CIT GAP Funds Invests in PhosImmune
Thursday, August 14, 2014
The Center for Innovative Technology (CIT) closed an investment in PhosImmune, a Charlottesville-based clinical-stage biotechnology company developing therapeutic cancer vaccines.
PhosImmune controls a library of unique, aberrantly phosphorylated tumor antigens (PTAs) that are directly implicated in metastasis. The company's lead PTA candidate, PxM-01, stemmed from research at the University of Virginia and is currently in Phase I testing to treat melanoma.
CIT President and CEO Pete Jobse said, “The team at PhosImmune has developed PTAs that meet an important need in cancer treatment and will enable a variety of targeted immunotherapy approaches. Innovative solutions like this one are what we look for in making CIT GAP Funds investments.”
Since its 2005 launch, CIT GAP Funds has invested in over 100 companies across the Commonwealth of Virginia, deploying more than $13 million of public funds and attracting over $200 million more in private funding.