NCBiotech Loans $550K to Boost Young Companies

RESEARCH TRIANGLE PARK, N.C.--The North Carolina Biotechnology Center issued $550,660 in loan and grant funding to support life science business and commercialization during its first fiscal quarter ended September 30, 2013. NCBiotech has been awarding this type of funding since the Center was established in 1984. The awards have helped the state become one of the nation’s top three in biotech, with more than 500 life science companies employing more than 58,000 people at an average salary exceeding $75,000. All three loans went to Chapel Hill companies this time. The grant funding helped support a scientific meeting at Wake Forest University.

Achelios Therapeutics received a $250,000 Small Business Research Loan (SRL) to help fund a Phase IIa clinical study in humans to determine the most effective dosing of its topical cream, ELS-M11, to treat acute migraine.

KindHeart was awarded a $249,060 SRL to help fund development of its Cardiac Surgery Simulator. KindHeart specializes in lifelike simulation devices for educating and training surgeons and residents, and assisting medical device companies in selling their products. Its surgery simulation systems use animated animal organs to create what appear to be living human patients upon which real surgical procedures can be practiced. Its proprietary Staged Reality uses computerized pumps and fluids in these organ systems to teach curriculum-driven, real-world surgical procedures and test new medical products in ways that were not previously possible.

LotusBioEFx received a $50,000 Company Inception Loan to help position the company for seed funding. LotusBioEFx is developing metal alloy microparticles to be used in antimicrobial coatings on medical devices and other products to prevent the spread of infection in hospitals and other healthcare facilities.

A $1,600 Biotechnology Event Sponsorship grant helped support a Sept. 11 and 12 stem cell workshop at WFU. The event focused on the rapidly emerging field of genetic reprogramming using a process called induced pluripotent stem cell technology. It’s opening new opportunities in biomedical research and commercial development.

NCBiotech is a private, non-profit corporation supported by the N.C. General Assembly. Its mission is to provide long-term economic and societal benefits to North Carolina by supporting biotechnology research, business, education and strategic policy statewide.