money moves

Texas nonprofit cancer research funder doles out millions to health professionals moving to Houston

These cancer research professionals just got fresh funding from a statewide organization. Photo by Dwight C. Andrews/Greater Houston Convention and Visitors Bureau

Thanks in part to multimillion-dollar grants from the Cancer Prevention and Research Institute of Texas, two top-flight cancer researchers are taking key positions at Houston’s Baylor College of Medicine.

Dr. Pavan Reddy and Dr. Michael Taylor each recently received a grant of $6 million from the Cancer Prevention and Research Institute of Texas (CPRIT).

Reddy is leaving his position as chief of hematology-oncology and deputy director at the University of Michigan’s Rogel Cancer Center to become director of the Baylor College of Medicine’s Dan L. Duncan Comprehensive Cancer Center. Dr. C. Kent Osborne stepped down as the center’s director in 2020; Dr. Helen Heslop has been the interim director.

Taylor, a pediatric neurosurgeon at the University of Toronto, is set to become the first-ever director of pediatric neuro-oncology research at Texas Children’s Hospital. The hospital is affiliated with the Baylor College of Medicine. Taylor is an expert in children’s brain tumors.

In all, 11 researchers recruited by three health care institutions in Houston recently received $34 million in CPRIT grants. The nine other grant recipients in Houston are:

  • Dr. Christine Lovly, M.D. Anderson Cancer Center, $4 million. She is co-leader of the Translational Research and Interventional Oncology Research Program at the Vanderbilt-Ingram Cancer Center in Nashville.
  • Hans Renata, Rice University, $4 million. He is an associate professor at UF Scripps Biomedical Research in Jupiter, Florida.
  • Mingjie Dai, Rice University, $2 million. He is a technology development fellow at Harvard University’s Weiss Institute for Biologically Inspired Engineering.
  • William Hudson, Baylor College of Medicine, $2 million. He is a postdoctoral fellow at Emory University in Atlanta.
  • Deepshika Ramanan, M.D. Anderson Cancer Center, $2 million. She is a research fellow in immunology at Harvard Medical School.
  • Jason Schenkel, M.D. Anderson Cancer Center, $2 million. He is an instructor in pathology at Harvard’s Brigham and Women’s Hospital.
  • Aria Vaishnavi, M.D. Anderson Cancer Center, $2 million. She is a postdoctoral scholar at the University of Utah’s Huntsman Cancer Institute.
  • Samantha Yruegas, Rice University, $2 million. She is a postdoctoral research associate at Princeton University in New Jersey.
  • Qian Zhu, Baylor College of Medicine, $2 million. He is a research fellow at Harvard’s Dana-Farber Cancer Institute.

A CPRIT committee recently approved 17 recruitment grants totaling nearly $48 million for cancer research institutions in Texas.

“CPRIT’s mission is to invest in the research prowess of Texas institutions while expediting breakthroughs in cancer cures and prevention … . These 17 highly respected researchers will join an impressive roster of cancer-fighters who call the Lone Star State home,” says Wayne Roberts, CEO of CPRIT.

Since its creation, CPRIT has awarded $2.9 billion in grants to cancer research organizations around the state.

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Building Houston

 
 

This Houston-based SPAC has announced the tech company it plans to merge with. Photo courtesy of Gow Media

A Houston SPAC, or special purpose acquisition company, has announced the company it plans to merge with in the new year.

Beaumont-based Infrared Cameras Holdings Inc., a provider of thermal imaging platforms, and Houston-based SportsMap Tech Acquisition Corp. (NASDAQ: SMAP), a publicly-traded SPAC with $117 million held in trust, announced their agreement for ICI to IPO via SPAC.

Originally announced in the fall of last year, the blank-check company is led by David Gow, CEO and chairman. Gow is also chairman and CEO of Gow Media, which owns digital media outlets SportsMap, CultureMap, and InnovationMap, as well as the SportsMap Radio Network, ESPN 97.5 and 92.5.

The deal will close in the first half of 2023, according to a news release, and the combined company will be renamed Infrared Cameras Holdings Inc. and will be listed on NASDAQ under a new ticker symbol.

“ICI is extremely excited to partner with David Gow and SportsMap as we continue to deliver our innovative software and hardware solutions," says Gary Strahan, founder and CEO of ICI, in the release. "We believe our software and sensor technology can change the way companies across industries perform predictive maintenance to ensure reliability, environmental integrity, and safety through AI and machine learning.”

Strahan will continue to serve as CEO of the combined company, and Gow will become chairman of the board. The transaction values the combined company at a pre-money equity valuation of $100 million, according to the release, and existing ICI shareholders will roll 100 percent of their equity into the combined company as part of the transaction.

“We believe ICI is poised for strong growth," Gow says in the release. "The company has a strong value proposition, detecting the overheating of equipment in industrial settings. ICI also has assembled a strong management team to execute on the opportunity. We are delighted to combine our SPAC with ICI.”

Founded in 1995, ICI provides infrared and imaging technology — as well as service, training, and equipment repairs — to various businesses and individuals across industries.

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