Goradia Innovation Grand Prize Winner: NanoLinea
After being awarded the 2014 Goradia Innovation Grand Prize of $50,000 at the Innovation Conference and Showcase (IC&S), we sat down with Colin Young, CEO of NanoLinea, to congratulate and discuss the next steps for NanoLinea.
NanoLinea creates novel medical devices based on a carbon nanotube fiber technology. Their flagship product, CardioLinea, is a minimally invasive treatment for cardiac ventricular arrhythmia. Cardiac ventricular arrhythmia is an abnormal heart rhythm that comes from the lower chambers of your heart and is associated with heart attacks or scarring of the heart muscle from a previous heart attack. CardioLinea is a safe, durable, truly therapeutic implant which restores healthy conduction in the heart and avoids the risks and costs associated with currently available treatments.
Through a unique journey, NanoLinea’s year has been full of prototype validation, business competitions and successes. Two and a half years ago NanoLinea was originally formed through a research project at Rice University, Baylor College of Medicine, and the Texas Heart Institute. About a year ago, they recognized the opportunity to turn their research project into a company that creates a new and improved medical treatment. In March of 2014, NanoLinea officially formed their LLC and participated in Owl Open Competition at Rice University and the Rice University Business Plan competition. Similarly to their experience at IC&S, they met mentors and key connections who have given them advice and expanded their network following the events.
“The Goradia Innovation Grand Prize not only provided us with exposure, but winning provided us with additional validation. This is the first significant funding that we received that is not from friends and family and it’s going to significantly aid in our growth. We plan to use the funds in the next year to continue the development of our prototype, an additional round of animal trials, and hire two new employees,” said Colin Young, CEO of NanoLinea.
So what is the next step for NanoLinea? In the immediate future, they plan to use their first round of seed funding to perform additional extensive series of animal trials for their product. This will allow the company to collect more in depth data to thoroughly demonstrate the long term safety and effectiveness of their invention. This plays a significant role in the continued research and development of the NanoLinea prototype. Theirlonger term goals involve the approval of the FDA which involves a round of human clinical trials and/or being acquired by a medical device company.
Once again congratulations to NanoLinea for being awarded the 2014 Goradia Innovation Grand Prize!