The South Carolina Launch Board of the South Carolina Research Authority's (SCRA) Technology Ventures recently approved the company’s proposed investment in Charleston Pharma of Charleston, South Carolina.
Charleston Pharma’s goal is to create innovative therapeutic antibodies as well as diagnostic tests. These developments are dedicated to health care providers and cancer patients, and these funds will be dedicated to expanding Charleston Pharma’s recombinant production efforts, adding animal-efficiency studies, and exploring antibody-drug conjugates.
Since October 2010, Charleston Pharma has been a part of the SC Launch program. As such, it has received two investment rounds as well as a grant from the program.
Scientists conduct their research in laboratories located at the SCRA-Medical University of South Carolina (MUSC) Innovation Center. The research is designed to detect the best antibodies in terms of preclinical safety and efficacy for future studies.
“This investment approval is confirmation of our continued commitment to growing South Carolina’s high-tech economy,” SCRA CEO Bill Mahoney said. “We are pleased that Charleston Pharma is leveraging our lab space and continuing to make great progress at the SCRA MUSC Innovation Center, and we look forward to their continued successes.”
SCRA Technology Ventures, with the flagship South Carolina Launch program, supports and promotes the research, development and commercialization of high-tech industries. This support improves the technology-based economy within South Carolina.