Connecticut Bioscience Innovation Fund (CBIF) Awards $1.8 Million to Q2 Applicants

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Projects intended to speed up the commercialization of bioscience breakthroughs

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During this round, the projects that received awards demonstrated the potential to develop better diagnostic tools, therapeutics, healthcare information technology and research models that will advance healthcare initiatives and improve standards of care

Connecticut Innovations (CI), the leading source of financing and ongoing support for Connecticut's innovative, growing companies, today announced that the Connecticut Bioscience Innovation Fund (CBIF) has awarded $1.8 million to bioscience projects at the conclusion of the latest review of project applications.

CBIF—a $200 million fund, which will make investments over the next 10 years in the form of grants, equity investments and loans—has awarded nearly $4 million to bioscience projects in 2014, which is intended to speed up the commercialization of bioscience breakthroughs.

“During this round, the projects that received awards demonstrated the potential to develop better diagnostic tools, therapeutics, healthcare information technology and research models that will advance healthcare initiatives and improve standards of care,” said Margaret Cartiera, director of bioscience initiatives at Connecticut Innovations. “In the next round, we would like to see a broader range of applications from sensor integration to mobile diagnostics and personalized medicine as well as other products that could impact the future of healthcare.”

The projects that received funding, which vary in description and investment type and may be subject to certain conditions, include:

  •     Yale (Craig Crews, Ph.D.): This project focuses on the development of a novel small molecule that addresses the resistance patients develop to treatment for a rare bone marrow cancer (multiple myeloma). Yale will receive $500,000 in project funding.
  •     Yale (Richard Flavell, Ph.D.): This project supports continued work on a next-generation humanized mouse model that could revolutionize how research is conducted and how drugs are developed. This project is a collaboration with Yale and The Jackson Laboratory for Genomic Medicine in Farmington, Conn. Yale will receive $500,000 in project funding.
  •     Tangen Biosciences: This project involves further development of a cost-effective, mobile point-of-care molecular diagnostic test for tuberculosis for use in the developing world. Tangen Biosciences will receive $500,000 in project funding.
  •     Loon Medical: This project supports next-stage development of an alert system technology designed to monitor people being cared for at home, including dementia patients. The flexible, Bluetooth-integrated system includes wireless connectivity to a software application. Loon Medical will receive $458,000 in project funding.

The Connecticut Bioscience Innovation Fund (CBIF), legislation signed by Governor Dannel P. Malloy in 2013 and managed by Connecticut Innovations, seeks to drive innovation in the biosciences throughout Connecticut by providing focused financial assistance to startups, early-stage businesses, nonprofit organizations and accredited colleges and universities.

Connecticut-based non-profit corporations, accredited colleges and universities, and for-profit startup or early-stage businesses working in bioscience, biomedical engineering, health information management, medical care, medical devices, medical diagnostics, pharmaceuticals, personalized medicine or other related disciplines are eligible to apply.

Connecticut Innovations manages two funds under Bioscience Connecticut—the Connecticut Bioscience Innovation Fund (CBIF) and the Regenerative Medicine Research Fund (RMRF). For more information on qualifications, requirements, guidelines and applications for the funds, visit http://www.bioinnovationct.com. For general questions related to the BioInnovation Connecticut funds, please write: info(at)bioinnovationct.com.

About Connecticut Innovations Inc.
Connecticut Innovations (CI) is the leading source of financing and ongoing support for Connecticut's innovative, growing companies. To maximize the growth potential of each business, CI tailors its solutions and often combines its funds with resources from other financial leaders to provide venture capital and strategic support for early-stage technology companies; flexible loans for established companies with new innovations; grants that support innovation and collaboration; and connections to its well-established network of partners and professionals. Through all these initiatives, CI has helped bring $4 billion in financing to Connecticut companies. The state’s most active early-stage investor, CI has created more than 26,000 jobs. For more information on CI, please visit http://www.ctinnovations.com.

About BioInnovation Connecticut
Managed by Connecticut Innovations, BioInnovation Connecticut helps innovators speed bioscience discoveries toward commercialization, which is made possible through two key funds: The Connecticut Bioscience Innovation Fund (CBIF) and the Regenerative Medicine Research Fund. For more information on BioInnovation Connecticut, please visit http://www.bioinnovationct.com.

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