BEVERLY, Mass., Apr 30, 2012 (BUSINESS WIRE) — HepatoChem, Inc. has announced that it has been awarded a $330,000 loan from the Massachusetts Life Sciences Center, a quasi-public agency tasked with implementing the State’s $1 billion Life Sciences Initiative (MLSC). HepatoChem is an early stage life science company with a game changing, proprietary chemistry platform that enables fast and cost effective metabolite production from bioactive small molecules. The HepatoChem technology enables assessment of critical metabolite and toxicity issues relatively early in the R&D continuum, reducing the risk of failure in clinical development of drug candidates.
HepatoChem is one of only five companies, out of a total of over eighty applicants, to receive a share of the $3.4 million in loans from the MLSC’s 2012 Accelerator Program. HepatoChem is a member company in the Biotech InnoVenture Center (BIVC) in Beverly, MA. BIVC is a non-profit accelerator for life sciences companies with fully equipped laboratory facilities hosted by New England PharmAssociates and operated by North Shore InnoVentures (NSIV) at the Cummings Center in Beverly.
“Our role at NSIV is to bring shared physical resources, sponsor services, experienced entrepreneurial mentors and investor advisors together with promising young companies to help them conserve capital, build strong teams and achieve development and funding milestones,” explains Martha Farmer, President and CEO of NSIV. “Not only is HepatoChem the first of our member companies to obtain support from MLSC but MLSC also helped NSIV start up our shared incubator laboratory facilities with an award in 2010.” As HepatoChem President, Marc Bazin observed, “The incubator is a key component for our success and this award validates how useful such an organization can be for economic growth in the North Shore.”
“Marc and his team, as well as his board, are quick to recognize opportunity, listen to advice and move accordingly. Mentoring Marc and his company is a real joy,” remarked Richard Gabriel, the NSIV Mentor to HepatoChem. Mr. Gabriel continued, “This technology will revolutionize drug development; anyone that isn’t using HepatoChem’s technology is going to be stuck in the old drug development paradigm. The FDA has changed the rules with its recent opinions on metabolites, placing HepatoChem in the forefront in this business.”
“I have known Marc since he conceived the unique approach for HepatoChem when we were both working at Pfizer. Marc has developed the idea of synthetic metabolites to the point where it can be a powerful force in accelerating drug discovery. He has carefully engaged supportive and committed individuals to advise HepatoChem, so when he asked me to join his Board, I was honored and thrilled to help him,” pointed out Nick Terrett, currently CSO of Ensemble Therapeutics, a Cambridge, MA biotech company.
HepatoChem, Inc. of Beverly, Massachusetts was founded in 2008, is a revenue generating early stage life science company that has licensed and built on a technology from Princeton University. Its approach is to alleviate the difficult if not impossible process to synthesize proprietary small molecules for the drug industry based on unique chemical reactions allowed by porphyrins and other catalysts. For more information, visit http://www.hepatochem.com
About North Shore InnoVentures
North Shore InnoVentures, a non-profit 501c3 business accelerator headquartered at the Cummings Center in Beverly, MA (NSIV), is dedicated to assisting early stage biotech and cleantech companies in our dedicated incubators grow and commercialize their businesses to assist in the economic growth of the North Shore region. NSIV’s leadership team, board of directors, advisory board members, and mentors bring a wealth of knowledge in diverse areas including entrepreneurship, experience in the biomedical and cleantech industries as well as economic and business development, venture capital and seed funding, marketing, legal, operational and educational services. For more information visit www.nsiv.org .