The Ohio Third Frontier Commission recently approved $16 million https://development.ohio.gov/bs_thirdfrontier to fund new technology companies through their “Technology Validation and Start-Up Fund” to help Ohio institutions of higher education and other nonprofit research institutions move technology forward into the marketplace.
For example, a potentially life-saving surgical tool created by three University of Toledo (UT) www.utoledo.edu faculty members referred to as “QuickFlow PE” is now able to remove large blood clots in the lungs in emergency situations faster than what currently exists.
As a result, faculty members at UT recently launched a startup company called Thermomorph to further build and commercialize the QuickFlow PE with the help of the university’s technology transfer team.
Thermomorph received both a $50,000 Technology Validation and Start-up Fund grant to test the device in the laboratory, and a $150,000 Phase II grant to make more prototypes and do more testing so the device can be introduced in the marketplace.
Some of the other funding that has been awarded to universities in Ohio include:
- Case Western Reserve University was awarded two grants for $50,000 to test and develop software for computer-aided diagnosis of brain tumors
- Ohio State University was awarded three grants for $50,000 each to develop technologies for an eyeglass that could replace bifocals
- University of Akron received $50,000 to test and validate a smart phone=based medical device that can be used in low-income countries to diagnose cervical cancer
- University of Cincinnati was awarded $50,000 to validate that a currently available drug for breast cancer can also be used to treat certain brain cancers
- Neurxstem, LLC received $150,000 to develop a method for growing human brain tissue to be used to study the toxicity, safety, and efficacy of pharmaceuticals in development
- The Ureteral Stent Company, LLC was awarded $150,000 to develop an improved stent for treatment following kidney stones
In addition, the Ohio Commercial Acceleration Loan Fund bridges the gap between an entrepreneur’s need for capital and the traditional sources of financing primarily reserved for established businesses. Complion Inc. was awarded a $1,000,000 loan to commercialize their cloud-based software to help hospitals and medical centers manage documentation related to FDA’s clinical trial process.