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City announces fund investment.

Mayor Rudolph W. Giuliani and City Council Speaker Peter F. Vallone announced the closing of the first investment by the Emerging Industries Fund, one of several economic development initiatives administered by the New York City Economic Development Corporation.

The Fund made a $600,000 equity investment in Vector Therapeutics Corporation, a New York City biotechnology company engaged in research and development of a gene therapy treatment platform for cancer and Hepatitis C.

"We are happy to be able to support Vector Therapeutics through the Emerging Industries Fund and look forward to helping many more small and start-up technology companies," said Mayor Giuliani. "The city's commitment to the growth of the high technology industry will help to keep New York City in the forefront of the new economy.

The Emerging Industries Fund makes early stage investments ranging from $250,000 to $1.5 million in small, promising companies located in or moving to the city, in industries including biotechnology, biomedicine, software, high-technology, and telecommunications. Paramount Capital LLC is the fund's investment adviser for biotechnology investments; Draper Fisher Jurvetson Gotham is the adviser for information technology and telecommunications investments.

"We know how difficult it can be for young companies to obtain early-stage financing," said City Council Speaker Vallone. "The Emerging Industries Fund offers technology companies capital and, in turn, the City will benefit from the revenue generated by this burgeoning sector."

According to Dr. Fred Mermeistein, Director of Venture Capital at Paramount Capital, gene therapy presents an important medical opportunity to cure disease, including hereditary disease, without drugs and their attendant side effects. The Vector Therapeutics technology was developed at New York University by Dr. Daniel Meruelo, a tenured Professor of Pathology and a founder of Vector. The company will use the investment funds to complete its pre-clinical program and to develop and refine the technology for human clinical tests and potential commercialization.
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Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1USA
Date:Aug 29, 2001
Words:311
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