Foundation Venture Capital Group Sells Interest in Longevica Pharmaceuticals
NEW BRUNSWICK, N.J., July 27 /PRNewswire/ -- James M. Golubieski, president of Foundation Venture Capital Group, LLC, (FVCG) a New Jersey Health Foundation/Foundation of UMDNJ affiliate, announced today that it has sold its equity interest in Longevica Pharmaceuticals, Inc., to Rostock International Ltd.
Longevica, a Princeton, NJ, based company, is involved in developing kinase inhibitors that may keep normal cells healthy during chemotherapy or radiation treatments. Rostock International is a subsidiary of Rostock Group, a Moscow (Russia) headquartered global investment firm focused on investments in breakthrough technologies that can radically increase human lifespan and improve quality of life.
“One of the exit strategies of FVCG is to sell our shares in the company in which we have invested to a corporation or other venture capital group that would provide resources to advance research,” Mr. Golubieski explained. “Rostock has the ability to commit and invest additional capital to support Longevica research that can take several million dollars to perform the necessary pharmacological and toxicity studies necessary to file an Investigational New Drug Application with the FDA.”
The sale to Rostock International, Ltd, represents a substantial return on investment in less than 18 months, demonstrating the value of forming and developing companies around the scientific activities of researchers at the University of Medicine and Dentistry of New Jersey (UMDNJ).
"Longevica's technology of blocking apoptosis in healthy cells can be a scientific breakthrough that would have