Washington University has named a leader of a new $15 million drug development accelerator that seeks to commercialize drug candidates from the university’s research efforts.
Shripad Bhagwat has been named inaugural senior director of Washington University's Needleman Program for Innovation and Commercialization (NPIC). Washington University last month announced Bhagwat’s appointment. He began his position in August.
“Innovation and commercialization are major priorities for the medical school and the university as a whole. This program will encourage the urgent development of new and lifesaving therapeutics, and we are delighted that Dr. Bhagwat will be supporting our campaign to boost research that advances WashU-generated therapeutics for the benefit of patients," said David Perlmutter, executive vice chancellor for medical affairs and dean of the Washington University School of Medicine, in a statement.
The launch of the NPIC stems from a $15 million pledge from Washington University donors Philip and Sima Needleman. Phillip Needleman formerly held leadership roles in the pharmaceutical industry and is a previous Washington University faculty member. A news release said his research led to the creation of arthritis drug Celebrex.
Washington University has said the NPIC, launched earlier this year, fills a funding gap that often makes it challenging for drug candidates to reach clinical trials. Bhagwat has joined the NPIC with a decades-long career in drug development. He’s held leadership roles at several drug development companies and most recently was chief scientific officer at biotechnology firm AltiBio Inc.
“Universities have been known to be centers for innovative research, but not for discovering drugs. Something like this is very exciting for me to apply what I know and what I’ve learned into a new setting and make a trend for other universities to follow,” Bhagwat said in an interview.
Bhagwat said the NPIC will support promising drug candidates from research conducted by Washington University faculty and staff. It will offer selected projects with “infrastructure similar to a typical startup company,” including project management, funding and business coaching, with a goal of advancing the drug candidates toward initial clinical trials. Following that, Bhagwat said the NPIC would seek to out-license the drug candidates to either startup companies or larger pharmaceutical firms. He said that would provide the ability to generate revenue that can replenish funding for the NPIC.
“We want to make sure our drugs reach the patients and we get some benefit from it," he said.
The NPIC has sought its first round of applications for funding and Bhagwat said the entity plans to soon publicly share the initial projects it will fund.
