The New Mexico Angels have committed to investing $250,000 in the New Mexico biotech startup Tyrosine Pharmaceuticals Inc. Pictured is New Mexico Angels President John Chavez.
The New Mexico Angels have committed to investing $250,000 in the New Mexico biotech startup Tyrosine Pharmaceuticals Inc.
Tyrosine is developing a new class of drug aimed at protecting against stroke injuries, utilizing technology developed at the University of New Mexico by company CTO Dr. Surojit Paul.
?There?s not a lot of therapies for strokes,? said John Chavez, president of New Mexico Angels, an early-stage investment group. ?UNM had the research worked out, and worked on it for 10 years, and we licensed it.?
The Angels closed on the deal late Wednesday night, Chavez said.
The goal, Chavez said, will be to identify which tests will be required to prove efficacy, and to possibly do animal tests.
?If we can do that, we?ll shop it to a big pharmaceutical company,? Chavez said.
Tyrosine was awarded a $1.6 million National Institutes of Health grant in February of this year to research the new therapy.
505.348.8308 | dmayfield@bizjournals.com
Technology, economic development
Source: http://feeds.bizjournals.com/~r/vertical_38/~3/6T-Bfm9G_a8/nm-angels-invest-in-biotech-startup.html
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