Medisyn Technologies Inc. is growing up and is planning to take the first steps toward outlicensing one of its cancer compounds by the end of the year.

The company's Forward Engineering technology has a 20-year history, and new CEO Jerry Mattys, whose appointment was announced in June, said the scientist who developed the process has used it to identify 125 compounds in 30 therapeutic classes. Mattys most recently was president and CEO of Timm Medical Technologies Inc., of Eden Prairie, Minn. Timm was acquired in March by Endocare Inc., of Irvine, Calif.

Now, a team of eight individuals, four of whom are scientists, are attempting to commercialize Medisyn's technology. But the scientist who developed the core technology himself often said he was been seen as performing on the scientific fringe, Mattys said.

"We're going to identify compounds to license to pharmaceutical companies as lead candidates," Mattys said. "To do that, we believe we'll have to prove ourselves to those companies in a fee-for-service relationship."

It was not until five years ago that Jorge Galvez, senior professor of pharmacy at the University of Valencia in Spain, was published in a peer-reviewed journal, Mattys said. Since then, Galvez has published about 100 articles. And Mattys said the techniques still are not considered to be in the mainstream of science. Galvez serves as one of Medisyn's scientific advisers.

The Wayzata, Minn.-based company's Forward Engineering technology looks at the molecular structure of a compound and from that the technology can deduce what makes it effective in treating disease. Then the technology can focus on the characteristics that the company is looking for. At that point, the technology can "forward engineer" a new molecule that doesn't have, for example, the side effects of other drugs. The technology relies on the topography, or structure, of molecules.

In an effort to demonstrate its technology, the company also has completed projects with the National Cancer Institute in Bethesda, Md. It was during the course of completing work for the NCI that it discovered a compound designed to treat small-cell lung cancer, Mattys said.

Since Medisyn's technology uses an in silico approach, the company tested molecules and then proved the same predictions in vitro with the NCI. The company has 20 patented compounds that are designed to fight cancer.

"We have done some work for pharmaceutical companies, but most of our work has been in preparing the company to deliver on its promises and in putting the team together," Mattys said.

Medisyn's presentations to pharmaceutical companies will begin this month, and Mattys said they represent a key market as more pharmaceutical companies seek to in-license candidates.

The company also recently secured commitments of $600,000 in its Series A round, with the goal of topping out at $2 million. Medisyn plans to secure the remainder over the next two months before beginning its Series B round in the third quarter.