The Austin Chamber of Commerce and the Central Texas Regional Center of Innovation and Commercialization (CenTex RCIC) announce that the State of Texas has chosen Mystic Pharmaceuticals Inc. as the recipient of an award funded through the Texas Emerging Technology Fund (ETF). This company, which has developed a novel precision unit dose drug delivery technology platform, will receive a $1.56 million award for the commercialization of its medical technology.

“In tough economic times, it’s more important than ever that government and industry work together to create high-paying jobs here at home and keep Texas on the cutting edge of technology,” said Jack McDonald, Chairman and CEO of Perficient, Inc. and Chairman of the CenTex RCIC. “We’re pleased to announce this investment in Mystic Pharmaceuticals as another step in our plan to promote innovation and entrepreneurship in Central Texas and build a leading position in the life sciences industry.”

Mystic Pharmaceuticals Inc., an integrated specialty pharmaceutical company, has developed a precision and non-invasive drug delivery platform for intranasal and ophthalmic applications. With this technology, patients can self-administer a wide range of drugs for ocular and Central Nervous System (CNS) diseases such as glaucoma, allergy, migraine and pain management. Mystic’s technology also has applications for delivery of vaccines and therapeutics for biodefense and public health medical countermeasures.

“Mystic’s technology establishes new standards for preservative free, precision drug delivery while reducing waste and cost for the consumer,” said Timothy Sullivan, President and CEO of Mystic Pharmaceuticals Inc. “The investment from the ETF will help to drive the next phase of Mystic’s growth to become a market leader in drug delivery.”

With the award from the ETF, Mystic Pharmaceuticals Inc. plans to begin general expansion and equipment acquisition for their company. They will also continue product development and complete the necessary testing and optimization of their innovative technology.

Mystic has established collaborative research agreements with the University of Texas at Austin, University of Texas Health Science Center Houston and the University of Texas Medical Branch. These research programs combine Mystic technology with vaccines and biopharmaceuticals under development by principal investigators at UT and UTMB for pandemic influenza, anthrax and hemorrhagic fever.

In addition, Mystic plans to continue their engineering intern program with the University of Texas at Austin Biomedical Engineering Program, which was established in 2006 and currently has three UT undergraduate and graduate level student participants. The relationship with UT Austin serves to provide a wealth of experienced research resources and as a source of future employees.

“Mystic is meeting the expanding global market demand for cost effective pharmaceutical products,” said Dr. David Gorenstein, Deputy Director of the Institute for Molecular Medicine at the University of Texas Health Sciences Center at Houston. “We are excited to continue our collaboration with Mystic and our colleagues at UTMB to develop more effective medical therapeutics for life threatening diseases.”

Mystic Pharmaceuticals Inc. was selected by the CenTex RCIC after an extensive due diligence process based on multiple criteria including a stringent analyses of the market and financial opportunity, technology potential, management team and economic impact to Texas.

The CenTex RCIC is a virtual center that operates out of the Austin Chamber of Commerce and serves as a catalyst for emerging technology research, development, commercialization and start-up incubation. In an effort to keep Texas globally competitive, the CenTex RCIC focuses on integrating technology development and commercialization in a 15-county region.