SAN ANTONIO--(BUSINESS WIRE)--Startech and the South Texas Regional Center of Innovation and Commercialization (STRCIC) today announced investments exceeding $9 million in three spin-out companies from InCube Labs partially funded by the Texas Emerging Technology Fund (ETF). Gov. Rick Perry, Bexar County Commissioner Kevin Wolff, City of San Antonio City Manager Sheryl Sculley, and other San Antonio City representatives participated in the press conference and ceremonial disbursements at City Hall in San Antonio.
InCube Labs will relocate InCorhythm Inc., Fe3 Medical Inc., Neurolink Inc. to San Antonio from California, and are in talks with the Institute for Preclinical Studies at Texas A&M University for the development and commercialization of therapies and medications to help patients afflicted by iron-deficiency anemia, epilepsy and atrial fibrillation.
“Recognizing that there is more than a billion dollars of research conducted in Bexar County each year and more than $160 million invested in Startech startup companies in the past six years alone, one can see that InCube is taking advantage of the rich entrepreneurial talent and intellectual property generators in this area to supercharge their growth,” Startech President Jim Poage said. “The Texas Emerging Technology Fund once again demonstrates best in class results to show that Texas is Wide Open for Business.”
“Texas continues to be a leader in innovation and technological development thanks in part to investments through the Texas Emerging Technology Fund, which have attracted top researchers and cutting edge companies to the state,” Gov. Perry said. “InCube’s three spinout companies have the potential to develop groundbreaking treatments for some of the most common and most difficult medical conditions we are faced with today.”
The TETF awards are as follows:
Corhythm Inc. is receiving a $3.1 million investment for the development of an implantable treatment that detects early onset of atrial fibrillation and chronic heart failure. The device uses recent advances in semiconductor technology and materials science to provide pacing and defibrillation, and delivers targeted medications when an atrial fibrillation is detected.
Fe3 Medical Inc. is receiving a $2.8 million investment for the commercialization of a medication delivery technology that enables the safe, non-toxic transport of approximately 10 milligrams of iron across the skin for those who suffer with iron-deficiency anemia. Approximately 30 to 40 percent of the 24 million Americans that suffer from iron deficiency anemia cannot tolerate oral iron supplements and require iron transfer through the skin. Iron-deficiency anemia is responsible for problems ranging from hypoxemia and fatigue, to secondary organ damage and heart failure.
Neurolink Inc. is receiving a $3.2 million investment for the development of an implantable device that predicts seizures and treats the underlying disease through intracranial medicine delivery. Epilepsy is a serious neurological disorder characterized by recurrent unprovoked seizures, affecting three million people in the U.S. and nearly 50 million people worldwide.
Startech is a private non-profit 501 (c)(3) Texas corporation that exists to Inspire technology innovation and commercialization, Create technology companies, and Grow them into viable businesses in the South Texas regional economy. Startech offers Venture Innovation, Investment and Collaborative services for Entrepreneurs, Investors, Researchers, Service Providers and Partners interested in technology innovation and commercialization. In this respect, Startech works closely with several funding sources including the South Texas Angel Network, the Texas Emerging Technology Fund, Venture Capital, SBIR and STTR grants, Microsoft BizSpark, and many others. From 2003 - 2009, Startech portfolio clients have raised more than $162 million in external financing. Startech derives financial support from the City of San Antonio, Bexar County, the State of Texas, the University of Texas at San Antonio, private companies, individuals, and public institutions. For more information visit www.startech1.org.