Texas has invested $9.2 million through the state’s Texas Emerging Technology Fund (TETF) in three spin-out companies from InCube Labs. The companies will work on developing and commercializing treatments to help patients with iron-deficiency anemia, epilepsy and atrial fibrillation. The three companies are Corhythm Inc., Fe3 Medical Inc., and Neurolink Inc. They will be relocating to San Antonio, Texas from California and are examining a partnership with Texas A&M University’s Institute for Practical Studies to develop the treatments. San Antonio hopes to add new jobs and economic development to the community through the additions.
The TETF awards were split nearly evenly and will go toward the following research:
- Corhythm was given $3.1 million to develop an implantable detection device for early onset atrial fibrillation and chronic heart failure. The device can provide pacing, fibrillation and targeted drugs when atrial fibrillation is detected.
- Fe3 Medical was given $2.8 million to commercialize the company’s drug delivery technology. The technology allows for safe transport of almost 10 milligrams of iron across the skin of people with iron-deficiency anemia.
- Neurolink was given $3.2 million to develop an implantable device that predicts seizures and treats the underlying disease through intracranial drug delivery.
The TETF is a $200 million dollar initiative that was created by the legislature in 2005 to support emerging technology in Texas. An advisory committee of technology industry leaders and researchers reviews potential projects and makes recommendations to the Governor. So far the fund has given more than $169 million to 117 early stage companies.