Redox, Cellectar, Shine, & PeptiMed: This Week’s Wisconsin Watchlist
Stay caught up on all the latest news from Wisconsin’s innovation community with these recent headlines:
—Redox, a Madison-based startup whose software helps other developers integrate their products with electronic health records (EHR) systems used at hospitals and clinics, revealed some of the companies and health systems that are using or plan to use Redox’s tools. The list of care providers includes Essentia Health (Duluth, MN), Hackensack University Medical Center (Hackensack, NJ), and Hartford HealthCare (Hartford, CT). Some of the application developers that use Redox’s software are Salesforce Health Cloud and Brookfield-based EmOpti.
In an e-mail to Xconomy, Redox co-founder and president Niko Skievaski said that a “wide variety of [EHR software] vendors are able to integrate with a wide variety of EHR systems,” using an interface developed by Redox. “Most of the healthtech world thinks what we’ve done here is impossible,” he said.
—Gener8tor, a startup accelerator whose programs have been held in either Milwaukee or Madison up to this point, said it plans to open an office in the Minneapolis/St. Paul area and enroll its first class of early-stage companies there this year. Mark McGuire, a Madison-based entrepreneur who worked most recently at American Family Ventures, has been named managing director of Gener8tor’s Minnesota programs.
—Madison-based Cellectar Biosciences announced top-line results of the first phase of a federally funded study in which it found that a radiotherapeutic isotope it’s developed to treat micro-metastatic disease reduced the volume of certain triple negative breast cancer tumor models by about 60 percent, relative to a control group. Shares in Cellectar (NASDAQ: CLRB) shot up following Thursday’s announcement, but gave back nearly all of the gains by the end of the trading day, closing at $3.50 per share. The company’s stock price surged last month on news related to its patent portfolio, but since then Cellectar’s performance on Wall Street has been mixed.
—Speaking of isotopes, Madison-based Shine Medical Technologies, which plans to start domestic production of a crucial medical radioisotope, said it’s entered into a supply agreement with HTA Co., of China. According to a press release, HTA is the largest Chinese producer and distributor of radio-pharmaceuticals.
Shine is currently taking steps to construct a facility in Janesville—about 40 miles southeast of Shine’s headquarters—where it plans to make molybdenum-99. That is in turn used to produce technetium-99m, the most widely used radioisotope in medical diagnostic imaging. Under the terms of the agreement with HTA, once the facility is constructed, Shine will produce molybdenum-99 there, for use in HTA’s technetium generators.
—Cellular Dynamics International said it’s entered into another collaboration with the National Eye Institute, one of the National Institutes of Health, aimed at making stem cells and retinal cells for use in the development of a therapy for retinal degenerative disease. Under the terms of the agreement, the two groups will attempt to crate a “biocompatible, biodegradable scaffold” that could potentially be made of Fujifilm-developed recombinant peptides.
CDI also said that it’s hired Derek Hei to be the company’s vice president of clinical manufacture, quality, and regulatory activities. Most recently, Hei served as a director at Waisman Biomanufacturing, a facility at the University of Wisconsin-Madison.
—Jefferson-based PeptiMed raised $200,000 in equity funding from a single investor, according to a document filed with securities regulators. According to the company’s website, one of the drugs it’s invented is aimed at treating various cancers—breast, prostate, lung, colon, ovarian, and skin—using ribonucleic acid interference (RNAi). With this interference, also known as “gene silencing,” messenger RNA are destroyed from a virus before the infected cell turns those RNA into proteins that propagate the infection. PeptiMed is seeking financing to file an investigational new drug application with the FDA, according to the website.
—More funding news: Silatronix, a maker of silicon-based materials that can be used as electrolytes in batteries and other energy storage devices, raised $8 million from investors. Among the groups and individuals who participated in the equity financing round were Hitachi Chemical and Inabata, both of Japan. The materials Silatronix develops can function as electrolytes in lithium-ion batteries, which are used in everything from smartphones to electric vehicles.
—I spoke with Peter Pruessing of Inception Health, an investment group that’s part of Froedtert & the Medical College of Wisconsin, a health system concentrated in the southeastern part of the state. Inception will focus on providing funding to digital health startups that have developed quickly scalable technologies, Pruessing said. His organization came out of stealth mode last month when it announced it had invested an undisclosed amount in the Chicago-based Avia Innovator Network.