Creation Gardens gobbles up Mattingly Foods
Creation Gardens, a family-owned wholesale food distributor, announced this week it has acquired Mattingly Foods. Mattingly Foods is a wholesale meats distributor with roots back to the 1940s.
“The addition of Mattingly Foods presents a fabulous opportunity for us and our restaurants as they will now be able to get meats daily through our produce service model,” said Ron Turnier, Creation Gardens’ president and CFO, in a news release.
Mattingly provides high-quality meat items, including filet mignon, porterhouse, ribeye, roasts, burgers and pork chops, to 450 customers. The company has 67 employees, all of whom will be rolled into Creation Gardens’ workforce. Creation Gardens delivers seven days a week to 1,700 restaurants in Kentucky, Tennessee and Ohio.
“Creation Gardens has been looking to add high-quality meats to our menu of wholesale foods for several years now, and we couldn’t have found a better company to fit the bill,” said Turnier.
IL will have more on the acquisition later today.
Advanced Cancer Therapeutics opens new sites
Louisville’s Advanced Cancer Therapeutics (ACT) is in the news as it opens a pair of new clinical trial sites.
The new sites are the MD Anderson Cancer Center in Houston, and at the University of Texas Health Science Center in San Antonio; both are expected to start enrolling new patients Jan. 1, 2015.
ACT is a privately held company centered around advancing cancer prevention and therapies. It was specifically launched to bring new therapies discovered at the University of Louisville’s James Graham Brown Cancer Center to market. The Brown Cancer Center also owns 30 percent of ACT.
In a Dec. 15 interview with CEO/CFO Magazine, ACT CEO Randall Riggs discussed the work his company is doing with PFK-158, which he has described as the “first-in-man/first-in-class” inhibitor of an enzyme called PFKFB3, which is present in many tumors. PFK-158 acts to prevent tumor cells from using glucose as fuel. ACT licenses PFK-158 from the Brown Center.
Riggs also discussed how ACT operates, explaining the company takes early stage drugs to Phase 1 trials, and after those are completed they look to license or sell the asset to big pharma companies. ACT still has a financial stake in how the drugs do, even as they’re licensed to the bigger company. If there’s any money to be made, Riggs said, it’s shared with the U of L researchers to came up with it in the first place.
“We use a lot of that money not only to pay back our investors, but also to bring back money to the Brown Cancer Center so that they can continue developing these much-needed breakthrough cancer therapies.”
The goal is to license a home-run drug like Avastin, which Riggs said has over $6 billion in annual sales. He also said ACT is looking to complete Phase 1 trials of PFK-158 by the first half of 2015.