Penn researchers have developed disease-resistant polymers to combat bacterial infections in hospitals -- the fourth leading cause of death in the United States -- and they plan to market their findings through a start-up company based around their research.
Professors Bill Degrado, Michael Klein and Jeffrey Winkler spent two years developing the antimicrobial polymers. And four months ago, entrepreneur Nicholas Landekic launched the PolyMedix start-up.
"I was particularly taken by [the] invention, and I thought it would be a very wonderful opportunity for a very successful company," Landekic said.
The company is such a promising venture because of its broad variety of commercial applications, according to Tom Fitzsimons, who is in charge of start-up business development for Penn's Center for Technology Transfer.
The bacteria resistant polymers can be used to sterilize paints and coatings, plastics and fibers and in antibiotic drugs. They work by mimicking naturally occurring germ-killing agents in the human and animal body.
The polymers are unique because, unlike current non-toxic counterparts on the market, they work by breaking down a cell's membranes to destroy bacteria. They will work even if the bacteria has previously developed resistance to antibiotics. The method Degrado and his colleagues used will also save hospitals $1,000 per polymer dosage compared to current anti-microbials.
Fitzsimons introduced the idea to Landekic and represents Penn in negotiations with the company. The University values its research contribution to PolyMedix at about $500,000 and looked to CEO Landekic to put up an equivalent amount to start the venture.
Landekic enlisted investments of future company employees and local businessman Frank Slattery. Landekic is currently looking into funding from venture capitalist firms that will market PolyMedix products to biotech and pharmaceutical companies. Amerindo and J.P. Morgan have expressed interest in partnering with PolyMedix. Landekic hopes to make agreements by early 2003 and move the currently location-less company into some Philadelphia-based laboratories.
Landekic has raised $320 million in equity and stocks in his career and $650 million for corporate licensing deals.
The founder and CEO feels confident he can do the same in terms of financial success for PolyMedix, despite the recent downturn in financial markets.
"PolyMedix addresses major and important market needs so I'm very optimistic about raising money for the company," he commented.
Degrado and Winkler said they are also optimistic about the company's future.
The company is "making great progress and I think the potential is excellent," Degrado said.
Degrado and his Penn colleagues will negotiate a research agreement with PolyMedix to fund further work and ensure new discoveries once the company receives funding from investors.
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