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Kentucky Seed Capital Fund Announces New Investors in Pradama
Promising Findings Attract Investment From Triathlon and
Commonwealth Seed Capital
LOUISVILLE - Following positive results from initial research, Pradama, Inc. has successfully completed an additional round of funding.
"We have been encouraged by the findings of Dr. Pierce and his team," said George Emont, Managing Partner of Kentucky Seed Capital Fund. "We are pleased to announce our second investment in Pradama to complete studies to show efficacy of their osteoporosis and chemotherapeutic compounds."
Triathlon Medical Ventures and Commonwealth Seed Capital joined KSCF in the current round of investment in the Louisville-based company.
Pradama is a specialty pharmaceutical company led by University of Louisville pharmacology professor William M. Pierce, Jr. It is focused on the development and commercialization of products to treat bone diseases. These products include an osteoporosis therapy and an agent used to deliver drugs directly to the bone - most likely therapies for certain cancers.
"We have been conducting research to develop potential anti-osteoporosis drugs that decrease bone tissue loss and even rebuild bone for 20 years," said Pierce, Pradama CEO. "We formed Pradama along with MetaCyte more than two years ago, and have been growing closer to our goal ever since."
According to the National Osteoporosis Foundation, approximately 44 million adults in the U.S. had osteoporosis and low bone mass in 2002. Estimated revenues of drugs to treat osteoporosis were $8.2 billion in 2003, and are projected to reach $14.4 billion in 2008.
"We are enthusiastic about the novelty of the bone-targeting mechanism, the ability to deliver drugs to the needed site of action and minimized side effect," said Carrie Bates, Managing Partner of Triathlon. "Our strategy is to invest in emerging opportunities in the Midwest, with a focus on pharmaceuticals, biotech, medical devices and diagnostics. The opportunity with Pradama confirms our investment thesis, that compelling investment opportunities are being created in Kentucky and the rest of the Midwest.
"Metacyte, the Kentucky Seed Fund and others were able to incubate an opportunity and bring it to the point where it is interesting to institutional investors like Triathlon," Bates continued.
"This investment continues our strategy to make Louisville a city of medical innovations," Louisville Mayor Jerry Abramson said.
Investors in KSCF include the Commonwealth of Kentucky through Commonwealth Seed Capital, Humana Inc., the University of Louisville Foundation, Baptist Hospital Health System, Kosair Charities, James Graham Brown Foundation, Jewish Hospital HealthCare Services, and several individuals.
According to Emont, the fund will invest in companies at the earliest stages of development, providing a pipeline of investment opportunities for later-stage venture investment.