InCube Labs Spin-Offs Corhythm Inc., Fe3 Medical Inc. and Neurolink Inc. Relocating To San Antonio Will Get $9 Million From Texas
9/29/2010 8:01:52 AM
San Antonio Business Journal - by W. Scott Bailey -- Texas Gov. Rick Perry has confirmed Tuesday that the state will invest $9.2 million from its Texas Emerging Technology Fund into a trio of companies spun out of InCube Labs.
The three companies — Corhythm Inc., Fe3 Medical Inc. and Neurolink Inc. — plan to relocate from California to San Antonio.
Corhythm will receive $3.1 million from ETF for the development of an implantable treatment device that detects early onset of atrial fibrillation and chronic heart failure. The device uses recent advances in semiconductor technology and materials science to monitor pacing and defibrillation data to deliver targeted drugs when an atrial fibrillation is detected.
Fe3 Medical will receive $2.8 million for the commercialization of a drug 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 who suffer from iron-deficiency anemia are unable to tolerate oral iron supplements.
Neurolink will get $3.2 million from ETF that will be used toward the development of an implantable device that predicts seizures and treats the underlying disease through intracranial drug delivery.
The Business Journal reported on Sept. 24 that sources in Austin and San Antonio had confirmed that Perry planned to be in San Antonio today to make an announcement related to ETF money for InCube companies.
The governor’s office says the three companies are discussing the possibility of collaborating with the Institute for Preclinical Studies at Texas A&M University to develop their respective treatments.
“Texas continues to be a leader in jobs, 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,” Perry says.
“InCube’s three spin-out companies have the potential to develop ground-breaking treatments for some of the most common and most challenging medical conditions we are faced with today,” he adds.
“The investment from the Texas Emerging Technology Fund completes a very strong partnership between the city, county, state and InCube Labs,” says San Antonio Mayor Julián Castro. “At the end of the day, this collaboration will boost our growing bioscience profile and create jobs in San Antonio.”
InCube is based in California. The company, which was founded by California entrepreneur Mir Imran, is expanding its operations to San Antonio where it will seek to launch new biosciences companies.
The ETF is a $200 million initiative created by the Texas Legislature in 2005 at the governor’s request. It was reauthorized in 2007 and again in 2009.
A 17-member advisory committee of high-tech leaders, entrepreneurs and research experts reviews potential projects and recommends funding allocations tothe governor, lieutenant governor and speaker of the House.
Since being launched, the ETF has allocated more than $169 million in funds to 117 early-stage companies, and $161 million in grant matching and research superiority funds to Texas universities.