SCRA Technology Ventures Announces Investments
SC Launch Board Finalizes Investments for Two Charleston Companies
Summerville, SC - SCRA Technology Ventures' SC Launch Board recently finalized investments for two Charleston, S.C.-based companies. Charleston Pharma, who received board approval for investment in May 2015, and FirstString Research, who received board approval in March 2015 have now received funds from the program. Both companies will utilize the investment to expanded operations.
Charleston Pharma is focused on developing innovative therapeutic antibodies and related diagnostic tests for cancer patients and healthcare providers. Research is done in laboratories at the SCRA MUSC Innovation Center and is designed to identify the most promising antibodies for studies that will establish preclinical efficacy and safety. Part of the SC Launch program since October 2010, Charleston Pharma has received a grant and two rounds of investment from the program. The most recent investment will be used to expand recombinant production efforts, explore antibody-drug conjugates and add animal efficacy studies.
FirstString Research, an SC Launch company since 2006, is a privately held, clinical-stage biotechnology company that focuses on scar prevention, inflammation reduction, wound healing and complex tissue regeneration. This investment will be the fourth round of SC Launch funding for the company.
"It is through the continued support and development of innovative companies like these that we are seeing the high-tech economy in South Carolina continue to grow," said SCRA CEO Bill Mahoney. "We are delighted to support these companies and the great work they are doing in South Carolina."
About SCRA Technology Ventures
SCRA Technology Ventures enables research commercialization and promotes the development of high tech industries, enhancing South Carolina's technology-based economy. Through its flagship SC Launch program, this SCRA business sector makes investments in and offers support services to South Carolina's early stage, start-up technology companies.
Multiple economic impact studies show SCRA's cumulative output on South Carolina's economy to be over $18.1 billion, and that the company has helped create approximately 15,000 technology-related jobs in the state, with annual wages averaging between $55,000 and $79,000.