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Charleston-based Argolyn Bioscience receives nearly $1 million in financing for lead drug candidate

Sep. 1, 2003
LocalTechWire.com
MT. PLEASANT. SC – Argoyln Bioscience, a biopharmaceutical company focused on peptide drug development, has received nearly $1 million in financing as it prepares its lead drug for clinical trial.

Argolyn received a total of $975,000 from the Stanley Medical Research Institute, which focuses on research in schizophrenia, and from several individuals. As part of the transaction, Michael Knable of the Institute joins Argolyn’s scientific advisory board.

Argoyln’s lead drug could be a treatment for schizophrenia. Argoyln said the funding would be used to advance the drug further through pre-clinical development.

“It is particularly gratifying to get this measure of financial and advisory support from an organization like The Stanley Medical Research Institute. They are true leaders in the field of schizophrenia research,” said Pearce Gilbert, president and co-founder of Argolyn Bioscience, in a statement. “Not only does this financing package mean that Argolyn’s highest priority product development program can proceed without delay, but it also provides incentives for Argolyn to raise additional capital.”

Argolyn holds a number of different patents and has other patent applications in the area of improving the pharmacology of peptide drug candidates.

The company has a proprietary chemistry platform related to peptide-based drugs. Peptides are partial segments of proteins that are composed of amino acids. Since peptides of a few amino acids can retain the full function of an intact protein, the peptides can be used as a more manageable surrogate in the design of a protein-based drug, according to Argolyn.

Gilbert is a former program manager for technology transfer at the Medical University of South Carolina. He also was a recombinant DNA chemist at Ecogen, was an early investor in SMARTech (now part of Jackson & Tull). He earned his Masters in business from Kenan-Flagler Business School at UNC Chapel Hill.

The other co-founder is Dr. Thomas Dix, who also serves as chief scientific officer. He is an associate professor of pharmaceutical sciences at the Medical University of South Carolina.

The Stanley Medical Research Institute supports research on schizophrenia and bipolar disorders and has an annual budget of more than $40 million.

Argolyn: www.argolynbioscience.com
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