Iowa Demonstration Fund and Innovation Acceleration Fund Awards Made to Four IC Area Start-ups
Iowa City-based Memcine Pharmaceuticals, founded in 2010, is developing an immune complex technology (Immunoplex) that is designed to improve vaccines by enhancing safety and efficacy while increasing the speed and reducing the cost of immune complex vaccine production. The board awarded the company a $150,000 grant through the Demonstration Fund to secure research space at the BioVenture Center in Coralville and hire two research staff to ensure timely completion of proposed work.
NanoMedTrix, LLC, also located in Iowa City, is a start-up medical device company that intends to design, patent and market an entirely new form of contrast agents for medical imaging, molecular biology and potentially drug delivery. The company was awarded a $150,000 grant through the Demonstration Fund to develop and expand the company's infrastructure, secure broad-based financial support and develop a sale/retail network.
Telepharm Technology was formed in Iowa City in 2012 and sells a full telepharmacy solution that is aimed at delivering remote verification software that connects one pharmacist to service and operate four telepharmacies in an effort to decrease operating expenses of rural pharmacies and revitalize rural pharmacies into a profitable venture. The board awarded the company a $75,000 grant through the Demonstration Fund to beta test its solution in a multi-location pharmacy installation.
Coralville-based Terpenoid Therapeutics Inc. is a drug discovery and development company spun out from the University of Iowa and focused on cancer. It currently is at the pre-clinical stage of drug development and has two programs focused on the discovery of novel drugs. The board awarded the company a $500,000 loan from the Iowa Innovation Acceleration Fund to carry out development plans that support the scientific research staff, efficacy modeling, synthesis and packaging of clinical material, production of materials for testing and other research and development activities. Funds will also be used to support their intellectual property position such as patent maintenance and filing additional patents as appropriate.