Last updated on July 2nd, 2019 at 10:00 am
Gov. Jim Doyle announced that Promentis Pharmaceuticals Inc. in Milwaukee will receive a $250,000 Technology Venture Fund loan from the Wisconsin Department of Commerce to continue development of pharmaceuticals that treat psychiatric and neurological disorders.
“Promentis Pharmaceuticals, Inc. is exactly the type of company our state should be investing in – companies that are developing innovative solutions in the biotechnology industry,” Doyle said. “I am pleased we can assist this company in its growth and development.”
Promentis Pharmaceuticals. is developing pharmaceuticals for the treatment of major psychiatric, behavioral and neurological disorders. The initial focus of the company will be to develop a novel class of antipsychotic medications for the treatment of schizophrenia. The company is currently in the process of developing a high throughput platform for future clinical trials and will use the funds for working capital and to continue testing the new product class.