SATAI invests $1.045 million in Azaya Therapeutics

Sep 30 2009

SATAI (www.satai.us) and the South Texas Regional Center of Innovation and Commercialization (www.strcic.com) today announced an investment of $1.045 million in Azaya Therapeutics, Inc. through the Texas Emerging Technology Fund (ETF) for the commercialization of Azaya’s proprietary Protein Stabilized Nanoparticle (PSN) technology platform to produce targeted, safer and more effective formulations of chemotherapy pharmaceuticals for the treatment of cancer.

“The ETF is super-charging technology innovation in our state and propelling economic progress,” Gov. Perry said. “This investment in Azaya Therapeutics will enable the continued development of this important technology that will ultimately provide a safer, less expensive and more effective way to target cancer tumors and increase the efficacy of life-saving chemotherapy drugs.”

“We are pleased to announce Azaya as the most recent recipient of ETF funding in South Texas,” said Jim Poage, President and CEO of the SATAI and the STRCIC. “This is great news coming on the heels of our recent announcement of a combined investment by the ETF of $8.65 million in five other San Antonio companies. The Biotechnology and Life Sciences sectors are rapidly emerging as an important part of the biomedical community in San Antonio. With the pipeline of new companies we have, we anticipate that young technologists and scientists will look to San Antonio as a great place to launch their careers.”

“This investment by the State of Texas followed an extensive due diligence process and we thank SATAI for helping us with the process. Today’s announcement represents an important step in validating and commercializing our technology platform,” said Mike Dwyer, President & CEO of Azaya Therapeutics. “Proceeds from this investment will enable us to initiate our first study in cancer patients with our lead product, ATI-1123, that is a safer and more effective formulation of Taxotere^®.” Taxotere^® is one of the most widely used chemotherapy products in the world. The successful development of Azaya’s product will provide benefits for thousands of cancer patients.

http://www.satai.us/