Seaport allocates $10 million to seven biotech companies for growth initiatives

The Cancer Prevention and Research Institute of Texas (CPRIT) has made significant strides in funding innovative cancer research, as highlighted in their recent Oversight Committee meeting on May 21, 2025. The committee approved a new funding strategy aimed at supporting companies with ongoing grants, marking a shift from previous cycles that primarily focused on new applicants.

This cycle, CPRIT allocated approximately $10 million from leftover funds to assist companies that have demonstrated progress in their research. A total of 23 companies applied for additional funding, with 12 selected for interviews. Ultimately, seven companies were chosen to receive funding, while an eighth received partial support due to budget constraints.

The funding approach allows for a maximum of $3 million per company, with seed funding capped at 30% of the company's seed value. This strategy aims to accelerate the development of promising projects and expand clinical trials, potentially increasing patient participation and improving data collection.

Among the funded companies, Onco Response received the highest score and is set to benefit from a combination of grant funding and equity investment, contingent on meeting specific clinical milestones. The outcomes of their trials will determine the next steps for additional funding.

The committee's decision to support these companies reflects a commitment to fostering innovation in cancer research and enhancing the capabilities of organizations that have already shown success. As CPRIT continues to adapt its funding strategies, the implications for cancer treatment advancements in Texas remain promising. The next steps will involve monitoring the progress of the funded companies and evaluating the impact of this new funding model in the upcoming fiscal year.