Yale University bioscience startup Arvinas Inc. has drawn $4.25 million in state aid to develop a new class of drugs to fight cancer and other diseases, authorities say.
Arvinas, located in New Haven’s Science Park, is hiring its first 25 employees who will leverage research licensed from a team of Yale researchers, the governor’s office said Thursday.
According to authorities, Arvinas’ biomodel focuses on inducing and fortifying the human cell’s own ability to remove disease-causing proteins by binding to the toxic protein and “labeling” it for breakdown and removing it from the cell.
Traditional disease fighters work as inhibitors – binding to particular proteins in order to block their function. But that binding is not permanent, authorities said.
The state Department of Economic and Community Development (DECD) is providing a $2.5 million loan for R&D, while Connecticut Innovations is putting up $1 million in equity funding and a $750,000 loan to outfit new lab facilities.
The state Bond Commission, which Gov. Dannel P. Malloy chairs, is expected to approve the DECD aid at its Friday meeting.
CI’s stake also is part of a $15 million Series A funding round that involved Canaan Partners, 5AM Ventures and Elm Street Ventures.
