Medical Device Company Cited for Breakthrough Electrospinning Platform Technology, Which Has a Large Variety of Applications
Ashland, Mass., November 24, 2014 – MassVentures, a venture capital firm focused on fueling the Massachusetts innovation economy, is the latest institution to take notice of NuVascular Technologies’ medical breakthroughs.
NuVascular Technologies, a medical device company that has recently been spun out from BioSurfaces to commercialize its patented electrospinning process, was one of three companies named winners in MassVentures’ competitive “Pitch it to Win it” contest for early stage, high-growth Massachusetts startups. Medical company Sano LLC and music company Acoustic Stream were also acknowledged following a three-minute pitch contest judged by an expert panel on Oct. 23, 2014.
“We are very pleased with our showing at the MassVentures’ competition. The emerging businesses and technological advances coming out of Massachusetts right now are really spectacular,” said Matthew Phaneuf, co-founder of NuVascular Technologies and presenter at the “Pitch it to Win it” contest. “To be recognized within such an important venture capital market is a special accomplishment. I think it is a precursor to the immense growth that lies ahead for NuVascular Technologies.”
For its placement, Phaneuf was presented with a check for $1,000 and a networking opportunity with other emerging business leaders in the region and dignitaries such as Greg Bialecki, Massachusetts secretary of housing and economic development; U.S. Rep. Jim McGovern, D-Mass.; and Laurie Leshin, president of the Worchester Polytechnic Institute. “This program offered entrepreneurs, technologists, government and academia a chance to come together to understand not only the opportunities that exist but how we can work together to grow tech in the Worcester region,” said Jerry Bird, President of MassVentures. “We look forward to following and supporting the success of NuVascular Technologies and the other entrepreneurs that participated in the day and our pitch competition.”
Currently in discussions with the FDA, NuVascular Technologies holds patents for platform technology that is being developed for a broad range of medical applications, including artificial blood vessels, hemodialysis catheters, sutures, repair mesh and anti-HIV blood filters. Its approach is a vast improvement over the current industry standard of thicker woven and knitted biomaterials. With NuVascular Technologies’ devices, drugs and other bioactives can be incorporated directly into the electrospun fibers, drastically improving healing and reducing complications.
The research for this technology has been largely funded by the National Institutes of Health and has been endorsed by an esteemed advisory board. However, this latest recognition from MassVentures speaks more directly to NuVascular’s growth potential as an innovative business.
About NuVascular Technologies:
NuVascular Technologies, Inc. was established in Ashland, Mass., in 2014. The company was formed to commercialize patented technology developed over the past decade by BioSurfaces, Inc. and to further develop next-generation technology utilizing its electrospinning expertise. Under the direction of an experienced management team, the company is developing medical solutions that mimic natural tissue growth and incorporate targeted drug delivery.
About MassVentures:
MassVentures is a venture capital firm focused on fueling the Massachusetts innovation economy by funding early-stage, high-growth Massachusetts startups as they move from concept to commercialization. MassVentures focuses on Series A investments and considers occasional and opportunistic seed rounds. The firm provides capital for first-time CEOs and/or founders and consider industry segments not adequately served by the venture community.
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