Velocity Pharmaceutical Development, LLC of South San Francisco, California and Remeditex Ventures, LLC of Dallas, Texas publicized a collaboration agreement earlier this week. According to the agreement, the two companies will be working together to assess pharmaceutical advancement opportunities to be overseen by the VPD development team, and for possible funding from both parties.
In line with this affiliation, VPD and Remeditex have also revealed a company investment by the latter in a pharmaceutical development company managed by VPD – Tigercat Pharma, Inc.
According to the Chief Scientific Officer of Remeditex, Dennis Stone, VPD has successfully put together a team of some of the best scientists and drug developers in the world. He said that everyone in Remeditex is looking forward to collaborating with the VPD team in the identification and advancement of a series of up-and-coming pharmaceutical candidates: “Everyone at Remeditex is thrilled to be working with the VPD team. We look forward to identifying and developing a series of promising pharmaceutical candidates in partnership with VPD.”
David Collier, the Chief Executive Officer of VPD, commented that the company is honored to be partnered with Remeditex, “It is a great honor for us to join in this partnership with Remeditex” said Collier, adding, “The Remeditex team, network and experience perfectly complement the skill set we have at VPD. Having Remeditex as a potential funding partner greatly expands the scope of opportunities we can address at VPD.”
Dallas-based Remeditex VC fund is deeply invested and connected with the Texas biotech sector. The fund has been seeded with significant funding from Lyda Hill. The granddaughter of Dallas oil industry tycoon H. L. Hunt.. Lynda Hill has made her mark as an entrepreneur, civic activist, venture capitalist, and major proponent of philanthropy and support of biotech and the life sciences. Hill made Texas biotech headlines back in May when she donated $50 million dollars to MD Anderson to launch their Moon Shots program. Hill seeded Remeditex with $150 million in funding to: “Develop early stage biomedical science and make Texas and Colorado a preferred location for biotechnology companies, venture capitalists, and entrepreneurs.”
Photo from http://remeditex.com.