Synnovation Therapeutics asks CDF for $438,000 to support job growth

WILMINGTON – Synnovation Therapeutics will ask the state’s Council on Development Finance on Monday for a $438,000 Strategic Fund grant to help the cancer research company nearly triple its workforce, according to an application obtained under the Freedom of Information Act (FOIA).

Synnovation is a Wilmington-based cancer research company formed in August 2021. It was founded by scientists who previously helped create successful drugs at Incyte, including Jakafi for blood disorders and Opzelura for skin conditions. They’re now using this expertise to develop new cancer treatments, with two promising drugs ready for human testing.

The application provided scant details, and CEO Wenqing Yao declined comment until after the meeting on Monday in Dover. But its application did say the goal is “to add 44 additional employees from 2024 through 2026 to further advance its innovative research and development activities and support the continued growth of the biopharmaceutical industry in the state.”

At the time of its application, the company had 26 employees on site at the Experimental Station and hopes to reach 70.

The Delaware Strategic Fund is the Delaware Division of Small Business’s primary funding source to support business retention and expansion through grants and low-interest loans to projects that grow the state’s economy in a significant way.

A bit more about Synnovation

Yao spent 19 years at Incyte, where he eventually served as head of discovery chemistry before he left to launch Synnovation in 2021. The company’s co-founder, Liangxing Wu, worked with Yao at Incyte on research to create new molecules to aid treatments.

The company says it specializes in “precision oncology,” which means developing cancer treatments that target specific genetic mutations or molecular characteristics unique to a patient’s tumor, rather than using a one-size-fits-all approach.

Think of it as using a sniper rifle instead of a shotgun – the treatment is designed to precisely hit cancer cells while minimizing damage to healthy cells.

This approach requires analyzing a tumor’s genetic profile to match patients with the most effective targeted therapy for their specific type of cancer.

Synnovation completed a $102 million Series A funding round led by Third Rock Ventures in January 2024, It also raised another $69.9 million in December 2023, a deal that was recognized as the largest venture capital deal of the 4Q 2023 by industry publications.