Company news

November 17, 2010

West Lafayette-based Kylin Therapeutics Inc. received a nearly $250,000 grant from the U.S. Internal Revenue Service that will advance the company's nanoparticle cancer-treatment research. Kylin's technology uses RNA and a natural process called RNA interference to directly target and "turn off" disease-causing genes. Kylin’s technology was discovered at Purdue University by former Purdue professor Peixuan Guo.

Lilly Ventures, the venture-capital arm of Indianapolis-based Eli Lilly and Co., led a $24 million investment round in Massachusetts-based Cerulean Pharmaceuticals, which is developing nanoparticle drugs. According to Xeconomy.com, the Series C funding round will help Cerulean pay for Phase 2 clinical trials of its leading nanoparticle drug, which is designed to treat lung cancer. Steve Hall, a venture partner at Lilly, has joined Cerulean’s board of directors in connection with the funding round. Cerulean has now raised $56 million in venture capital.

Johnson Memorial Hospital asked county officials to approve a $14 million expansion of its surgical center to accommodate larger surgery suites, as well as new recovery beds and physician offices, according to the Daily Journal of Franklin. That expansion would add 29,000 square feet and renovate 9,300 square feet of existing space. Johnson Memorial wants to start construction in the spring and complete the project by late summer of 2012.