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Spin-off raises $15.8-million for research Argolyn Bioscience Inc. has emerged from its MUSC roots as a major player in the world of drug therapy research.   The Charleston-based biotechnology company has closed a $15.8 million financing deal involving its development of proprietary peptide modification technology. The deal places the Lowcountry on track to compete with North Carolina’s Research Triangle.   “The Medical University of South Carolina is proud to be affiliated with Argolyn Bioscience,” said MUSC President Ray Greenberg, M.D., Ph.D. “This latest announcement represents a significant milestone and signals the advancement of the company to the next stage of growth.”   Argolyn was founded in 2002 based on technology developed at MUSC by Thomas A. Dix, Ph.D. The company is focused on developing peptide-based drugs to treat psychosis, pain and other disorders that may result in drugs that are more easily administered and more effective in patients.   “The success achieved by the Argolyn team with this investment is a great example of the rapidly developing activity and momentum in the biotechnology sector in the Charleston area,” said Stephen M. Lanier, Ph.D., MUSC associate provost for research. “The technology developed by the sustained creativity and effort of Dr. Dix present Argolyn the opportunity to develop in a number of different therapeutic areas.”   The financing was co-led by investors Intersouth Partners and Quaker BioVentures, with Amgen Ventures also participating. The round, which is the company’s first institutional financing, will be used to advance the company’s drug candidates into human clinical trials and to validate its patent-protected technology platform.   Dennis Dougherty of Intersouth Partners and Geeta Vemuri of Quaker BioVentures will join the Argolyn Board of Directors, which will expand to five members. The company’s current directors are James R. McNab Jr., W. Thomas Amick, and C. Thomas Caskey.   “Argolyn’s technology has the potential to provide a real breakthrough in the creation of peptide-based medicines,” Dougherty said. “The company has the potential to meet real needs in the medical community.”     Friday, July 6, 2007 Catalyst Online is published weekly, updated as needed and improved from time to time by the MUSC Office of Public Relations for the faculty, employees and students of the Medical University of South Carolina. Catalyst Online editor, Kim Draughn, can be reached at 792-4107 or by email, catalyst@musc.edu. Editorial copy can be submitted to Catalyst Online and to The Catalyst in print by fax, 792-6723, or by email to catalyst@musc.edu. To place an ad in The Catalyst hardcopy, call Island Publications at 849-1778, ext. 201.