The Maryland Technology Development Corporation (TEDCO) http://tedco.md awarded four Maryland companies a total of $800,000 in funding through the Life Science Investment Fund (LSIF) http://tedco.md/program/the-life-science-investment-fund-lisf. LSIF serves as a bridge fund to move companies up to the next stage of development more quickly and efficiently.
LSIF makes investments of up to $200,000 for a period of one year to support milestone-based projects to advance their medical product toward commercialization. Investments are made in the form of a five year convertible note to the company.
TEDCO’s LSIF is specifically designed for companies that are beyond the technology validation stage and further along in product development. For that reason, it is expected that applicants will have already initiated preliminary discussions with FDA.
The companies funded include:
- AsclepiX Therapeutics http://asclepix.com is designing long-lasting biodegradable nano-and micro particles to deliver biomimetic therapeutic peptides throughout the body. The company will initially target mascular edema and age-related mascular degeneration
- Vasoptic Medical http://vasopticmedical.com is developing a low cost portable retinal imager and software designed to detect early diabetic retinopathy in primary care settings, including community clinics
- Sonavex www.sonavex.com is developing the EchoSure/EchoMark system to detect clots during surgeries earlier and more reliably than existing processes
- Gel-e is focused on expanding its core technology platform to develop and commercialize hemostatic medical devices
TEDCO plans to make 5 to 6 investments per year and the next application deadline is October 14, 2016. For more information, contact Arti Santhanam asanthanam@tedco.md or call 410-715-4182.