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August 31, 2018
VERALOX Therapeutics Tackles Drug Development, Engages World Renown Board
Frederick, Maryland –
Rare blood disorders are on VERALOX Therapeutics Inc.’s “hit” list. The
company, a small molecule drug discovery and development firm based in the
Frederick Innovative Technology Center, Inc. (FITCI), launched in September
2017 with a mission to develop a first-in-class therapeutic targeting rare
immune-mediated blood disorders, beginning with heparin-induced
thrombocytopenia (HIT) and HIT with thrombosis (HITT). These life-threatening
diseases have a high mortality rate and often require limb amputations due to
complications. The drug, VLX-1005, is the only therapeutic in development that
strikes at the source of HITT and has performed impressively in clinically
relevant animal models. Additionally, it has demonstrated preservation of
insulin secretion and promotion of beta cell survival in newly-diagnosed type I
diabetes patient samples, providing significant opportunities for market
expansion into diabetes.
David Maloney, PhD, is
one of VERALOX Therapeutics’ founders and its Chief Scientific Officer. Dr.
Maloney led development of the drug during his tenure at the National
Institutes of Health (NIH). He says the project is a work of passion. “I’ve
dedicated a good part of my career to this quest, and taking it forward is a
natural step. It’s both exciting and humbling to think about how many lives
could be improved by this therapy.”
Cofounders Matthew
Boxer, PhD, and Jeffrey Strovel, PhD, concur readily. Dr. Strovel notes that
HIT/HITT is classified as an “orphan” disease, affecting around 20,000 patients
each year, but the cause is a personal imperative. “My father almost died of
this disease. It damaged him and hurt his quality of life for his remaining years.”
The trio recently
obtained exclusive patent rights for the drug candidate from four institutions:
NIHNational Center for Advancing Translational Sciences, Eastern Virginia
Medical School (EVMS), University of California Santa Cruz and Thomas Jefferson
University. EVMS is in charge of patent landscape and licensing. The emerging
company will be working with Dr. Mike Holinstat, Professor of Cardiovascular
Medicine and Surgery at the University of Michigan, to advance their lead
candidate through preclinical animal models and has also named their scientific
advisory board, including leading clinicians and experts in the fields of HIT,
hematology, pathology and biochemistry.
Gowthami Arepally M.D.- Professor of Medicine, Division of
Hematology, Duke University Medical Center and the Medical Director of
Therapeutic Apheresis at Duke.
Adam Cuker M.D.- Assistant Professor of Medicine, Pathology
department and Laboratory Medicine, University of Pennsylvania Perelman School
of Medicine.
Ted Holman Ph.D. - Professor of Chemistry and
Biochemistry at the University of California Santa Cruz.
Steven McKenzie M.D.,
Ph.D. - Professor of
Medicine, Thomas Jefferson University; Director, Cardeza Foundation for
Hematologic Research; Director, Hematology; Associate Director, Hemophilia
Center; Director, Hereditary Anemias Program.
Anand Padmanabhan
M.D., Ph.D. - Department of
Pathology at the Medical College of Wisconsin and Medical Sciences Institute of
the Blood Center of Wisconsin.
FITCI President Kathie
Callahan Brady is also an advisor. She says, VERALOX Therapeutics is a classic
example of how accelerators and entrepreneurship go hand-in-hand. “The three
principals of VERALOX, Doctors Boxer, Strovel and Maloney, were at the pinnacle
of careers they worked hard to achieve but they decided to leave those stable
jobs and take a grand leap into starting their own business because they are
devoted to the cause. They have a singular vision that drives them forward and
the motivation to make a positive impact on the world around them. Signing this
exclusive license and gathering such prestigious board members are significant
milestones. It’s the seed of potential sprouting before us.”
