Success Story: ProThera
ProThera was founded in 2002 to focus onthe critical role and commercial potential of Inter-alpha Inhibitor Proteins (IAIP) for treating acute life-threatening inflammatory diseases. The basic research originated in the laboratories of the co-founders, Yow-Pin Lim, MD, PhD, and Douglas C. Hixson, PhD, at Rhode Island Hospital
Success Story: Vitae
THE INNOVATION
Vitae Industries developed an automated drug compounding platform to be used by hospitals and pharmacies to produce safer and more effective formulations based on a patients’ personal needs. In addition to transforming the compounding , Vitae has used its platform to create precision zolpidem citrate doses for insomnia and is currently developing precision dose gummies to treat pediatric ADHD.
THE SUPPORT
- Since 2014 Vitae Industries has received $100K in convertible debt from Slater Technology Fund and $100K from two Commerce RI innovation vouchers to work with Brown University and Rhode Island Hospital
- Early support led to a $150K SBIR from the Dept. of Health and Human Services and $2.3M follow-on financing from several venture groups
- Vitae has expanded its team to seven full-time employees, all based in Providence
THE OUTCOME
In 2019, Vitae Industries began distributing its auto-compounder on a national scale, generating significant revenue that will support development of additional precision drug formulations
The growing drug compounding industry is approaching $15B and Vitae Industries is poised to lead it into the era of automation.