![Florida-Institute-.png Florida Institute for the Commercialization of Public Research](http://www.innovationamerica.us/media/Editor/Florida-Institute-1459358665.png)
The Institute for the Commercialization of Public Research (the Institute) announced today that it has finalized a funding agreement with Modulation Therapeutics, an early-stage pharmaceutical company dedicated to the development of novel treatments for multiple myeloma. The Institute works with Florida’s research universities and institutions to support new company creation and job growth, and this program bridges funding gaps, enabling recipients to reach critical milestones and attract additional private investment capital.
“Companies like Modulation Therapeutics are developing novel therapies targeting some of the most dreaded diseases we face today, and contribute much to the development of Florida’s life sciences industry cluster.” Modulation Therapeutics, based on technology licensed from the Moffitt Cancer Center in Tampa, focuses on cancers such as multiple myeloma that home or metastasize to the bone. The company is developing MTI-101, a drug with a novel, first in class mechanism of action for myeloma, an incurable blood cancer. “Support from the Institute will enable us to trigger studies to better understand the dosing, toxicology and optimal clinical program for MTI-101, bringing us closer to our goal of IND filing by Q4 2013,” said Michael Cerio, interim CEO of Modulation Therapeutics. “This funding comes at a critical time in our development and, paired with funding we recently received from the Multiple Myeloma Research Foundation, the company is poised to take its first in class therapy into the clinic.