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Local Tech Wire

CARY, N.C. – Startup , a venture focused on drug discovery technology, has closed on $720,000 in angel funding.

The company plans to use the Series A venture capital funding to commercialize its technology.

The new funding comes on the heels of the recent winning of a $700,000 compound screening contract from the National Institutes of Health’s Institute of Allergy and Infectious Diseases.

Under terms of that contract, Trana is screening some 300,000 compounds from the Southern Research Institute/

Trana’s technology identifies compounds that can inhibit the ability of a pathogen to propagate. The company recently conducted a pilot test of compounds that could combat HIV. Trana licensed the technology from North Carolina State University.

Gary Shipman, managing partner at Wilmington-based law firm Shipman & Wright, helped Trana raise the funding and is now a member of the Trana board.

"We are delighted to welcome Gary as a new board member,” said Trana Chief Executive Officer Steve Peterson. “He was instrumental in securing the funding that we believe will take us to a cash-positive position”