Editor’s note: Joe Magno is Executive Director, the North Carolina Center of Innovation Network, which is a partner with WRAL TechWire.
RESEARCH TRIANGLE PARK – Locally grown biotech firm Panaceutics has finalized an agreement with the Florida Cardiovascular Institute designed to increase patient adherence in the treatment of cardiovascular disease. The agreement finalizes discussions on a partnership that will study personalized combinatorial therapies at the Institute.
A personalized medicine and clinical nutrition company, Panaceutics recently expanded its facilities for the third time since it was founded four years ago when it started operations at the First Flight Venture Center in RTP. This initial agreement will include Florida Hospital Research Institute concept development for clinical testing and trials at the Cardiovascular Institute located within Florida Hospital’s Health Village, a health care and life sciences innovation district located on 172 acres near downtown Orlando.
Last year Panaceutics acquired a 503b compounding pharmacy and since its inception has garnered of $6M in funding and expanded for the third time since it started operations at the First Flight Venture Center four years ago. Panaceutics delivers personalized monthly subscriptions of “pill-free” suspensions combining up to 20 active micro-nutrients in puree-filled pouches that are a convenient way to take individualized formulas of clinical nutrition and pharmacy-grade dietary supplements. In several market trials, this delivery form has been found to be favored by a large majority over taking multiple pills. Cloud-based software is used to choose the right ingredients and dosage for an individual, and the formula is then sent to Panaceutics’ proprietary robotic system that builds a 30-day supply in less than four minutes under cGMP quality rules.
Dr. Duane Davis, Medical Director of the Cardiovascular Institute at Florida Hospital stated, “Panaceutics offers an innovative approach to helping us further our goal of improving medicine adherence. What the company is doing is in alignment with our mission to rethink and enhance the experience for our cardiovascular patients, and we’re confident that our patient diversity offers the ideal setting for clinical testing and research. Our desire in partnering with Panaceutics is to diminish costs and boost adherence rates, while offering a more personalized product for patients.”
The partnership was spearheaded by the Alliance & Innovation eXchange, a progressive division within Florida Hospital, which actively works internally to identify solutions to challenges within its healthcare ecosystem, as well as forge alliances with companies across the world whose strategies align with Florida Hospital’s vision to transform healthcare for patients and the community.
“This agreement is a key step toward developing and designing the studies necessary to advance our vision of personalized, combination pill-free suspensions to treat cardiovascular disease,” said Edison Hudson, Chief Executive Officer of Panaceutics. “The world-renowned expertise and results of the researchers and physicians of the Cardiovascular Institute of Florida Hospital are second to none and will be a valuable extension of our product development program.”
