|By Business Wire||
|January 18, 2013 03:03 PM EST||
Startech today announced the investment of $1.99 million in Admittance Technologies, Inc. by the Texas Emerging Technology Fund (ETF). The investment is for development and commercialization of Admittance Technologies’ innovative technology platform, CardioVol™, which allows real-time blood volume measurement using existing pacemaker components and lead systems to both detect disease and treat patients with the devices. Jim Poage, President and CEO of Startech, David Weiss, Ph.D., Vice President for Research at the UT Health Science Center at San Antonio, and Marc Feldman, M.D., Founder and CEO of Admittance Technologies, participated in the media conference and ceremonial disbursement at The University of Texas Health Science Center at San Antonio.
“We proudly announce Admittance Technologies as the most recent recipient of ETF funding in San Antonio,” said Jim Poage, President and CEO of Startech. “This investment from the ETF is not only an investment in the future of Admittance Technologies, but also in the many lives that will benefit from their technology through early detection and prevention of heart failure.”
“We are thankful for the investment from the ETF and the expertise that Startech provided during the process,” said Dr. Marc Feldman, Founder and CEO of Admittance Technologies. “This funding allows us to move forward with the major proof of concept studies that are necessary to commercialize CardioVol™, our flagship product. CardioVol™ is a technology platform that is ahead of the curve by providing the only device that can determine the hemodynamic stability of ventricular tachycardia, the only available therapy to tune the timing of pacemakers previously implanted in these patients, the earliest detection of impending heart failure, and technology that requires no additional surgery because we are piggybacking into devices already indicated in all patients with weakened hearts.”
David Weiss, Ph.D., Vice President for Research at the UT Health Science Center at San Antonio stated that, “We are always excited to announce new medical technology that was developed in collaboration with our researchers. Investments from the Texas Emerging Technology Fund are vital in allowing our researchers to take their ideas from concept to commercialization.”
Dr. Feldman is a Professor of Medicine & Engineering at UT Health Science Center at San Antonio as well as the co-winner of the 2010 Chancellor’s Entrepreneurship Award for the University of Texas system.
Dr. John Porterfield is the Chief Scientific Officer of Admittance Technologies. Drs. Jonathan Valvano and John Pearce are both scientific advisors to Admittance Technologies and Professors of Electrical Engineering at UT Austin.
The Startech Foundation is a private non-profit 501 (c)(3) Texas corporation that exists to Inspire technology innovation and commercialization, Create technology companies, and Grow them into viable businesses in the South Texas regional economy. Startech offers Venture Innovation, Investment and Collaborative services for Entrepreneurs, Investors, Researchers, Service Providers and Partners interested in innovation and commercialization. Startech works closely with several funding sources including the South Texas Angel Network, Venture Capital, SBIR and STTR grants, Microsoft BizSpark, and many others. From 2003 - 2011, Startech portfolio clients have raised more than $260 million in external financing. For more information, visit www.startech1.org.
About Admittance Technologies, Inc.
Founded by Marc D. Feldman, M.D., Admittance Technologies is committed to improving the quality of life of patients with heart disease through innovative electrical engineering solutions. Admittance will accomplish this goal through the application of CardioVol™, which can interrogate the heart with electric fields and in real-time distinguish the blood and heart muscle components of these fields. Admittance focuses on the blood signal to maximize the heart’s ejection of blood by properly tuning the pacing of these weakened hearts, measures stroke volume to determine if ventricular tachycardia and rapid atrial fibrillation are hemodynamically unstable requiring defibrillation, and warns patients of impending heart failure. Visit their website at www.admittancetechnologies.com.
About The University of Texas Health Science Center at San Antonio
The University of Texas Health Science Center at San Antonio, one of the country’s leading health sciences universities, ranks in the top 3 percent of all institutions worldwide receiving National Institutes of Health (NIH) funding. The university’s schools of medicine, nursing, dentistry, health professions and graduate biomedical sciences have produced approximately 28,000 graduates. The $736 million operating budget supports eight campuses in San Antonio, Laredo, Harlingen and Edinburg. For more information on the many ways “We make lives better®,” visit www.uthscsa.edu.
About the Texas Emerging Technology Fund
The ETF is a $200 million initiative created by the Texas Legislature in 2005 at the governor’s request. 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 ETF has allocated more than $194 million in funds to 137 early stage companies, and over $191 million in grant matching and research superiority funds to Texas universities.
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