CIT GAP Funds Invests In Biotherapeutics, Inc
Tuesday, September 23, 2014
The CIT GAP Funds closed an investment in Biotherapeutics, Inc. BioTherapeutics, Inc. (BTI), based in Blacksburg, is a pre-clinical stage company that has established an innovative platform for developing safer and more effective small-molecule drugs to treat inflammation associated with autoimmune related disorders and diabetes by targeting novel therapeutic targets.
CIT President and CEO Pete Jobse said, “The experienced team at Biotherapeutics is developing an innovative means to satisfy an unmet need in the treatment of inflammatory disease. Current treatment options available in the market are often costly and come with significant side effects. Our investment reflects our confidence in their plans to develop a new more effective and economic solution.”
Biotherapeutics’ lead candidate bridges the gap between oral steroid therapy and other treatments available via IV or injection, requiring frequent visits to clinics and monitoring. BTI’s lead candidate has a unique mechanism of action, and it is based on a novel signaling pathway, which the company has exclusively licensed from Virginia Tech.
Josep Bassaganya-Riera, PhD, Biotherapeutics President and CEO, said, “The investment from the CIT GAP Funds will be utilized to perform additional safety and efficacy studies for BTI’s top lead compounds and advance them along the regulatory pipeline towards investigational new drug (IND) approval. This is a vital step in the process of developing an alternative that is orally active, efficacious, safe, and easy to administer.”