March 21, 2007
Foundation Venture Capital Group, LLC Makes First Investment in UMDNJ Research

Foundation Venture Capital Group, LLC, announced today that it has made a $500,000 commitment to Snowdon, Inc., a company developing a unique technology that could have far-reaching effects for the pharmaceutical industry and the public regarding the availability of drugs to treat cancer, pain and infectious diseases announced James Golubieski, Foundation Venture Capital Group president.

The venture capital firm was formed in 2006 to invest in commercially viable new start-up companies developing technology at the University of Medicine and Dentistry of New Jersey (UMDNJ).

Snowdon, a drug discovery and development company focused on three major therapeutic areas—cancer, acute and chronic pain, and infectious diseases—has discovered prospective drug candidates that address the urgent need for safe and effective medicines in these areas. By using its proprietary Shape Signatures tool and other computer aids, along with its massive library of commercially available compounds and natural products, Snowdon technology is able to streamline the drug discovery process. For the consumer, this means that the process of bringing a drug to commercialization will be greatly accelerated.  

“This company represents the ideal first investment for our venture group,” explained Golubieski. “We believe that Snowdon has unique possibilities and potential and is a great example of the outstanding technology from UMDNJ.”

According to William Welsh, PhD, founder and CEO of Snowdon and holder of the Norman H. Edelman Endowed Professorship at UMDNJ-Robert Wood Johnson Medical School, Snowdon has already made rapid progress since its inception and now requires additional staff and facilities to move to the next level.

“The investment by Foundation Venture Capital Group will greatly help us to accomplish our vision of becoming a premier drug discovery company,” he said.
George F. Heinrich, M.D., vice chair and CEO of Foundation Venture Capital Group, is looking forward to future investments.

“UMDNJ faculty has been involved in breakthrough research projects for years, many of them ready to successfully be considered for investment,” he explained. “We are currently looking at other opportunities to make early private equity investments that will help these entrepreneurs develop their commercial potential.”

Vince Smeraglia, the director of Patents & Licensing at UMDNJ, is enthusiastic about the new relationship with Foundation Venture Capital Group.

“This investment is a tremendous milestone for the University,” he said. “The benefits of this extra early funding mean that emerging medical breakthroughs in research and technology businesses can be sustained by sufficient venture capital to optimize their chances of success.”