Houston firm scores 2 grants to support testing treatment for addiction, neurodegenerative diseases

money moves

Fannin Partners received two grants to continue developing a new treatment for both addiction medicine and neurodegenerative diseases. Photo via Pexels

A Houston organization devoted to developing early-stage therapeutic and medical device technologies announced fresh funding for one of its startups.

Fannin Partners' Goldenrod Therapeutics, received a $320,000 Phase I SBIR grant from the National Institute on Drug Abuse (NIDA) for studies regarding both addiction medicine and neurodegenerative diseases with a single lead candidate, called 11h.

The grant will fund studies in rodent models of methamphetamine addiction and the efficacy of 11h for the tiny patients. This is the next step in charting the established promise of 11h in substance use disorders using animal models. Existing therapies for opioid and alcohol addiction have high relapse rates, and there are currently no FDA-approved medications for Stimulant Use Disorders (StUDs).

Previous preclinical studies demonstrated that 11h was effective in the fight against cocaine addiction. The goal is to note similar results in methamphetamine addiction.

At the same time, Fannin was also granted a $250,000 Early Hypothesis Development Award from the Department of Defense (DoD) to study 11h in neurodegenerative diseases. Specifically, the funds will be used to work on rodent models of multiple sclerosis (MS).

Fannin’s goal is to develop an oral medication that slows or reverses the progression of MS, while also improving the patient’s quality of life by relieving symptoms. Many MS medications come with the threat of liver injury and increased risk of infection, so sidestepping those is also a hope for 11h.

In fact, 11h was developed to minimize the toxicities associated with existing PDE4 inhibitors. Early evidence shows that the drug is not only effective, but also safe and easily tolerable.

“NIDA’s continued support of our SUD program highlights the potential of 11h to significantly improve the standard of care for patients suffering from these conditions, some of which lack any approved pharmaceutical options," says Dr. Atul Varadhachary, managing partner at Fannin, in a news release. “The additional DoD funding will allow us to explore 11h’s impact on neurodegenerative disease, as well. We are grateful for the support from both organizations as we advance 11h towards clinical development.”

Previous steps in 11h’s development were funded by a $350,000 Phase I SBIR grant from NIDA. 11h is part of NIDA’s Addiction Treatment Discovery Program. Next year, Fannin will likely scale up Good Manufacturing Practices (GMP) production and complete toxicology studies. This will lead to clinical trials for 11h for cocaine use disorder and other StUDs. But don’t expect Fannin to be quiet for long. Its next big discovery is always on the horizon.

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Clockwise from top left: Jesse Martinez, Adrianne Stone, Phillip Yates, Carlos Estrada, Atul Varadhachary, and Juliana Garaizar. Photos courtesy

Top innovation leaders talk Houston's strengths, weaknesses

finalists weigh in

The six finalists in this year's Ecosystem Builder category for the Houston Innovation Awards shared many reasons why Houston has been a great place for them to launch their startups.

Still, they've seen first-hand how Houston can grow and change to better support founders like themselves. We asked each to share their thoughts on the strengths and weaknesses of the local innovation ecosystem and about the roles they're playing in the scene's evolution. Scroll down to see what each finalist had to say.

Secure your tickets to the November 14 event.


What are the strengths of the Houston innovation ecosystem?

Adrianne Stone, founder of Bayou City Startups: "Outside of our obvious advantages in health care, energy and space technology I would say that our biggest strength is in the diversity of our community. Everyone brings such unique perspectives, experiences, and ideas to the table that it allows Houston to truly think outside of the box when we leverage that superpower."

Atul Varadhachary, managing partner at Fannin Innovation Studio: "The city benefits from its strategic location as a hub for various industries, including energy, aerospace and health care/biotechnology. This diversity of sectors fosters cross-pollination of ideas and expertise, promoting innovation in multiple fields. In the biotechnology field, the Texas Medical Center in Houston, is a major driver of intellectual capital and contributes to a highly skilled workforce. This potential has not been fully leveraged as yet, but I have seen and contributed to much progress over the last three decades."

Carlos Estrada, growth partner at First Bight Ventures and head of venture acceleration at BioWell: "Houston’s strengths lie in its diverse industries, from energy to health care to bioindustrial manufacturing and its academic institutions which nurture talent and innovation. A new wave of startup organizations also provides startups and SMBs with mentorship, funding opportunities, and critical networking connections. This combination of industry diversity, academic excellence and supportive organizations creates an ideal environment for startups to grow."

Jesse Martinez, founder and CEO of invincible: "The Houston innovation ecosystem continues evolving as it naturally pivots and iterates like a startup. We have a number of existing and new stakeholders who deeply care about Houston, as we all work together to make it a global tech hub destination. Through our SDOs, TMC, Houston Methodist, Helix Park, The Ion, NASA, our universities, and startup community leaders, it's all about us helping to connect the dots for our entrepreneurs so they may grow and thrive in Houston."

Juliana Garaizar, founding partner of Energy Tech Nexus: "Houston has the talent, the corporations and the great intersection of industries were innovations happen: energy, medical and space. Houston knows how to do hard things. We are doers, and we know how to build on our key strengths and are resilient when things don't go according to plan. Our geographic situation and our port make us a global hub and the most diverse city in the U.S."

Phillip Yates, CEO of Equiliberty Inc.: "I believe Houston's innovative ecosystem's greatest strengths reside in its diverse group of citizens and our healthy local economy, which includes the energy sector, medical, and aerospace industries."

What are the weaknesses of the Houston innovation ecosystem? Are you helping to make improvements to these weaker aspects of the community and, if so, how?

Stone: "The first thing that comes to mind is a lack of early stage funding for startups, especially for those with founders from underserved backgrounds. And the second thing is the sheer size of our geographic distribution makes it hard for folks to connect and those kismet collisions to occur. I'm working to improve this by inviting investors to our events, networking more broadly outside of the region and inviting folks to come back to visit, and by hosting a predictable recurring meetup every month so folks can get plugged into the broader ecosystem."

Varadhachary: "In the life sciences space, where I primarily play, our biggest challenge is that the early-stage drug development process is complex and requires direct product development experience. At Fannin, I have helped address this challenge by creating one of the largest talent development programs in the U.S., boasting over 350 alumni. I am especially proud of our alumni diversity — about half are women and most are BIPOC. Fannin draws from local institutions and major institutions across the country. Half of our alumni remain in Houston, many of whom, alongside students I’ve taught, have gone on to join or found startups. Other Fannin alumni have joined major companies around the U.S. and have often come back to help support our local ecosystem."

Estrada: "Houston’s biggest challenge is limited early-stage venture capital. To address this, I organized pitch events at WeWork Labs to attract outside investors and guided startups on how to raise funds while keeping their headquarters in Houston. Furthermore at Rice University’s Liu Idea Lab and Rice Alliance, supporting commercialization was key to launching more local scientist-entrepreneur-led startups. Through First Bight Ventures, I also support local startups like Via Fuels and attract outside startups to scale their manufacturing operations in Houston, further growing the ecosystem."

Martinez: "The current weaknesses of our current Houston innovation ecosystem is two-fold: We need true early stage capital (pre-seed and seed) to support our founders. We also need more incubators and accelerators across the Houston area to support our geographically disbursed founders and founders-to-be in The Woodlands, Katy, and Sugar Land, along with more in central Houston. At invincible, we are committed to helping support and champion our Houston-area innovation community by launching a Mom Tech Incubator (HERA), an early-stage fund, and an industry-specific venture studio. Long term, we will need a growth-stage fund to better support our local startups and those expanding here for strategic reasons."

Garaizar: "Although Houston has a lot of later stage capital, access to early stage capital is a weakness that we are trying to overcome with capital activation, formation and innovation finance. Although Houston is the most diverse city in the U.S. it is not the most inclusive and equitable, that is why I studied the gender gap in investing and launched initiatives like Portfolia or the Houston Equitable Energy Transition Initiative and I am part of the City of Houston's Women Commission."

Yates: "Houston has a problem with economic disparities, including income inequality, poverty, and lack of access to resources. These economic indicators create real barriers for some individuals to have meaningful access to the Houston innovative ecosystem.Through my work with Equiliberty and other non-profits, I have provided my time and resources to help build a more equitable ecosystem. Through the work I am doing with Equiliberty, Houston Area Urban League, Impact Hub and others, I believe we're making improvements to ensure that any person with a dream of changing the world can do it right here in Houston, Texas. We are all working towards the day when their ZIP code, education background or financial status will not be a determining factor."

This week's roundup of Houston innovators includes Navin Varadarajan of the University of Houston, Kelly Pracht of nVenue, and Atul Varadhachary of Fannin. Photos courtesy

3 Houston innovators to know this week

who's who

Editor's note: Every week, I introduce you to a handful of Houston innovators to know recently making headlines with news of innovative technology, investment activity, and more. This week's batch includes two health tech innovators and a sportstech CEO.

Kelly Pracht, CEO and co-founder of nVenue

Kelly Pracht joins the Houston Innovators Podcast to discuss how she's expanded nVenue to new sports. Photo courtesy of nVenue

All though career technologist Kelly Pracht began her entrepreneurial journey with her favorite sport, baseball, she's recently expanded the data-backed, fan-engaging sports betting platform to new sports.

Pract, who spent nearly 20 years designing technologies at Hewlett Packard Enterprise, founded nVenue in 2019 after realizing that, while there's endless data and stats available in baseball, there's nothing that exists for fans to engage in that data in real time. So, she set out to build it herself.

At first, the platform launched as a direct-to-fans platform, but Pracht says on the Houston Innovators Podcast that the company pivoted to B-to-B amid its participation in the Comcast SportsTech accelerator.

"The industry was super hungry for fan engagement and sports betting, and we were one of the only companies that could do it," she says on the show. "We found this huge product-market fit of the whole industry wanting ways to engage and bet in real time." Read more.

Exclusive: 2 Houston health care institutions team up to develop cancer-fighting treatments

Fannin Partners and the University of Texas MD Anderson Cancer Center have teamed up to develop drugs based on Raptamer, the creation of Fannin company Radiomer Therapeutics. Photo via Getty Images

Two Houston organizations announced a new collaboration in a major move for Houston’s biotech scene.

Fannin Partners and the University of Texas MD Anderson Cancer Center have teamed up to develop drugs based on Raptamer, the creation of Fannin company Radiomer Therapeutics.

“Raptamers combine antibody level affinities with desirable physical and pharmacokinetic properties, and a rapid path to clinic,” Dr. Atul Varadhachary, CEO of Radiomer Therapeutics and Fannin managing partner, Varadhachary, explained to InnovationMap in May. “We are deploying this unique platform to develop novel therapies against attractive first-in-class oncology targets.” Read more.

Earlier this year, Varadhachary joined the Houston Innovators Podcast to discuss Fannin's innovation approach and contribution to medical development in Houston. Listen to the episode below.

Navin Varadarajan, M.D. Anderson Professor of William A. Brookshire Chemical and Biomolecular Engineering at University of Houston

The University of Houston's Navin Varadarajan explains that while COVID vaccines prevent advanced disease, they don’t prevent transmission. But he has a solution. Photo via UH

Since the force of COVID-19 hit globally in 2020, scientists have made efficient progress in the fight against it. As Dr. Navin Varadarajan puts it, vaccines have “allowed us to become a society again.”

And he should know, the M.D. Anderson Professor of William A. Brookshire Chemical and Biomolecular Engineering at University of Houston just published back-to-back studies for nasal sprays that combat viruses. One, the NanoSTING therapeutic, has proven effective in treating strains of SARS-CoV-2 and the flu virus. The other, NanoSTING-NS Pan-coronavirus Vaccine is targeted at preventing the transmission of multiple COVID variants altogether.

Why a nasal vaccine? Varadarajan explains that while COVID vaccines prevent advanced disease, they don’t prevent transmission.

“Intramuscular vaccines do not facilitate a component of peer immunity called mucosal immunity, which takes care of these points of entries, these wet surfaces, which can be of the nose and the wet surfaces of the nose, and so they don't prevent transmission,” he tells InnovationMap. “So I can be vaccinated, I pick up a small infection that's confined largely to my nostrils, and I can still pass it on to vulnerable people, the aged, the immunocompromised people who have all the drugs they're taking to fight other things, like cancer patients. And so for them, the vaccines tend to be less efficacious, and if I transfer it to them, unfortunately they can end up in a hospital, right? And so preventing transmission is the way to end this cycle.” Read more.

Fannin Partners and the University of Texas MD Anderson Cancer Center have teamed up to develop drugs based on Raptamer, the creation of Fannin company Radiomer Therapeutics. Photo via Getty Images

Exclusive: 2 Houston health care institutions team up to develop cancer-fighting treatments

collaboration station

Two Houston organizations announced a new collaboration in a major move for Houston’s biotech scene.

Fannin Partners and the University of Texas MD Anderson Cancer Center have teamed up to develop drugs based on Raptamer, the creation of Fannin company Radiomer Therapeutics.

“Raptamers combine antibody level affinities with desirable physical and pharmacokinetic properties, and a rapid path to clinic,” Dr. Atul Varadhachary, CEO of Radiomer Therapeutics and Fannin managing partner, Varadhachary, explained to InnovationMap in May. “We are deploying this unique platform to develop novel therapies against attractive first-in-class oncology targets.”

The pairing of Fannin and MD Anderson makes perfect sense. Researchers at the institution have already identified novel markers that they will target with both Raptamer-based drugs and radiopharmaceutical/radioligand therapies.

“MD Anderson and Fannin bring highly complementary capabilities to the identification of novel cancer targets and Raptamer-based drug discovery,” says Varadhachary in a press release. “Our collaboration will enable us to rapidly develop targeted therapeutics against novel targets, which we hope will offer hope to patients with progressive cancers.”

Early in this meeting of minds, researchers will focus on developing targeted radiopharmaceuticals — the Radiomers for which Varadhachary’s company is named — as well as targeted drug conjugates that utilize Raptamers. Raptamers are an innovative class of targeting vectors that combine a DNA oligonucleotide backbone with added peptide functionality, for oncology indications.

“We are committed to exceptional research that can help us further our understanding of cancer and develop impactful therapeutic options for patients in need,” says Timothy Heffernan, Ph.D., vice president and head of therapeutics discovery at MD Anderson. “Fannin’s Raptamer drug discovery platform represents an innovative new modality that offers the potential to enhance our portfolio of novel therapies, and we look forward to the opportunities ahead.”

Fannin and MD Anderson will design translational studies together and collaborate to select promising targets for drug discovery. This is a great deal for Fannin, which will retain commercialization rights for the assets that are developed. But MD Anderson won’t be left out; the institution is eligible to receive some payments based on the success of Radiomers and other Raptamer-based drugs developed through the collaboration.

Earlier this year, Varadhachary joined the Houston Innovators Podcast to discuss Fannin's innovation approach and contribution to medical development in Houston. Listen to the episode below.

Radiomer Therapeutics has launched under Fannin Partners with an undisclosed amount of seed funding. Photo via Getty Images

Early-stage cancer-fighting startup raises pre-seed, launches under Houston life science leader

ready to grow

Fannin Partners has done it again. The Houston-based life science development group behind medtech companies Procyrion and Allterum Therapeutics announced yesterday that it has launched Radiomer Therapeutics. With an undisclosed amount of pre-seed funding, Radiomer joins the $242 million-strong Fannin portfolio.

Radiomer uses Fannin’s proprietary Raptamer platform to target vectors and ligands for theranostic application. The cancer-fighting technology is a targeting agent that can address serious maladies including breast, lung, colorectal, prostate, and head and neck cancers.

And with Radiomer’s launch, Fannin is moving with its trademark aggressiveness. Lead programs expected to complete Phase 0 imaging/dosimetry trial(s) in cancer patients in the first quarter of next year. Those will be closely followed by therapeutic programs.

“Raptamers combine antibody level affinities with desirable physical and pharmacokinetic properties, and a rapid path to clinic,” Dr. Atul Varadhachary, CEO of Radiomer Therapeutics and Fannin managing partner, says in a press release. “We are deploying this unique platform to develop novel therapies against attractive first-in-class oncology targets.”

Varadhachary has operated Radiomer in stealth mode since its 2023 inception. However, Raptamer has been in the company’s portfolio since 2019. The new company has been using the platform to generate data with the rights to radiopharmaceutical applications for the past year.

“Our lead programs include Radiomers targeting both well-established and first-in-class cancer targets,” adds Dr. Phil Breitfeld, Radiomer’s chief medical officer. “Our imaging/dosimetry trials are designed to provide clinical evidence of tumor targeting and biodistribution information, positioning us to rapidly initiate a therapeutic program(s) if successful.”

For over a decade, Fannin has developed and supported promising life science innovations by garnering grant funding and using its team of expert product developers to build out the technology or treatment. The life science innovation timeline is very different from a software startup's, which can get to an early prototype in less than a year.

"In biotech, to get to that minimally viable product, it can take a decade and tens of millions of dollars," Varadhachary said on the Houston Innovators Podcast earlier this year.

This week's roundup of Houston innovators includes Aziz Gilani of Mercury, Yaxin Wang of the Texas Heart Institute, and Atul Varadhachary of Fannin Innovation. Photos courtesy

3 Houston innovators to know this week

who's who

Editor's note: Welcome to another Monday edition of Innovators to Know. Today I'm introducing you to three Houstonians to read up about — three individuals behind recent innovation and startup news stories in Houston as reported by InnovationMap. Learn more about them and their recent news below by clicking on each article.


Aziz Gilani, managing director at Mercury

Aziz Gilani, managing director at Mercury, joins the Houston Innovators Podcast. Photo via LinkedIn

Aziz Gilani's career in tech dates back to when he'd ride his bike from Clear Lake High School to a local tech organization that was digitizing manuals from mission control. After years working on every side of the equation of software technology, he's in the driver's seat at a local venture capital firm deploying funding into innovative software businesses.

As managing director at Mercury, the firm he's been at since 2008, Gilani looks for promising startups within the software-as-a-service space — everything from cloud computing and data science and beyond.

"Once a year at Mercury, we sit down with our partners and talk about the next investment cycle and the focuses we have for what makes companies stand out," Gilani says on the Houston Innovators Podcast. "The current software investment cycle is very focused on companies that have truly achieved product-market fit and are showing large customer adoption." Read more.


Yaxin Wang, director of the Texas Heart Institute's Innovative Device & Engineering Applications Lab

The project is funded by a four-year, $7.8 million grant. THI will use about $2.94 million of that to fund its part of the research. Photo via texasheart.org

The United States Department of Defense has awarded a grant that will allow the Texas Heart Institute and Rice University to continue to break ground on a novel left ventricular assist device (LVAD) that could be an alternative to current devices that prevent heart transplantation and are a long-term option in end-stage heart failure.

The grant is part of the DOD’s Congressionally Directed Medical Research Programs (CDMRP). It was awarded to Georgia Institute of Technology, one of four collaborators on the project that will be designed and evaluated by the co-investigator Yaxin Wang. Wang is part of O.H. “Bud” Frazier’s team at Texas Heart Institute, where she is director of Innovative Device & Engineering Applications Lab. The other institution working on the new LVAD is North Carolina State University.

The project is funded by a four-year, $7.8 million grant. THI will use about $2.94 million of that to fund its part of the research. As Wang explained to us last year, an LVAD is a minimally invasive device that mechanically pumps a person’s own heart. Frazier claims to have performed more than 900 LVAD implantations, but the devices are far from perfect. Read more.

Atul Varadhachary, managing director of Fannin Innovation

Atul Varadhachary also serves as CEO and president of Allterum Therapeutics. Photo via LinkedIn

Allterum Therapeutics, a Houston biopharmaceutical company, has been awarded a $12 million product development grant from the Cancer Prevention and Research Institute of Texas (CPRIT).

The funds will support the clinical evaluation of a therapeutic antibody that targets acute lymphoblastic leukemia (ALL), one of the most common childhood cancers.

However, CEO and President Atul Varadhachary, who's also the managing director of Fannin Innovation, tells InnovationMap, “Our mission has grown much beyond ALL.” Read more.

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New UH survey reveals concerns over AI data center growth in Houston

data findings

A new report out of the University of Houston shows that area residents remain wary of the long-term effects of operating data centers.

The recent survey from the University of Houston’s latest SPACE City Panel, conducted by the Center for Public Policy at the Hobby School of Public Affairs, shows that while 85 percent of Houston-area residents use AI, nearly 63 percent oppose the construction of AI data centers within 1 mile of their homes.

Respondents’ concerns centered around data centers’ high energy demand and the area’s power grid reliability. According to the survey, 32 percent of residents who oppose local data center projects would be more likely to support the centers if they relied on renewable energy over fossil fuels.

“Respondents understand that AI can bring economic and educational benefits, but they are also concerned about the physical infrastructure needed to fuel AI, especially data centers,” Soran Mohtadi, post-doctoral fellow at the Hobby School and a researcher on the report, said in a news release. “This physical infrastructure demands more electricity and water, leading to environmental impacts.”

Experts estimate that 6.5 gigawatts of data center capacity will be added to the Texas grid by 2030. And Houston’s data center capacity is predicted to more than double by 2028.

The Electric Reliability Council of Texas also projects electricity demand could reach 218 gigawatts by 2031, which would be more than double the record peak set in August 2023. Data centers are expected to account for 86 gigawatts of that new demand.

Survey respondents also said they are concerned about the state's future water supply, given the large amounts of water that data centers need to stay cool.

In terms of who’s responsible for that issue, 57.6 percent of respondents said they put the onus on Texas lawmakers, while 31.5 percent say tech companies should be responsible.

Additionally, more than 75 percent of respondents believed that data center developers and technology companies—not residents—should bear the cost of infrastructure upgrades to support data centers.

“Every decision legislators make has implications on residents’ everyday lives and local infrastructure now and in the future,” Maria P. Perez Arguelles, lead researcher on the report and research assistant professor at the Hobby School, added in the news release. “This issue is going to become more important in years to come, so this is just the beginning.”

Read the full report here.

Houston-born Cemvita makes breakthrough in sustainable fuel production

clean fuels

Houston-based biotech company Cemvita announced that it recently reached a critical milestone in the development of its FermOil product, which can be used to create Sustainable Aviation Fuel (SAF) and other renewable fuels at industrial scale.

The company shared in a news release that it completed a 75,000-liter industrial fermentation run at Belgium's Bio Base Europe Pilot Plant.

The campaign achieved target technical metrics for the production of FermOil, Cemvita’s renewable natural oil (RNO). FermOil is produced from industrial crude glycerin, an industrial byproduct, as opposed to traditional sugar-based feedstocks used in many bio-oil fermentation processes. It's designed to be a drop-in feedstock for creating SAFs.

Cemvita had previously advanced its FermOil production process through multiple scale-up stages before successfully reaching the 75,000-liter demonstration campaign, according to the company.

“This is not just a fermentation milestone,” Moji Karimi, CEO at Cemvita, said in the release. “It is a blueprint for how existing industrial infrastructure can evolve into circular bioeconomy infrastructure. Every biodiesel plant generating crude glycerin is a potential platform for renewable natural oil production.”

The milestone also supports the deployment of Cemvita’s industrial biomanufacturing platform, FermWorks, which integrates with existing energy and industrial infrastructure to turn waste carbon streams into SAFs and other materials. According to the release, Cemvita plans to move forward with commercial deployment discussions with partners in Brazil, Europe and in the UK. Cemvita already has a partnership with the Brazilian sustainable research institution REMA.

“We are proud to support innovative companies like Cemvita in scaling breakthrough industrial biotechnology solutions,” Hendrik Waegeman, head of business operations at Bio Base Europe Pilot Plant, added in the release. “Successfully operating at the 75,000-liter scale using a feedstock such as crude glycerin highlights both the maturity of the technology and the quality of the scale-up execution achieved by the Cemvita team.”

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This article originally appeared on our sister site, EnergyCapitalHTX.com.

Eli Lilly scoops up Houston biotech startup in $300 million deal

big pharma deal

Pharmaceutical giant Eli Lilly has acquired Houston biotech startup CrossBridge Bio, which develops antibody-drug conjugates for cancer, in a deal worth up to $300 million. The deal was celebrated by TMC Venture Fund and the University of Texas Health Science Center at Houston last week.

CrossBridge, founded in 2023, is developing ADCs based on research by Kyoji Tsuchikama and Zhiqiang An, both of UT Health Houston. Tsuchikama is an associate professor of medicinal chemistry and a globally recognized ADC pioneer, and An is a professor of molecular science and vice president of drug discovery.

Antibody-drug conjugates (ADCs) are a potent combination of targeted therapy and chemotherapy that kills cancer cells while saving healthy tissue.

Clinical trials for CrossBridge’s primary ADC candidate, CBB-120, are expected to start this year, pending approval from the U.S. Food and Drug Administration (FDA).

“I’m proud of how well our team has executed and advanced our platform in such a short time since the company’s founding,” Michael Torres, co-founder and CEO of CrossBridge, said in a news release. “By becoming a part of Lilly, a leader in patient-focused therapeutic development, we are well-positioned to further accelerate the clinical potential of this approach.”

Under the Lilly deal, CrossBridge shareholders were expected to receive an upfront payment along with a follow-up payment based on the achievement of certain milestones.

In 2024, CrossBridge closed a $10 million seed round. Among the investors in CrossBridge are the Texas Medical Center Venture Fund, CE-Ventures, Alexandria Venture Investments, Portal Innovations, Linden Lake Labs, and the Cancer Prevention and Research Institute of Texas (CPRIT). It was formed in TMC Innovation’s Accelerator for Cancer Therapeutics program."Built within the TMC ecosystem, CrossBridge Bio grew with the support, funding, and resources that helped shape its trajectory. TMC led the company's early financing and watched it evolve from its earliest days to its acquisition by Eli Lilly," William McKeon, president and CEO of the Texas Medical Center, shared in a LinkedIn post. "[This is a] strong reminder that breakthrough science and the right early backing can change what’s possible."
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