A 2-year-old Durham pharmaceutical startup specializing in Parkinson's disease treatment has won grant support up to $1.5 million from the high-profile Michael J. Fox Foundation for Parkinson's Research.
Eboo Pharmaceuticals is a "virtual" company with no employees, no office and a post office box address in Durham. The company has three officers, including Eboo President Robert McNutt, a retired pharma executive in Durham who uses the P.O. box to receive Eboo materials.
The company was started with a $30,000 loan from the N.C. Biotechnology Center to help Eboo officers develop a corporate structure, support intellectual property and cover legal fees.
Eboo plans to use the Fox Foundation grant to test its experimental compounds for toxicity in a laboratory, and afterwards to test the products in monkeys. It doesn't expect to test the compounds in people until 2016 at the earliest.
"Eboo Pharmaceuticals is developing a novel and innovative approach to treating Parkinson's disease," the Fox Foundation said in an announcement. The New York foundation was created by well-known actor and Parkinson's patient Michael J. Fox.