Historically, we’ve seen that it takes a proven, viable vision for a private biotech firm to gain access to funding from the Texas Emerging Technology Fund. Houston-based Procyrion, Inc. has proven that its viability in the biotech sector is worthy of Texas state funding.
Yesterday, the privately-held medical device company, which is also associated with the Houston Technology Center, announced the closing of $750,000 second tranche from the Texas Emerging Technology Fund. To date, Procyrion has now received $1.5 million from TETF, which has gone in large part toward the continued development and commercialization of the first catheter-deployed circulatory assist device that is intended for long-term use in the treatment of chronic heart failure.
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This second tranche of $750,000 will specifically go toward the continued investigation and development of the company’s Aortixä, which is a first-in-class intra-aortic pump designed for the treatment for the more than 1.6 million chronic heart failure patients in the U.S. who have few therapeutic options, according to a company press release.
Benjamin A. Hertzog, PhD, president and CEO of Procyrion, explained that the company has put the state-funded support to good use: “We’ve made significant progress since the initial tranche and the continued support from the Houston Technology Center and the Texas Emerging Technology Fund program demonstrates not only our ability to meet stringent research and development milestones but their belief in our lifesaving technology.
Governor Rick Perry and the Texas Legislature enacted The Texas Emerging Technology Fund in 2005 specifically to attract leading scientists and researchers to Texas, as well as to boost high-paying jobs in the sector, and fund start-ups — all in an effort to accelerate Texas’s profile as a leading biotech state. “The Texas Emerging Technology Fund continues to fill a critical gap by providing the necessary early stage capitol to successfully develop new ideas from biotechnology to health care to safe and efficient energy production. Procyrion continues to meet commercialization milestones, and has a viable and potentially game-changing technology, and we look forward to their continuing successes in Texas,” said Terry Chase Hazell director of the Texas Emerging Technology Fund.