Mystic Pharmaceuticals Inc., a specialty pharmaceutical company, has received $1.56 million in funding through the Texas Emerging Technology Fund. The money will go toward commercialization of its medical technology.
With the ETF funding, Cedar Park-based Mystic also plans to begin expanding and acquiring equipment. The company will continue product development and complete the necessary testing and optimization of its innovative technology.
“The investment from the ETF will help to drive the next phase of Mystic’s growth to become a market leader in drug delivery,” said Timothy Sullivan, president and CEO of Mystic.
The company has developed a precision unit dose drug delivery technology platform, officials with the Austin Chamber of Commerce said. The platform allows patients to self-administer a range of drugs for ocular and central nervous system issues or diseases like glaucoma, allergies and migraines.
“In tough economic times, it’s more important than ever that government and industry work together to create high-paying jobs here at home and keep Texas on the cutting edge of technology,” said Jack McDonald, chairman and CEO of Perficient Inc. and chairman of the Central Texas Regional Center of Innovation and Commercialization. “We’re pleased to announce this investment in Mystic Pharmaceuticals as another step in our plan to promote innovation and entrepreneurship in Central Texas and build a leading position in the life sciences industry.”
Mystic has formed collaborative research agreements with the University of Texas at Austin, the University of Texas Health Science Center Houston and the University of Texas Medical Branch. The research programs combine Mystic’s technology with vaccines and biopharmaceuticals under development at UT and UTMB for pandemic influenza, anthrax and hemorrhagic fever.
Mystic also plans to continue its engineering intern program with the University of Texas at Austin Biomedical Engineering Program, which was established in 2006 and currently has three UT undergraduate and graduate level student participants.
