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Product development report: CPRIT seed conversion rising; March Biosciences credits CPRIT, accelerator and local investors
Summary
CPRIT product development staff reported a strong preliminary‑to‑full application conversion rate and discussed supplemental awards. March Biosciences, a Houston cell‑therapy startup funded through local accelerator and CPRIT awards, presented early clinical progress and said CPRIT funding was a pivotal bridge to Series A.
CPRIT’s product development team reported Aug. 20 that the office completed preliminary application reviews for cycle 26.1, invited 24 applicants to submit full applications and received 23 full submissions. Staff outlined panel scoring distributions and conversion rates, and product development advisory committee (PDAC) members urged continued attention to portfolio diversification and follow‑on funding for strong grantees.
Product development staff said therapeutics still dominate applications but highlighted that seed and device/diagnostic applications had higher panel conversion rates to full application awards (seed panel conversion ~55% and device/diagnostics about 25% advancing into full applications). Staff noted steps taken to improve reviewer education and panel composition (more clinician reviewers for device/diagnostic panels) to reduce bias against certain technology classes.
PDAC members and product development staff emphasized the value of a supplemental award program (25.2) that provides follow‑on funding for active grantees that are meeting milestones; the committee recommended reserving a standing pool for supplemental awards so CPRIT can accelerate companies that are progressing well rather than relying solely on remaining funds at cycle close.
Sarah Hine, founder and CEO of March Biosciences (a Houston‑based cell therapy company), described how CPRIT and the Texas Medical Center Accelerator supported her company’s transition from an academic phase‑1 signal to a company‑run multi‑site phase‑2 trial. March Biosciences said CPRIT funding and early accelerator support enabled manufacturing transfer from an academic center, rapid site activation (10 sites) and enrollment progress (10 patients dosed with 15‑patient stage‑1 enrollment anticipated to finish by year end). Hine said the CPRIT award helped the company bridge a difficult fundraising environment and was a key factor in closing a Series A.
PDAC members also discussed whether CPRIT should consider more active portfolio management — including strategic, targeted follow‑on funding and potential adjustments to the revenue‑sharing position in liquidity events — to capture more program returns without undermining company operations.
Staff said review sessions for product development 26.1 begin immediately and invited oversight members to observe panels; the program will report outcomes once full‑application review and diligence are complete.
