SciTech Development sees a bright future for the drug it is working on as both a cancer fighter and an economic driver.
The Wayne State University and
Karmanos Cancer Institute spin-off is working on making the drug fenretinide reach its full potential as a cancer-fighting agent. The seven-person firm has been working on this at
TechTown since 2001 and sees it realizing its large upside within the next three years.
Right now SciTech is raising venture capital to perform clinical trials and hopes to finish those within three years. Once the money is raised, the firm expects to hire 10 new people within the next three years.
"If we're successful we're going to create a lot of jobs," says Earle Holsapple, president of SciTech. "This drug has the potential to treat up to eight different forms of cancer."
Source: Earle Holsapple, president of SciTech Development
Writer: Jon Zemke