified curcumins which act to resolve inflammation, in part by normalizing excessive levels and activity of matrix metalloproteinases (MMPs), as well as modulating pro-inflammatory mediators. The company’s lead drug candidate, TRB-N0224, is envisioned as the first FDA-approved, once-daily, edible prescription medication for the treatment and control of canine periodontal disease. Interestingly, Dr. Golub was previously the lead inventor of the only FDA-approved MMP inhibitors, Periostat® and Oracea®, now marketed by Galderma after the company acquired Collagenex Pharmaceuticals for $420M in 2008.
Mr. Joseph Scaduto, Founder and CEO of Traverse Biosciences, stated “Execution of this exclusive license agreement provides Traverse Biosciences with access to a pipeline of promising drug candidates invented by world-renowned scientists with a significant track record of success.” He added, “We are excited to work closely with the Research Foundation to rapidly advance this technology towards market, for the benefit of health, society and the innovation economy.”
“We look forward to a productive partnership with Traverse Biosciences to develop these chemically-modified curcumins for a variety of therapeutic indications impacting both human and animal health,” stated Dr. Sean Boykevisch, Assistant Director, Life Sciences, in the Office of Technology Transfer and Industry Relations (OTLIR) at Stony Brook University, who led license negotiations on behalf of the Research Foundation. He added, “We are also excited to support the growth of a new venture in the region that was specifically launched to commercialize intellectual property invented at Stony Brook University.”
Dr. Golub stated, “This platform technology builds upon a long history of research, discovery and drug development, which has the potential to broadly impact a wide variety of veterinary and human health conditions.” He added, “I am very excited to work closely with Traverse Biosciences as a scientific co-Founder and inventor to commercialize our pleiotropic MMP inhibitors for the prevention and treatment of a range of chronic inflammatory diseases.”
“These new molecular entities are poised for further commercial development, and I am pleased that we have partnered with Traverse Biosciences to advance these novel drug candidates towards market,” added Dr. Johnson. He also commented, “I look forward to continuing to contribute to this exciting drug development program, not only as a co-inventor, but now also as a scientific co-Founder of Traverse Biosciences.”
Mr. Donnelly stated, “This intellectual property was generated from a highly collaborative and fruitful research and development program between academia and industry, which I am confident will accelerate under the leadership of Traverse Biosciences.”
“Stony Brook University has a strong history and reputation of research, innovation and entrepreneurship,” said Dr. David Conover, Vice President of Research at Stony Brook University. He added, “We are happy to work with companies like Traverse Biosciences to ensure that this legacy continues for our faculty, staff and students, as well as our neighbors in the regional community.”
“The execution of the worldwide license agreement between Traverse Biosciences and the Research Foundation marks a significant milestone for the Center’s expanding BioEntrepreneur-on-Residence Program,” says Clinton Rubin, Director of the New York State Center for Biotechnology at Stony Brook University. “This formal transfer of intellectual property demonstrates the commitment Stony Brook University and the Center for Biotechnology have to ensuring the innovation economy and entrepreneurial ecosystem in the region continues to develop, expand and thrive.”
Last year, Traverse Biosciences received a $50,000 pre-seed investment from the Long Island Emerging Technologies Fund, which was formed in 2013 by TopSpin Partners and Jove Equity Partners. This private investment capital was also matched by a $50,000 grant from Accelerate Long Island, a not-for-profit economic development organization dedicated to the creation of a dynamic entrepreneurial ecosystem in the region.
About Long Island Emerging Technologies Fund: The LIETF is a collaboration between Topspin Partners, the successor fund to the Long Island Venture Fund, a successful venture capital fund which began investing in 1995, and Jove Equity Partners, a venture capital firm that invests in and helps build technology companies in the internet, software, digital media, energy, real estate, transportation and health care industries.
About Accelerate Long Island: Accelerate Long Island is a unique collaboration among the region’s world-class research institutions and business community, dedicated to commercializing research and creating an entrepreneurial ecosystem. Accelerate Long Island’s Board includes Brookhaven National Laboratory, Cold Spring Harbor Laboratory, Hofstra University, North Shore-LIJ Health System, Stony Brook University, and private sector partners including the Long Island Association, Topspin Partners, Jove Equity Partners, Ernst & Young, Farrell Fritz, and the Rauch Foundation. Fostering an innovation-based economy on Long Island, Accelerate Long Island offers funding, mentoring, events and a community of like-minded entrepreneurs to support early stage startups and help them succeed. For more information, visit www.accelerateli.org. Twitter: @AccelerateLI.
About the Center for Biotechnology: The mission of the Center for Biotechnology (CFB) is to catalyze the translation of basic biomedical sciences into diagnostic and therapeutic technologies that benefit human health and society, and fuel economic growth. Designated as a New York State Center for Advanced Technology (CAT) in Medical Biotechnology, the CFB was established in 1983 as a cooperative research and development partnership between universities, private industry and government. The primary objective of the CFB is to generate positive economic impact in the form of new and retained jobs, corporate revenues and cost savings, as well as leveraged funding from private and public sources, primarily by capitalizing on the unique research capabilities of academic institutions to drive and support a globally competitive, knowledge-based economy in New York State. To learn more, visit www.centerforbiotechnology.org.
About the Research Foundation for SUNY: The Research Foundation for The State University of New York is the largest, most comprehensive university-connected research foundation in the country. The RF manages SUNY’s research portfolio providing essential sponsored programs administration and innovation support services to SUNY faculty and students performing research in life sciences and medicine; engineering and nanotechnology; physical sciences and energy; social sciences, and computer and information sciences. The RF moves SUNY ideas and inventions to the marketplace collaborating with business and industry to create new opportunity and new jobs for New York State. To learn more about the RF visit www.rfsuny.org.
About Traverse Biosciences: Traverse Biosciences is a privately-held emerging bioscience company launched to commercialize a pipeline of novel drug candidates for the treatment of inflammatory diseases and related conditions affecting humans and animals. The company’s proprietary lead compound, TRB-N0224, is envisioned as the first FDA-approved, once-daily, edible prescription medication for the prevention and control of canine periodontal disease. To learn more about Traverse Biosciences visit www.traversebiosciences.com.
