Archive for July, 2012

U.Va. Ventures Take $500,000 in Latest Round of CIT Funding

Tau Therapeutics

Andrew Krouse, Timothy Macdonald (center) and Lloyd Gray of Tau Therapeutics. Photo by Tom Cogill.

U.Va.-affiliated ventures HemoSonics LLC, PocketSonics Inc. and Tau Therapeutics LLC and engineering professor Eric Loth were awarded a total of more than $500,000 from the Commonwealth Research Commercialization Fund, administered by the state’s Center for Innovative Technology, in its second round of funding.

Under the fund’s Commercialization Program, Tau Therapeutics will receive $200,000 to advance its novel cancer therapy, mibefradil; HemoSonics will receive $100,000 to support the development of its in vitro diagnostic device for assessing abnormal bleeding and clotting; and PocketSonics will receive approximately $54,000 to improve the interconnect design of the SonicWindow, a pocket-sized medical ultrasound device that images vascular structures beneath the skin.

Loth, associate chair of aerospace engineering and professor of mechanical and aerospace engineering in the School of Engineering and Applied Science, will receive $150,000 under the fund’s general Matching Funds Program. Providing a match to National Science Foundation funding, the award will fund the development and commercialization of an innovative coating that can be used to protect structural building materials from the elements.

The fund awarded a total of $3.1 million to 20 organizations throughout the commonwealth in its 2012 cycle, following its initial distribution of $3.6 million in fall 2011. To see a complete list of the companies and projects receiving funding from the Commonwealth Research Commercialization Fund in 2012, click here.

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