HTC announces funding of CorInnova Incorporated by the Texas Emerging Technology Fund
FOR IMMEDIATE RELEASE
June 1, 2006
The Houston Technology Center (HTC) announced today that CorInnova Incorporated, one of the companies recommended by the Gulf Coast Regional Center of Innovation and Commercialization (Gulf Coast RCIC) for funding by the Texas Emerging Technology Fund (TETF) was chosen to receive a $500,000 award, and has also joined the HTC as a Client company.
The $200 million Texas Emerging Technology Fund, was created in June 2005 by Governor Rick Perry to assist small to mid-size technology companies to launch sooner, expedite the commercialization of new life-changing inventions out of the lab and into the hands of consumers and improve research at Texas universities.
In September 2005, the Houston Technology Center (HTC) was selected as the Gulf Coast RCIC for the Texas Emerging Technology Fund, collaborating with the Greater Houston Partnership (GHP), Economic Development Organizations (EDO) within its 32-county region, area universities, and community volunteers. The Gulf Coast RCIC and the other seven state centers are responsible for processing all funding applications and supporting emerging technology companies in their regions.
The Gulf Coast Region has submitted the highest number of applications from any region – in each of the first three funding rounds. CorInnova is the first Gulf Coast region company to receive an award from the Texas Emerging Technology Fund.
CorInnova Incorporated, founded in July 2004, is an early stage medical device company that is developing and commercializing heart assist technologies that lead to heart recovery rather than heart replacement. Our core technology is a device that enhances heart recovery through restoration of proper cardiac motion. This is a Texas A&M University technology invented by Dr. John Criscione. Recent discoveries indicate that heart maintenance, growth, and repair processes are guided by the mechanical stimuli that are restored by the device. CorInnova''s approach is, in essence, physical therapy for the heart. For example, the maintenance, growth, and repair processes of the elbow are guided by joint motion, and thus physical therapy or restoration of joint motion enhances elbow recovery. Funding for CorInnova has come through Texas A&M sponsored research as well as a NIH STTR Fast-Track Award ($850K).
“We are very pleased to be part of the Texas Emerging Technology Fund program for accelerating the growth of small, high-tech businesses. Economic development investments tend to go to large, established companies; yet big companies start small. If successful, CorInnova could become a big biomedical device company, producing products that lead to heart recovery. Our TETF grant will accelerate our growth and help meet some of the challenges faced by startup biomedical device companies like CorInnova.”saidJohn C. Criscione, MD, PhD, CorInnova Incorporated’s CEO and Co-founder.
“The Research Valley Partnership is proud to support CorInnova. We congratulate CorInnova for their efforts on receiving one of the State’s first emerging technology grant awards. We would also like to thank the Houston Technology Center for their Gulf Coast RCIC leadership and for allowing us the opportunity to be a partner in the process. They are the standard by which all RCIC’s should be measured,” Todd E. McDaniel, President and CEO, of the Research Valley Partnership, Inc. said.
“With the announcement of CorInnova as the first Gulf Coast region company receiving an award from the new Texas Emerging Technology Fund, the Houston Technology Center is looking forward to working with CorInnova as an HTC Client and seeing more companies from the Gulf Coast region receive funding by the TETF. The TETF has created a new momentum in the emerging technology community in the Gulf Coast region and the Houston Technology Center is proud to be a part of this exciting initiative” said Paul Frison, President and CEO of the Houston Technology Center.
The Gulf Coast RCIC announced it is now accepting applications for the fourth round of funding. Early application deadline for the current round of funding is Tuesday, June 20, 2006 10:00 a.m. CDT and final application deadline is Tuesday, June 27, 2006, 10:00 a.m. CDT. The Gulf Coast RCIC will hold workshops on Tuesday, June 6, 2006 for companies interested in applying for funding from the Texas Emerging Technology Fund. To register or learn more visit www.houstontech.org. For detailed information about the Emerging Technology Fund, visit the Gulf Coast RCIC web site at www.gulfcoastrcic.org.
About the Houston Technology Center: Houston Technology Center (HTC) accelerates the commercialization of emerging technology companies in Greater Houston. A 501(C)(3) corporation and a center of entrepreneurship HTC assists greater Houston-based entrepreneurs within several key sectors: Energy, Information Technology, Life Sciences, Nanotechnology and NASA-originated technologies.
About the Research Valley Partnership: The Research Valley Partnership, Inc. is a public-private economic development corporation promoting a region centered around Brazos County, the cities of Bryan and College Station, and Texas A&M University.
About CorInova: CorInnova Incorporated, founded in July 2004, is an early stage medical device company that is developing and commercializing heart assist technologies that lead to heart recovery rather than heart replacement.