Innova Memphis to Invest In arGentis Pharmaceuticals

The Daily News
April 22, 2008

Innova Memphis Inc., an early-stage investment fund, said Monday it has invested in Memphis-based arGentis Pharmaceuticals LLC, a specialty pharmaceutical company.

Innova, which was founded by the Memphis Bioworks Foundation, invests in young, rapidly growing companies that have promising intellectual property and the potential to contribute greatly to the economy and helps them become commercially successful.

As part of the investment, Innova will become a shareholder in arGentis and Innova president Ken Woody will hold a position on arGentis' board of directors.

arGentis is working on two therapies to treat Dry Eye Syndrome, and it also is working on a treatment for systemic sclerosis, a life-threatening autoimmune disease. The treatment already has completed the second phase of a clinical trial.

If successfully commercialized, the sclerosis medication, called ARG201, will have huge impacts on patient care. This medication has received orphan status from the Food and Drug Administration.

Innova showed interest in investing in arGentis not only because the company had a high commercial potential, but also because it supports the efforts of local universities. The success of arGentis will bring royalties to the Southern College of Optometry and the University of Tennessee Health Science Center.