Chicago-ITEC Makes Additional Investments in Local Life Science and Technology Community.

Business Editors/Health/Medical Writers

CHICAGO--(BUSINESS WIRE)--April 5, 2004

The Chicago Illinois Technology Enterprise Center (Chicago-ITEC) today announced four new additions to their portfolio of life sciences and technology companies. Investments were made in Genomics USA, Inc.; Immune Cell Therapy, Inc.; Lambda Vision, Inc; and DermaAegis, Inc. These new investments bring the total number of companies in which Chicago-ITEC has invested to ten.

Genomics USA, Inc. is developing novel and cost effective DNA and protein microarray technologies for high-throughput microarray products. The company is headquartered at the Chicago Technology Park and has exclusive licenses to technologies covered by patent applications from the Baylor College of Medicine. Genomics USA plans to use the ITEC investment to obtain preliminary data for SBIR grants and to validate its technologies with selected customers.

Immune Cell Therapy, Inc. is developing technology to create autologous, patient-specific, DNA-based vaccines to be used in conjunction with conventional breast cancer therapies. The technology, which is based upon extensive preclinical studies, is being developed as an adjuvant therapy for patients with various types of cancer, including melanoma, lymphoma, breast, head and neck. The company is in the process of obtaining an exclusive license for the technology from the University of Illinois at Chicago. The company will use the funds to prepare for a pre-IND meeting with the FDA. The company plans to file an IND for a Phase I breast cancer trial in 2004.

LambdaVision, Inc. is developing an X-ray holographic laser microscope designed to create three-dimensional images at the molecular scale of living matter. It can also visualize various other forms of condensed matter, including its internal structure. Applications exist in forensics, health care, nanotechnology, and MEMS (Micro Electro Mechanical Systems). The company is in the process of obtaining an exclusive license from the University of Illinois at Chicago. LambdaVision is currently a tenant in the Enterprise I building, within the Illinois Medical District. The company plans to use the funds for corporate formation purposes.

DermAegis, Inc. is developing a technology that encapsulates DEET (N, N-diethylmetatoluamide) into liposomes. This technology will enable skin to retain the compound and provide prolonged activity, wash-off resistance, and reduced systemic absorption of DEET. DEET is a highly effective active ingredient that repels mosquitoes, ticks, and other arthropods when applied to the skin or clothing. The company's patented liposomal formulation will serve as the basis of DermAegis' first commercial product. The company will use the funds to begin the process for EPA certification.

"The State of Illinois can benefit measurably through its business development support of very early stage companies," said Kathryn Hyer, executive director of Chicago-ITEC. "The continued success and growth of the Chicago-ITEC company portfolio is clear evidence of the State's commitment to advance ideas and expand the local economy through the technology commercialization process. The ITEC programs can be a critical resource to help companies prepare for subsequent professional investment and future growth."

Of the companies that have received Chicago-ITEC investments, seven have received subsequent equity and grant financing, totaling $8.1 million.

"Governor Blagojevich's Administration has committed to providing resources to assist the development of entrepreneurial ventures in order to grow Illinois' economy," said Jack Lavin, Director of the Illinois Department of Commerce and Economic Opportunity. "The Illinois Technology Enterprise Centers are a rich resource helping to nurture the environment for our technology entrepreneurs, and the State of Illinois will continue to support them in their work with expanding early stage companies who are developing new products and creating jobs."

The Chicago-ITEC's success is also evident in the continued service it provides to its client companies. In addition to its business consulting services, the organization has assisted in the development of 18 SBIR proposals. Of the first proposals submitted, two companies have received SBIR grants and several others have received high preliminary scores. In addition, Chicago-ITEC assisted the Chicago Technology Park in submitting a proposal to the U.S. Department of Labor to establish a Workforce Development Initiative at the Chicago Technology Park that resulted in the award of a $3 million grant.

Since its launch, Chicago-ITEC has provided more than 100 high-tech companies in the Chicagoland area with a wide variety and range of business development services. Those companies interested in an investment must participate in an evaluation process that includes input from several sources, including industry experts, venture capitalists, and the advisors of the Chicago-ITEC. Interested entrepreneurs should contact Ajith Joseph at the Chicago-ITEC, 312-413-4663.

About Chicago-Illinois Technology Enterprise Center (ITEC)

Chicago-ITEC, is part of a statewide network of entrepreneurial development centers funded by the State of Illinois' Department of Commerce and Economic Opportunity. The mission of Chicago-ITEC is to stimulate development of advanced technology and accelerate growth of the technology business sector in Chicago. The Chicago-ITEC is operated by IllinoisVENTURES, L.L.C. on behalf of its sponsoring partners, which include the Illinois Institute of Technology, the University of Illinois, the University of Illinois at Chicago, and the Illinois Medical District, including the Chicago Technology Park. IllinoisVENTURES, L.L.C., is an entity created by the University of Illinois to help build technology companies. More information is available at www.chicago-itec.org or by calling 312-413-4662.