The committee was in favor of this unique project not only because it provides the needed gap funding to seedling companies and groups, but it also leverages the entrepreneurial resources that exist within the different university systems.
Rocky Hill, Conn. (PRWEB) July 01, 2015
BioInnovation Connecticut, managed by Connecticut Innovations (CI), the leading source of financing and ongoing support for Connecticut's innovative, growing companies, today announced the Connecticut Bioscience Innovation Fund (CBIF) has awarded $1 million to a two-year pipeline project that will support company, faculty, and student groups associated with Connecticut universities focused on taking their concepts to the next level.
The strategic initiative is being led by Yale’s Center for Biomedical and Interventional Technology (CBIT) with key representatives from Yale University, the University of Connecticut (UConn) and Quinnipiac University, who are responsible for program coordination, management of a review panel, and progress reviews against milestones for funded teams. Other Connecticut colleges and universities will also eligible to compete for the awards.
“This is the first project of its type we are supporting through the Connecticut Bioscience Innovation Fund,” said Margaret Cartiera, vice president and fund manager of BioInnovation Connecticut at Connecticut Innovations. “The committee was in favor of this unique project not only because it provides the needed gap funding to seedling companies and groups, but it also leverages the entrepreneurial resources that exist within the different university systems.”
The funding will have a focus on the medical technology sector, which includes medical devices, diagnostics and health information technology, and it will speed the commercialization process for company and student groups. There will be a call for applications twice a year, in September and February, with the first application period anticipated to launch in September 2015. Qualifying applications will be reviewed by an outside peer review committee and the strongest proposals will receive up to $30,000.
The pipeline project is being led by Dr. Chris Loose, executive director of CBIT at Yale; and supported at Quinnipiac by Dr. Richard Stahl, senior associate dean for strategic relationships at the Frank H. Netter MD School of Medicine, and at UConn by Dr. Mei Wei, associate dean for research and graduate education.
“This critical gap funding will advance the best biomedical ideas across the state to the stage where they can thrive within companies,” said Loose. “We are thrilled to be working with Connecticut Innovations, UConn, Quinnipiac, and others to catalyze biomedical innovation and drive job growth.”
“We are very excited to join Yale and QU to leverage our expertise and technologies to produce innovative solutions that will make an impact in biomedical applications and healthcare,” said Wei.
“We are pleased to embark upon this partnership with Connecticut Innovations and our colleague institutions,” said Stahl. “It will afford us a unique opportunity to collaboratively leverage our abundant creative talent to advance health care and invest in the future of our state.”
For more information on qualifications, requirements, guidelines and applications for the BioInnovation Connecticut funds, visit http://www.bioinnovationct.com. For general questions related to the funds, please write: info(at)bioinnovationct(dot)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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