DepYmed, located on Long Island, has received $100,000 to develop a new drug for the treatment of breast cancer.
The money came from the Long Island Emerging Technologies Fund and Accelerate Long Island.
DepYmed began in 2014 as a joint venture of Ohr Pharmaceutical Inc., based in Manhattan, and Cold Spring Harbor Laboratory. The two are developing a new breast cancer drug they are calling Trodusquemine, which they hope will be effective in the treatment of HER-2 positive breast cancer, which is an aggressive type of the disease.
DepYmed plans to move to Farmingdale, about five miles from Hicksville, before the end of this month in January. It will located its operation in the Broad Hollow Bioscience Park, where a number of biotech startups can be found.
Andreas Grill is DepYmed's CEO and a bio-entrepreneur who is in residence at Stony Brook University's Center for Biotechnology. Grill says the new investment by the two agencies lets other people know the company is viable, so they might want to invest in it. He also notes that by moving to Farmingdale, the company will have access to both entrepreneurs and scientists.
At the moment, Grill is DepYmed's only employee, but the company plans to hire more people next year.
Since the company intends to create jobs on Long Island, it might consider working with a brochure printing company to create a booklet about its products and plans, and make it available to area employment professionals.
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