Albemarle County-based Lewis and Clark Pharmaceuticals has received a $100,000 investment from the Center for Innovative Technology.
Lewis and Clark is focusing its biotech development work on two markets, stress imaging and autoimmune diseases. The markets are respectively worth $1 billion and $20 billion annually.
“We are filling a huge market need and CIT’s investment will help move us down the path to growth and commercialization.” Robert Thompson, Lewis and Clark’s founder and CEO, said in a recent announcement.
“Large pharmaceutical companies face over $100 billion in lost revenue through patent expirations by 2015,” said Pete Jobse, the center’s president and CEO. “These companies need to fill the pipeline sooner, and Lewis and Clark is well positioned to be a leader in the development of novel adenosine-based pharmaceutical compounds for autoimmune and other diseases.”
Based in Herndon, the Center for Innovative Technology is a nonprofit that works to accelerate investments, growth and seed-stage investments for Virginia-based life science and technology companies.