SCRA Technology Ventures Announces Approval
SC Launch Board Authorizes Investment for Charleston Company
Summerville, SC - SCRA Technology Ventures' SC Launch Board recently approved an investment in Charleston Pharma, based in Charleston, S.C. Charleston Pharma is focused on developing innovative therapeutic antibodies and related diagnostic tests for cancer patients and healthcare providers. Research is done in laboratories at the SCRA MUSC Innovation Center and is designed to identify the most promising antibodies for studies that will establish preclinical efficacy and safety. Part of the SC Launch program since October 2010, Charleston Pharma has received a grant and two rounds of investment from the program. The most recent investment will be used to expand recombinant production efforts, explore antibody-drug conjugates and add animal efficacy studies.
"This investment approval is confirmation of our continued commitment to growing South Carolina's high-tech economy," said SCRA CEO Bill Mahoney. "We are pleased that Charleston Pharma is leveraging our lab space and continuing to make great progress at the SCRA MUSC Innovation Center, and we look forward to their continued successes."
SCRA Technology Ventures enables research commercialization and promotes the development of high tech industries, enhancing South Carolina's technology-based economy. Through its flagship SC Launch program, this SCRA business sector makes investments in and offers support services to South Carolina's early stage, start-up technology companies.
Multiple economic impact studies show SCRA's cumulative output on South Carolina's economy to be over $18.1 billion, and that the company has helped create approximately 15,000 technology-related jobs in the state, with annual wages averaging between $55,000 and $77,000.