Texas Governor Rick Perry has announced that the Texas Emerging Technology Fund (TETF) awarded $2 million to Alafair Biosciences Inc. to fund the commercialization of their internal wound healing devices. The company has licensed and developed the patented technology with the University of Texas at Austin.
Alafair’s technology uses naturally occurring polymers to make biological films that protect injured tissues and to guide the wound healing process. The material safely and effectively minimizes the need for hospitalization and additional operations and helps to prevent unwanted and abnormal scar tissue developing from surgical procedures.
The TETF is a $485 million fund and to date, has allocated more than $205 million in funds to 145 early stage companies, and nearly $220 million in grant matching and research funds to Texas universities.
Additionally, since the inception of the TETF, more than $2.2 billion in additional investments from other non-state sources has followed on to the TETF investment, more than quadrupling the amount invested by the TETF.