Texas Business Digest:
Samsung reports higher operating profit; Molecular Templates inks cancer-drug pact with Eli Lilly unit
Georgetown-based Molecular Templates Inc. has signed a deal with ImClone Systems Inc., a subsidiary of Eli Lilly & Co., to collaborate on researching and developing cancer drugs.
The work will involve engineered toxin bodies, or ETBs, which are modified bacterial toxins that have shown promise as targeted treatments for cancer, killing only specific cells. Molecular Templates has developed a library of ETBs that can be screened as potential anti-cancer agents.
Molecular Templates received $2.5 million in venture funding last year in a round led by Sante Ventures in Austin. The company was founded in Canada but moved its headquarters last year to the Texas Life-Sciences Collaboration Center in Georgetown, which provides wet-lab space for biotech startups.