Pennsylvania — Pennsylvania’s Department of Community and Economic Development on Wednesday announced the development of a new treatment for Covid-19.
“This exciting new development was made possible by the strong partnerships the Wolf administration has fostered with our Ben Franklin Technology Partners and the companies they support, like CytoAgents,” said DCED Deputy Secretary Steve D’Ettorre. “We know that the investments we make in these innovative companies today will pay dividends tomorrow, and the work that CytoAgents is doing, and the support they’re receiving from Innovation Works, will inspire hope and, quite literally, save countless lives.”
Pittsburgh-based CytoAgents has nearly completed its Phase 1 clinical trial for a Covid-19 treatment.
Another Pittsburgh-based company, Innovation Works, has in the past invested $100,000 in seed capital to CytoAgents to support influenza treatments.
“Little did we know the pandemic was right around the corner,” said Richard Lunak, CEO of Innovation Works.
Cytoagents also received millions of dollars in investments including a $1.6 million dollar grant from the National Institutes of Health to develop and accelerate their Covid-19 trials.
The company is now moving on to Phase 2 of the trial, and plans to begin dosing those patients this week.
Cox Media Group