June 25, 2007
New Jersey Commission on Science & Technology Matches Foundation Venture Capital Group Investment

Snowdon, Inc., a drug discovery company founded by University of Medicine & Dentistry of New Jersey-Robert Wood Johnson Medical School (UMDNJ-RWJMS) Professor William J. Welsh, received a two-year $500,000 Edison Innovation Award grant from the New Jersey Commission on Science & Technology (NJCST).

The funds were awarded as a match for a $500,000 investment to Snowdon made by Foundation Venture Capital Group, LLC.

“Our first investment was in Snowdon, Inc. because we believed that this UMDNJ start-up had unique possibilities and potential and was a great example of the outstanding technology coming out of the University,” said James M. Golubieski, president of Foundation Venture Capital Group. “We are very proud to have provided our $500,000 investment, which then qualified Snowdon to apply for the $500,000 match from the NJCST.”

Funds from the NJCST grant will be used to test and develop an extraordinary new family of molecules discovered by Snowdon scientists to treat, and even prevent, devastating infectious parasitic diseases that cause deadly infections among HIV/AIDS patients and other immuno-compromised people. These parasites can also infect pregnant women and are the leading cause of blindness and brain defects in babies. They can persist for months in food and water, also making them a global threat to homeland security.

“We are delighted to receive this prestigious award from the NJCST, especially in view of the extremely competitive field of other applicants,” said Dr. Welsh, founder and CEO of Snowdon. “This grant, together with the Foundation Venture Capital Group investment, will propel the further development of Snowdon’s existing drug candidates for cancer, pain, and infectious diseases. From a broader perspective, these investments validate Snowdon’s drug development programs and our proprietary computational platform technology that streamlines and accelerates the discovery of safer and better pharmaceuticals.”