Cleveland Clinic's first biotech company

The Cleveland Clinic has established its first biotech company, Cellect Therapeutics Inc., based on an antisense oligonucleotide conjugated with the enzyme activator 2-5A.

The Castle Group arranged a private placement of $5 million from qualified retail investors, and has set up a holding company and management group, Atlantic Pharmaceuticals Inc. (Northbrook, Ill.), to oversee Cellect and three other Castle Group companies. The other companies are Beacon Discovery Inc., a drug discovery company with central nervous system diseases as its initial focus; Channel Therapeutics Inc