Contact: Tony Hozeny, Department of Commerce, 608/267-9661
MADISON— Governor Jim Doyle today announced that Promentis Pharmaceuticals, Inc., Milwaukee, Milwaukee County, will receive a $250,000 Technology Venture Fund loan from the Department of Commerce to continue development of pharmaceuticals that treat psychiatric and neurological disorders.
“Promentis Pharmaceuticals, Inc. is exactly the type of company our state should be investing in – companies that are developing innovative solutions in the biotechnology industry,” Governor Doyle said. “I am pleased we can assist this company in its growth and development.”
Promentis Pharmaceuticals, Inc. is developing pharmaceuticals for the treatment of major psychiatric, behavioral and neurological disorders. The initial focus of the company will be to develop a novel class of antipsychotic medications for the treatment of schizophrenia. The company is currently in the process of developing a high throughput platform for future clinical trials. The company will use the funds for working capital and to continue testing the new product class. Total project cost is $3.5 million.
For more information on Commerce programs and services, contact the Commerce area development manager at http://commerce.wi.gov/BD/BD-AreaDevManagers.html
