PRONAI WINS $3.3 MILLION FUNDING FROM MICHIGAN ECONOMIC DEVELOPMENT CORPORATION
Pioneer in DNAi®-based drug development granted top funding award in Life Sciences category of Michigan’s 21st Century Jobs Fund
Kalamazoo, Michigan – September 12, 2006 – ProNAi Therapeutics, Inc., a biopharmaceutical company pioneering a new class of nucleic-acid drugs based on DNA interference (DNAi®), today announced that it has been granted a $3.3 million funding award from the Michigan Economic Development Corporation.
Dr. Richard D. Gill, President and CEO of ProNAi, said, “We are very proud and pleased to have been chosen as the top Life Sciences funding recipient of this award by the Michigan Economic Development Corporation. We feel that it is a strong validation and endorsement of the outstanding progress ProNAi has made since our founding two years ago, in developing and seeking to commercialize a novel and innovative class of cancer drugs that DNAi® has the potential to create.”
Robert Forgey, Chief Operating Officer of ProNAi, said, “This award shows the continued strong support by the state of Michigan, not just for ProNAi as a company, but for the state’s life sciences sector in general. It is also a clear recognition of the particular contributions originating in Kalamazoo toward biotech’s continued and growing success in Michigan.”
ProNAi was selected as one of the awardees of the 21st Century Jobs Fund, a ten-year, $2 billion program proposed by Michigan Governor Jennifer M. Granholm and approved by the Michigan Legislsature and administered by the Michigan Economic Development Corporation (MEDC) to accelerate the diversification of Michigan's economy.
ProNAi’s award was the top funding grant from a group of 25 Life Sciences category recipients of the award, and was the fourth-largest from among the 61 overall awardees. Winners were chosen from an initial pool of 505 award applicants, and 179 finalists in four categories: Life Sciences, Alternative Energy, Advanced Automotive Materials and Manufacturing, and Homeland Security/Defense. Finalists were chosen following an independent peer-review process conducted by the American Association for the Advancement of Science (AAAS).
About ProNAi Therapeutics, Inc.
ProNAi Therapeutics, Inc. is a private biopharmaceutical company based in Kalamazoo, Michigan. ProNAi is leveraging its novel and proprietary nucleic acid-based interfering technology, DNAi®, to advance a next generation of therapies for patients with cancer and other complex genetic diseases. ProNAi has a robust product pipeline of DNA-related therapies with the potential to treat multiple diseases. While the Company's initial clinical focus is in oncology, ProNAi believes its DNA-related therapies also have potential in other disease categories such as diabetes, Alzheimer's and inflammatory disease. For additional information, visit www.pronai.com.