FRI AM News: WisBusiness: the Podcast with Roland Green, Invenra; Rivermark Medical announces $30M Series C fundraise

— This week’s episode of “WisBusiness: the Podcast” is with Roland Green, CEO of Madison-based Invenra. 

The pharmaceutical biotechnology company earlier this year announced the FDA has approved special designations for its rare pediatric cancer treatment. These designations are meant to incentivize the drug’s development due to the impact it could have on affected patients. 

“We focus on developing antibody therapeutic drugs for a variety of diseases,” Green said. “Oncology, immunology, we’re starting to move into radiotherapy. So it’s basically using nature’s approach to fighting the bad guys.” 

The FDA’s Rare Pediatric Disease and Orphan Drug Designations were announced in late August for Invenra’s INV724 antibody product, which is meant for patients with a form of cancer called neuroblastoma. It was created through a longstanding collaboration with Dr. Paul Sondel, a pediatric oncologist and researcher at UW-Madison. 

“When he saw what we could do with bispecific antibodies, he realized we would be able to make a … drug that could replace a current antibody drug that’s on the market for neuroblastoma,” he said. 

While that existing drug is effective at treating the cancer, it also causes extreme pain in the children receiving it, making for a “very, very harsh treatment regimen.” The goal with Invenra’s product is to achieve the same level of efficacy without causing that severe pain. After submitting initial findings to the FDA showing the drug’s promise, the company received the designations from the federal agency. 

“Those are programs that the FDA put in place to try to encourage companies to develop drugs for these rare diseases that are small markets, and the economics don’t really encourage companies to develop drugs for them, because there’s not enough profit there,” Green said. 

He praised the RPDD and ODD programs, noting they give drugs like the one Invenra is developing a “fast pass” to market. 

“It doesn’t cost taxpayers any money, the pharma companies that want a fast pass and cut in line ahead of their competitors will pay for those vouchers, but it encourages people to develop drugs for these diseases,” Green said. 

He also discusses the path ahead for the drug’s development and how it could help young patients, highlighting ongoing negotiations with potential partners that could help bring it to market. 

Listen to the podcast and see the full list of WisBusiness.com podcasts

— Milwaukee-based Rivermark Medical has raised $30 million to develop its first product, which aims to restore urinary function in men with enlarged prostates. 

The medical device company’s FloStent System is currently in clinical development for patients with benign prostatic hyperplasia, or BPH. This non-cancerous condition, which is caused by an enlarged prostate, is the most common prostate condition for men over age 50. Symptoms include frequent and difficult urination and urinary tract infections. 

Rivermark Medical’s stent product, made of a metal alloy called nitinol, is designed to address these issues with “minimal discomfort.” Yesterday’s announcement notes it can be put in place in an outpatient visit with “fewer complications and minimal” time for recovery. 

“This financing will accelerate our clinical programs and our path to commercialization, providing a new solution for the millions affected by BPH,” President and CEO Adam Kadlec said in a statement. 

Since being founded in 2021, the company has raised more than $35 million in total funding. 

The Series C funding round was led by Missouri-based American Century Investments, and also included Venture Investors Health Fund in Madison, a health care-focused firm with $275 million in assets under management. Other participants included Time BioVentures of California, an unnamed “strategic investor” and existing investors in the business. 

Joe Biller, managing partner at American Century Investments, says Rivermark Medical is “poised to make a transformative impact” on BPH treatment. 

“Existing therapies provide challenges for patients including a difficult recovery process, diminished sexual function, and irreversibility,” Biller said. “We’re excited to support a technology that is uniquely engineered to address meaningful unmet needs.”

See more in the release

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— The winners of this year’s Wisconsin Innovation Awards include startup companies developing technologies for some of the state’s top industries. 

Organizers for the annual awards ceremony this week recognized eight winners in Madison, selected from 31 finalists out of more than 200 nominees. They were chosen by a panel of experts representing health care, agriculture, food, technology, education and other fields.  

The awards are meant to “celebrate and inspire innovation, showcasing the creative spirit” of those in the private, public and nonprofit sectors. That’s according to Matt Younkle, co-founder of the awards program and Pythonic Corporation, a software and machine learning firm. 

“We extend our congratulations to all the finalists and winners of the 2024 Wisconsin Innovation Awards,” he said in a statement. 

Winners include: 

*Woollets, an Argyle-based company making wool pellets as a replacement for peat in farming, gardening and growing houseplants. The company buys unsold wool from Wisconsin farmers for its products, helping to cut down on waste. 

*AyrFlo Innovation Labs, a Madison business with a breathing monitoring service for post-surgery patients. It helps doctors diagnose patients earlier and more accurately, according to the release. 

*Advanced Ionics, a Milwaukee company developing technology to help industrial manufacturers produce “green hydrogen,” a replacement for existing fossil fuel-based hydrogen in the market. 

*Madison-based CranioSure, which aims to identify children with skull abnormalities earlier to enable more effective medical interventions. 

*SixLine Semiconductor, a Middleton business developing new materials based on miniscule “carbon nanotubes” for use in advanced semiconductor technologies. See previous coverage on the company. 

*The Fox Cities Chamber, based in Appleton. This chamber of commerce was the first in the country to create a free membership level for certain small businesses, boasting more than 600 members participants. 

*Stevens Point-based Skyward, which has a K-12 school management software platform. 

*Hovertoon of Berlin, which has developed a specialized pontoon boat that can be used for recreation, rescue and cargo transport, according to the release. 

See more on the winners and the contest here

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AGRIBUSINESS 

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CONSTRUCTION 

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EDUCATION 

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HEALTH CARE 

– Wisconsin hospitals monitoring IV fluid supply after hurricane damages manufacturer 

LABOR 

– Food ingredients supplier closing local facility, axing 88 roles 

– Parent company to close Asenzya’s Oak Creek facility, lay off 88 workers 

LEGAL 

– Harley-Davidson sues insurance providers to cover costs related to New York trial 

MANUFACTURING 

– Paint manufacturer plans new office in Pleasant Prairie 

POLITICS 

– What a Harris or Trump win means for two Milwaukee-area manufacturers 

REAL ESTATE 

– New Berlin land near Walmart still eyed as apartment and retail opportunity by developer 

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SMALL BUSINESS 

– After sudden closure, Madison screen printers start their own shop 

TOURISM 

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UTILITIES 

– Utilities withdraw air permit for nearly $1B gas plant proposed in Superior 

PRESS RELEASES

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