A host of combined Oklahoma resources advanced the company through its preclinical and Phase I clinical trials by providing more than $8 million in funding.
Those included angel investors, the OCAST Technology Business Finance Program (TBFP) and Oklahoma Applied Research Support program, the i2E-managed Oklahoma Seed Capital Fund, an EDGE grant and investment of Accelerate Oklahoma! funds from the U.S. Treasury's State Small Business Credit Initiative program.
“The state-funded TBFP program provided Selexys with initial proof-of-concept funding,” Paiva said. “The company received the largest SBIR (Small Business Innovation Research) grant in Oklahoma history, and Oklahoma angel investors and early-stage venture funds played a critical role.”
The Oklahoma Life Science Fund II was among the early investors in Selexys, and Paiva has served on the company's board for several years.
“Selexys also has a very tenacious and experienced management team, board and investors with a singular mission,” Paiva said. “With this group, failure wasn't an option. We wouldn't stop.”
Led by Dr. Scott Rollins and an outstanding management team, this entrepreneurial blockbuster was built on a solid foundation provided by Oklahoma resources.
Rex Smitherman is interim president and CEO of i2E Inc., a nonprofit corporation that mentors many of the state's technology-based startup companies. i2E receives state appropriations from the Oklahoma Center for the Advancement of Science and Technology. Contact Smitherman at i2E_Comments@i2E.org.