CHARLESTON, W.Va. (WVDN) — The West Virginia Jobs Investment Trust announced a $2 million investment in Modulation Therapeutics, a Morgantown-based biotechnology company developing first-in-class therapies for aggressive cancers and chronic liver diseases. The funding comes through WVJIT’s West Virginia Capital Access Program.
“Modulation Therapeutics represents the kind of high-impact, science-driven company WVJIT was created to support,” said Andrew Zulauf, executive director of WVJIT. “Their therapies could improve patient outcomes and strengthen West Virginia’s position in emerging biotech.”
Founded in 2011 as a spinoff of the Moffitt Cancer Research Center, Modulation Therapeutics moved to Morgantown in 2016 to build on support from West Virginia University and the state’s growing life sciences sector. The company is advancing three therapies that target nine diseases, including relapsed multiple myeloma, triple negative breast cancer, hepatocellular carcinoma, melanoma and nonalcoholic fatty liver disease.
“We are thrilled to partner with the West Virginia Jobs Investment Trust,” said Dr. Hazeelhurst, founder and CEO of Modulation Therapeutics. “This pivotal funding accelerates our clinical programs and proves West Virginia is a thriving biotech hub. With JIT’s support, we’re closer than ever to delivering transformative patient outcomes.”
The $2 million investment will allow the company to complete two Phase I clinical trials and begin Phase II trials for its lead programs, speeding progress toward U.S. Food and Drug Administration approval and commercialization.
The company collaborates on clinical research and trials with WVU Medicine and the WVU Cancer Institute. It employs Ph.D. level research scientists in Morgantown and works with local service providers, supporting economic growth while expanding access to new treatments.
To learn more, visit www.modulationtherapeutics.com.
About the West Virginia Jobs Investment Trust
West Virginia Jobs Investment Trust (WVJIT) is a public venture capital fund created to develop, promote and expand West Virginia’s economy by making investment funds available to eligible businesses, thus stimulating economic growth and providing or retaining jobs within the State. WVJIT invests in early-stage, later-stage and mature small companies that wish to expand. Opportunities to create a significant number of jobs while maintaining economic balance are favorably viewed.
