United States, Ne... "Company Summary Contact person: James Pachence, President Phone: 609-720-5507 Fax: 609-720-0703 E-mail: [ Please use our messaging system ] Niche: Drug delivery for the pharmaceutical and biotechnology industry Total previous invested: $1,850,000 from SBIR grants, $270,000 angel investment Current investors: Five outside angel investors, three Board members Amount of current financing: $1,500,000 equity, preferred stock Use of funds: Working capital for technical development and expansion of technical resources (employees and equipment) Employees: Currently six full-time; ten by the end of 2000 Office Location: 136 Main Street, Suite 101, Princeton, NJ 08525 Lab Location: UMDNJ, Dept. of Medicine, Piscataway, NJ 08854 Corporate law firm: Reed, Smith, Shaw & McClay (Princeton, NJ) Intellectual property firm: Pepper Hamilton (Washington, DC) Major contracts for R&D: Rutgers, UMDNJ, New England Medical Center, Primedica, Inc., West Pharmaceutical Services, Inc. Veritas Medical Technologies, Inc. (""VMT"" or the ""Company"") is a privately held drug delivery company focused on developing a new generation of pharmaceutical formulations based on site-directed sustained release technology. The Company has developed its own core proprietary technology (patent pending) to link pharmaceutical agents to polymers, which will release the drug as a result of disease-specific enzymatic activity. The pharmaceutical agents become non-active ""pro-drugs"" when linked to the VMT sustained release technology. The drug is then reactivated by enzymes present at the site of disease. VMT's technology provides a delivery technology that produces new dosage forms for drugs that can: 1) decrease drug toxicity; 2) decrease dose frequency, making a drug dose last for days to weeks (which also improves patient compliance); 3) improve the stability of fragile biopharmaceutical agents; 4) improve drug effectiveness; 5) extend patent life; and 6) help establish new uses of previously approved drugs. Using its core technology, the VMT development program is progressing along two tracts: (a) providing a site-directed sustained release formulation for previously FDA-approved drugs and late-stage novel therapeutics; and (b) coupling early-stage novel pharmaceutical agents to the sustained release polymer in order to fully develop a number of applications. The Company's initial focus is to develop corporate partnerships to assist in funding and the implementation of its development strategy. VMT has established its first major corporate relationship with a major pharmaceutical company to develop drugs for chronic inflammatory disease. In addition, VMT has entered in collaborative relationships to develop 1) a treatment for pulmonary hypertension; 2) a product to control surgical adhesions; and 3) a formulation of a biotech drug for obesity control. VMT is currently investigating other formulations for FDA-approved anti-cancer, anti-inflammatory, and anti-microbial drugs. There is a large market opportunity for VMT's technology. Total U.S. sales for pharmaceutical products developed by utilizing drug delivery technology has grown from $3 billion in 1994 to over $11.5 billion in 1999. With a large number of biopharmaceutical products in the development pipeline and numerous blockbuster drugs coming off patent, it has been estimated that the market for drug delivery technology could triple in the next five years. In addition, the Company believes that the market for its pulmonary hypertension and anti-adhesion drugs alone will be over $3.5 billion in the year 2005. Drug delivery companies competitive with VMT can be categorized by their platform technologies used to develop their formulations: liposomes (Liposome Co, NeXstar, Sequus), polymeric encapsulation (Advanced Polymer Sciences, Alkermes, Alza, Elan, Emisphere, Fuisz), and implantable gels (Atrix, Elan, Matrix Pharmaceuticals). Veritas is unique, as ...