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Posted: June 5, 2010
Texas Emerging Technology Fund Invests in Houston Area Nanotechnology Companies
(Nanowerk News) Gov. Rick Perry has announced the Texas Emerging Technology Fund (TETF) is investing in four Houston area companies for the development and commercialization of their innovative technologies.
"Texas is the best state in the nation for developing ground breaking technologies thanks to investments from the Texas Emerging Technology Fund, which has fostered an environment of innovation that attracts companies and top researchers to our state," Gov. Perry said. "These four TETF investments will help develop these cutting edge technologies in fields ranging from biomedical engineering to electronics."
Ensysce Biosciences Inc. is receiving a $250,000 investment for the development of its carbon nanotube technology as a delivery agent for cancer therapeutics. Carbon nanotubes' unique chemical structure allows them to form stable complexes with cancer-cell targeted agents, revolutionizing the delivery of cancer treatments that cannot be delivered by conventional means, improving their efficacy and reducing side effects. Ensysce is partnering with Rice University and the University of Texas MD Anderson Cancer Center for the development of this technology.
Leonardo BioSystems Inc. is receiving a $2.5 million investment for the development a cancer treatment that targets small-molecule therapeutics to specific tissues on a molecular level. The targeted delivery of this therapy allows for the development and use of more powerful and effective chemotherapy drugs that are still safe for human use and with potentially fewer side effects. Leonardo is partnering with the University of Texas Health Science Center at Houston on this technology.
Nano3D Biosciences Inc. is receiving a $250,000 investment for the commercialization of its 3-dimensional, in vitro cell culturing. This technology will have significant implications for life science research and development, as well as applications in drug discovery, toxicology, and regenerative medicine. Nano3D is partnering with Rice University and the University of Texas MD Anderson Cancer Center for the development of this technology.
Veros Systems Inc. is receiving a $250,000 investment to develop and launch its Smart Electrical Interface technology that continuously monitors and assesses the condition of industrial machines to identify problems before a component breaks. This allows plant managers predict machine failure and take timely preventative action. Veros is working with Texas A&M University to commercialize this technology.
The TETF is a $200 million initiative created by the Texas Legislature in 2005 at the governor's request, and reauthorized in 2007 and again in 2009. A 17-member advisory committee of high-tech leaders, entrepreneurs and research experts reviews potential projects and recommends funding allocations to the governor, lieutenant governor and speaker of the House. To date, the TETF has allocated more than $141.75 million in funds to 109 early stage companies, and $153 million in grant matching and research superiority funds to Texas universities.
Source: Office of the Governor of Texas (press release)