A company that works to turn intellectual property into businesses is backing a new Johns Hopkins startup developing therapeutics to treat cancer.
IP Group, which works with a group of universities and government labs including Hopkins, is providing funding to Lorem Therapeutics. The company is led by Barbara Slusher, a Johns Hopkins School of Medicine professor who directs the university’s largest drug discovery program. It’s the first company to receive funding from the company, though the amount was not disclosed.
Lorem Therapeutics is focusing on development early stage therapeutics in the phase between initial drug discovery and when a treatment begins review by the FDA for status as an Investigational New Drug. The company will use the funding “to accelerate and enhance our drug discovery efforts around critical cancer indications,” Slusher said in a statement.
IP Group has a partnership with Johns Hopkins to identify scientific research at the university that could be turned into businesses. Through the partnership, IP Group provides expertise on building a business and scientific insight, along with capital.
“IP Group is committed to supporting scientific discovery and is thrilled to work with Dr. Slusher,” IP Group CEO Michael Burychka said in a statement. “We look forward to building upon our relationship with Johns Hopkins and continuing to invest in novel science being developed at the university.”
Lorem Therapeutics is also receiving support from FastForward, Johns Hopkins Tech Ventures’ incubator program that provides space and resources for startups.
The partnership with IP Group is the second recent sign of the university working with an outside entity to identify commercially promising research. The university also established a joint venture with investment firm Deerfield Management that is looking to fund new startups developing therapeutics.-30-