University of Houston launches new institute to promote drug discovery research

New to hou

UH has announced a new multi-disciplinary institute to promote drug discovery. Photo courtesy of UH

The University of Houston has introduced a new institute to its campus. The multi-disciplinary program includes both on-campus and citywide collaboration.

UH has established the Drug Discovery Institute in order to streamline and modernize drug discovery. In partnership with the Texas Medical Center, as well as other organizations, the DDI will tap into technology and innovation to advance modern medicine. The institute will collaborate with the UH colleges of Pharmacy, Natural Sciences and Mathematics and Cullen College of Engineering.

"Our new Drug Discovery Institute could not have been launched at a more appropriate juncture. With the frantic quest for effective drugs to counter the current and future viral infections, the broad and deep strength of the University of Houston is being brought to bear and will no doubt advance the development of innovative cures," says Amr Elnashai, vice president for research and technology transfer, in a press release.

The university currently has about 100 faculty members conducting drug discovery-related research, but, according to the release, these efforts have been fragmented. With DDI, UH hopes to bring these efforts together under one roof in order to promote synergistic research.

F. Lamar Pritchard, dean of the UH College of Pharmacy, has been advocating for the idea of a collaborative drug discovery research center for more than a decade

"The breadth of this initiative will establish the institute and the University among the national leaders in drug discovery and become one of the first to fully embrace AI into its academic drug discovery programs," Pritchard says in the release.

The new institute will be led by Ruiwen Zhang, Robert L. Boblitt Endowed Professor in Drug Discovery at the College of Pharmacy,. He will hold the position of director for two years, before the title rotates through the collaboration of colleges.

"Working together is critical, none of us can do this alone," Zhang says in the release. "In drug discovery, a chemist needs a biologist, a biologist needs a pharmacologist, and so on. We will build a platform and infrastructure, along with the necessary tools, to bring everyone together."

The facility will work to promote each of the school's expertise across many aspects of the drug discovery process — including high-throughput screening technologies, organ-on-chip models, biosensing and biofeedback, molecular modeling and more.

"Practicing team science is key to making innovative discoveries and we are eager to collaborate with faculty across the University to develop cutting-edge research and ultimately to find treatments and cures for disease," says Dan Wells, dean of the College of Natural Sciences and Mathematics, in the release.

Additionally, DDI will offer seed grants for interdependent drug-discovery projects and encourage collaboration and the sharing of data with experts around the world

"I foresee one day in the near future that we are able to create some of the strongest databases and artificial intelligence approaches to drug discovery," Pritchard says in the release. "Rather than having to screen millions of compounds to find one therapy, we may be able to narrow that down to 1,000 and really streamline the process."

UH has been ranked among the top schools for new patents. Photo courtesy of University of Houston

University of Houston scores spot on top schools in the world for new patents

put a patent on it

A Houston school has ranked on a global list that recognizes new utility patents issued. University of Houston tied for No. 75 on the list with 39 utility patents issued in 2019.

The list is created by the National Academy of Inventors and the Intellectual Property Owners Association based on data from the U.S. Patent and Trademark Office. UH has made the list every year for the past five years.

"The rankings show that UH continues to make a major contribution to the innovation enterprise on the U.S. and global stage," says Amr Elnashai, vice president/vice chancellor for research and technology transfer at UH.

"To be in the top 100 universities worldwide for U.S. patents emphasizes that the UH research enterprise has been successfully steered towards impactful research with the potential to address societal challenges."

A utility patent, known as a patent for invention, is the most commonly referred to type of patent and regards the creation of a new or improved product, process, or machine.

Two Texas schools ranked above UH on this year's list. The University of Texas ranked at No. 3 with 276 utility patents and Texas A&M University came in a few spots ahead of UH at No. 65 with 44 utility patents issued.

UH tied with Drexel University in Philadelphia, and the University of California scored the top spot by far with 631 utility patents filed last year. All in all, the ranking finds that 7,873 U.S. utility patents were issued in 2019, which is up from 1,046 patents in 2018.

UH's Technology Bridge was revamped in 2018 to focus on cultivating innovation and new technologies as they develop from the lab and into the marketplace.

There's a growing need for physician-scientists who can see from both sides of the table. Miguel Tovar/University of Houston

University of Houston researchers on why bridging the gap between academia and clinicians is key

Beaker to bedside

Physician-scientists are a group of specialized researchers at the intersection of medicine and technology. Earning both medical degrees and Ph.D.s, they offer a perspective beyond the scope of clinical practice.

Three such researchers discussed how they make the connections between discovery and patient care.

Why a dual education matters

Shaun Xiaoliu Zhang, director of the Center for Nuclear Receptors and Cell Signaling at the University of Houston and M.D. Anderson professor of biology and biochemistry, knows exactly what the clinical demands are.

"I can see from the M.D. perspective, but at the same time I have a Ph.D. — I know how to design research properly," he says. "In the clinic, you're faced with reality that a patient is struggling but you don't have the tools to treat those patients. If you engage in research you can create a tool."

Zhang says clinicians know the need but may struggle to design a solution. A Ph.D., on the other hand, may only know basic research.

Renowned hormone researcher Jan-Åke Gustafsson, Robert A. Welch professor of biology and biochemistry and founding director of the Center for Nuclear Receptors and Cell Signaling, agrees.

"The dual education makes it possible for you to see which diseases are in need of more research, drugs and so on," he says.

Physician-scientists are the driving force behind many advances of modern medicine.

"The way I look at it is, practicing medicine is relatively easy but coming up with the next diagnostic device or the next treatment for a disease is way more difficult, way more challenging," says Chandra Mohan, Hugh Roy and Lillie Cranz Cullen Endowed professor of biomedical engineering at UH.

"You see patients with certain diseases, and you know there's a dire need for better diagnostics, earlier treatment, earlier diagnosis with fewer side effects," he says.

While researchers spend time primarily in the laboratory and clinical practitioners interact with patients, they both want to make an impact.

"We have made some discoveries which have led to the development of new drugs and better understanding of certain diseases," says Gustafsson. "There's a great satisfaction that it may help people to get healthy."

Traditional research brings value to a university

The synergy of this dual education makes these investigators valuable not only to academia, but also to medical science.

"I can't imagine doing translational research without medical training," Zhang says. "If you have this part without the other, you don't know where to go. With medical training, you know exactly which direction to go."

Mohan echos that assessment.

"When you start doing research there are so many questions you can answer," he says. "Sometimes there are questions which are just too basic. They're too far removed from how it will impact a patient's life. So what are the most important questions? I think questions that really make a difference in the patient's life are the most important."

Zhang notes that the National Institutes of Health has switched its funding philosophy — once focused on basic science, it now is more interested in translational research, with a direct relationship to patient health.

As physician-scientists, these "translators" of medical research are able to bridge the chasm.

Amr Elnashai, vice president/vice chancellor of research and technology transfer at UH, says physician-scientists play an important role.

"The increasing importance of deploying technology in medicine renders it essential for a progressive research university to hire medical Ph.D. holders who are in an ideal position to bridge the gap between engineering and science on the one hand, and the broad field of medicine on the other," he says.

Research groups that bring both fields together not only have a much higher probability of impacting lives by adopting the latest technology in medical applications, he adds, but they also give interdisciplinary teams greater access to specific funding pursue such solutions.

In that sense, says Elnashai, medical Ph.D. researchers play an important part of the future research university.

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This article originally appeared on the University of Houston's The Big Idea.

Nitiya Spearman is the internal communications coordinator for the UH Division of Research.

UH has maintained its spot on the top 100 global universities for number of patents issued. Photo courtesy of University of Houston

University of Houston ranks among top schools for issued patents

best in class

A new ranking shows the University of Houston is flexing its brains and its brawn as one of the most prolific producers of patents in the academic world.

The new ranking, published by the National Academy of Inventors and the Intellectual Property Owners Association, puts UH at No. 88 among the world's top 100 universities for patent activity in 2018.

"As the UH research portfolio grows and the medical school starts up, we would continue to anticipate a strong IP portfolio going forward for UH," says Tom Campbell, executive director of the Office of Technology Transfer and Innovation at UH.

UH tied with the Texas A&M University on this year's list; each recorded 28 patents in 2018. A year earlier, UH received 39 patents. The University of Texas was the only other Texas school on the new list. With 187 patents issued in 2018, it landed at No. 5.

Houston's Rice University showed up at No. 79 on the 2018 list but dropped out of this year's top 100.

Amr Elnashai, UH's vice president and vice chancellor for research and technology transfer since 2017, says his school's appearance in the ranking reflects an emphasis on converting faculty inventions into meaningful innovations. During the 2018 budget year, UH collected $43 million in patent royalties.

Among the patents UH received last year were those for a mutant herpes simplex virus connected to cancer therapy and a rechargeable alkaline battery.

"UH researchers are driven by making a positive impact on the quality of life," Elnashai says in a release. "From new remedies for persistent medical conditions to sustainable energy technologies, researchers from the University of Houston are addressing many of the world's most pressing challenges. The UH ranking, tied with our larger neighbor Texas A&M, is a testament to our emphasis on and excellence in technology transfer and innovation."

To ramp up UH's impact, the university last year rebranded its research park as the UH Technology Bridge. With 30,000 square feet of incubator space and over 700,000 square feet of space for labs, pilot-scale facilities, and light manufacturing, the Technology Bridge houses 21 startups and two established companies.

"From clean energy solutions and medicines to uses of artificial intelligence, data science tools and other emerging technologies, the University of Houston is focusing on bridging the gap between technological discoveries by our faculty and actual products that change peoples' lives," Elnashai said in 2018.

The list from the National Academy of Inventors and the Intellectual Property Owners Association started in 2013. UH first cracked the top 100 in 2016 (for patents issued in 2015). That year, it ranked 88th. UH dropped to No. 91 on the 2017 list but rose to No. 67 on the 2018 list.

"The patents our universities produce represent important processes and collaborations which have the potential to make a significant impact on society on a local, regional, national, and global scale," says Paul Sanberg, president of the National Academy of Inventors.

The annual ranking relies on data from the U.S. Patent and Trademark Office regarding utility patents, which make up 90 percent of all patents issued.

According to Investopedia, a utility patent covers the creation of a new or improved — and useful — product, process, or machine. This type of patent prohibits other people or companies from making, using, or selling the invention without authorization.

"Patenting an invention is the first step towards making a lasting impact on the innovation ecosystem," says Jessica Landacre, deputy executive director of the Intellectual Property Owners Association.

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Rice research on bond and stock market differences, earnings variations

houston voices

At the end of every quarter, publicly traded companies announce their profits and losses in an earnings report. These updates provide insight into a company’s performance and, in theory, give investors and shareholders clarity on whether to buy, sell or hold. If earnings are good, the stock price may soar. If they’re down, the price might plunge.

However, the implications for the stock price may not be immediately clear to all investors. In the face of this uncertainty, sellers will ask for high prices, and buyers will offer low ones, creating a significant “bid-ask spread.” When this happens, it becomes more costly to trade, and the stock becomes less liquid.

This is a well-documented effect on equity stock markets. However, according to research by Stefan Huber (Rice Business), Chongho Kim (Seoul National University) and Edward M. Watts (Yale SOM), the corporate bond market responds differently to earnings news. This is because bond markets differ from stock markets in a significant way.

Stocks v. Bonds: What Happens When Earnings Are Announced?

Equities are usually traded on centralized exchanges (e.g., New York Stock Exchange). The exchange automatically queues up buyers and sellers according to the quote they’ve entered. Trades are executed electronically, and the parties involved are typically anonymous. A prospective buyer might purchase Microsoft shares from someone drawing down their 401(k) — or they could be buying from Bill Gates himself.

Corporate bond markets work differently. They are “over-the-counter” (OTC) markets, meaning a buyer or seller needs to find a counterparty to trade with. This involves getting quotes from and negotiating with potential counterparties. This is an inherent friction in bond trading that results in much higher costs of trading in the form of wider bid-ask spreads.

Here’s what Huber and his colleagues learned from the research: Earnings announcements prompt many investors to trade. And on OTC markets, potential buyers and sellers become easier to find and negotiate with.

A Stronger Bargaining Position for Bonds

According to Huber, “When earnings information comes out, a lot of people want to trade. In bond markets, that makes it much easier to find someone to trade with. The more options you have to trade, the stronger your bargaining position becomes, and the lower your trading costs go.”

He compares the process to shopping in a market with a flexible approach to pricing.

“Let's say you're at a farmers market and you want to buy an apple,” Huber says. “If there is only one seller, you buy the apple from that person. They can ask for whatever price they want. But if there are multiple sellers, you can ask around, and there is potential to get a better price. The price you get depends on the number of options you have in trading partners.”

What’s at Stake?

Although bonds receive less attention than equities, the stakes are high. There is about $10 trillion in outstanding corporate debt in the U.S., and more than $34 billion in average daily trading volume.

A detailed record of bond trades is available from the Financial Industry Regulatory Authority (FINRA), which requires that trades be reported via their Trade Reporting and Compliance Engine (TRACE).

The study from Huber and co-authors uses an enhanced version of TRACE to examine trades executed between 2002 and 2020. The team analyzed the thirty-day periods before and after earnings announcements to gather data about volume, bid-ask spreads and other measures of liquidity.

They find that, like on the stock market, there are more investors and broker-dealers trading bonds around earnings announcements. However, unlike on the stock market, transaction costs for bonds decrease by 6 to 7 percent in the form of bid-ask spreads.

What Sets This Research Apart?

“Taking a purely information asymmetry-based view would predict that what happens to stock liquidity would also happen to bonds,” Huber says. “A piece of information drops, and some people are better able to work with it, so others price protect, and bid-ask spreads and the cost of trading go up.”

“But if you consider the search and bargaining frictions in bond markets, you get a more nuanced picture. While information asymmetry increases, like it does on stock markets, the information prompts more investors into bond trading, which makes it easier to find counterparties and get better transaction prices. Consequently, bid-ask spreads go down. This search and bargaining friction does not really exist on equities exchanges. But we cannot ignore it in OTC markets.”

As corporate debt markets continue to grow in importance, it will become crucial for investors and regulators to understand the nuanced factors influencing their liquidity. This study provides a solid foundation for future research.

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This article originally ran on Rice Business Wisdom. For more, see “Earnings News and Over-the-Counter Markets.” Journal of Accounting Research 62.2 (2024): 701-35.

Houston e-commerce unicorn secures $130M in financing

scaling up

Houston-based Cart.com, which operates a multichannel commerce platform, has secured $105 million in debt refinancing from investment manager BlackRock.

The debt refinancing follows a recent $25 million series C extension round, bringing Cart.com’s series C total to $85 million. The scaleup’s valuation now stands at $1.2 billion, making it one of the few $1 billion-plus “unicorns” in the Houston area.

“Scaleup” refers to a startup that has achieved tremendous growth and has maintained a stable workforce, among other positive milestones. Airbnb, Peloton, and Uber are prime examples of businesses that evolved from startup to scaleup.

Cart.com says the new term loan facility from BlackRock consolidates its venture debt into one package “at competitive terms.” Those terms weren’t disclosed.

The company says the refinancing will enable it to expand into new markets and improve its technology, including its Constellation OMS order management system.

“Cart.com is one of the fastest-growing providers of commerce and logistics solutions today, and I’m excited to partner with BlackRock as we continue to aggressively invest to help our customers operate more efficiently,” Omair Tariq, the company’s founder and CEO, says in a news release.

Through a network of 14 fulfillment centers, Cart.com supports over 6,000 customers and 75 million orders per year.

"BlackRock is pleased to support Cart.com as it advances its mission to unify digital and physical commerce infrastructure," says Keon Reed, a director at BlackRock. “This latest facility underscores our confidence in the company’s differentiated product offerings and financial strategy as it enters its next stage of growth.”

Elon Musk says he's moving SpaceX, X headquarters from California to Texas

cha-cha-changes

Billionaire Elon Musk says he's moving the headquarters of SpaceX and social media company X to Texas from California.

Musk posted on X Tuesday that he plans on moving SpaceX from Hawthorne, California, to the company's rocket launch site dubbed Starbase in Texas. X will move to Austin from San Francisco.

He called a new law signed Monday by California Gov. Gavin Newsom that bars school districts from requiring staff to notify parents of their child’s gender identification change the “final straw.”

“I did make it clear to Governor Newsom about a year ago that laws of this nature would force families and companies to leave California to protect their children,” Musk wrote.

Tesla, where Musk is CEO, moved its corporate headquarters to Austin from Palo Alto, California in 2021.

Musk has also said that he has moved his residence from California to Texas, where there is no state personal income tax.

SpaceX builds and launches its massive Starship rockets from the southern tip of Texas at Boca Chica Beach, near the Mexican border at a site called Starbase. The company’s smaller Falcon 9 rockets take off from Cape Canaveral, Florida, and Southern California.

It’s just below South Padre Island, and about 20 miles from Brownsville.

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