New Houston Biotech Magnolia Tejas Plans Trials with $20M CPRIT Grant
Summary
Houston —Magnolia Tejas, a new biotech company formed to develop drugs to treat neurological side effects from chemotherapy, has received a grant of nearly $20 million from the Cancer Prevention and Research Institute of Texas.Once Magnolia Tejas receives the CPRIT award (which Schubert says he estimates to be around mid-October,) the company will apply the cash to clinical studies testing its lead molecule to treat conditions such as chemotherapy-induced peripheral neuropathy (CIPN) and chemotherapy-induced cognitive dysfunction (CICD or chemo brain) based on technology developed at MD Anderson’s therapeutics discovery division and its neurodegeneration consortium.The company says there are about two million people in the United States with CIPN, in which drug-damaged peripheral nerves result in patients experiencing pain, numbness, and tingling in the hands and feet.CICD affects more than 200,000 people and is characterized by cognitive and memory problems that can last for years, Magnolia Tejas stated in the press release.The organization, known as HATRC (pronounced “hat-trick), served as a “pre-commercialization center” that connected researchers from Rice University and Texas Medical Center institution entrepreneurs with funding and management expertise.
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