Connecticut’s technology innovation arm announced today a $515,000 investment in a New Haven biotech company pursuing patented therapies to treat blood and genetic disorders.
Connecticut Innovations said the investment in Helix Therapeutics LLC was through its Eli Whitney Fund. This investment is part of a $965,000 round also involving venture capital firm LaunchCapital, individual investors, and a line of credit from Webster Bank, CI said.
Helix is the first company to receive assistance through CI’s Pre-Seed Support Services Program and then go on to qualify for investment through the Eli Whitney Fund, CI said. The Helix investment is CI’s 14th investment in early-stage Connecticut technology companies since July 2008, the quasi-public agency said.
Helix is pursuing therapies for HIV/AIDS and genetic disorders, such as sickle cell anemia, B-Thalassemia and Gaucher’s disease, which together represent a $500 million to $800 million treatment market, said Joseph J. Catino, Helix president and CEO.
The company’s patented technology, which uses the cell’s own DNA repair machinery to permanently modify human genes, was developed at the Yale University School of Medicine. Yale has granted Helix an exclusive, worldwide license to the patents.
Russell Tweeddale, CI’s managing director of investments, sits on Helix’s board of directors.
