Biscayne Pharmaceuticals, a company that uses the discoveries of Miami Nobel Prize-winner Andrew Schally, announced it has received $1.5 million in financing to develop growth hormone-releasing hormone (GHRH) drugs.
Schally, the Distinguished Leonard M. Miller Professor of Pathology & Professor of Hematology and Oncology at the University of Miami Miller School of Medicine, is working with Joshua M. Hare, a Biscayne co-founder who is the Louis Lemberg Professor of Medicine in the University of Miami Health System, to develop the GHRH technology for coronary heart disease.
The financing was led by the Reich Group, a Miami Beach investment firm. Managing partner Samuel Reich, formerly with Acuity Pharmaceuticals and OPKO Health, is becoming Biscayne’s chief executive and chairman of the board.
Biscayne’s technology is licensed from the University of Miami, the company said in a press release.