Tuesday, April 15, 2008

Texas TETF Investing

The State of Texas helps companies attract new talent to the state and helps commercialize university research through the Texas Emerging Technology Fund (TETF). The Fund financed by the state helps to boost companies financially so that they can launch their companies and products into the marketplace. So far TETF has awarded more than $108.5 million to Texas companies.

In 2005, the legislature created TETF, a $200 million initiative to increase research collaboration through the new Regional Centers of Innovation and Commercialization. A 17 member advisory committee of high tech leaders, entrepreneurs, and research experts review potential TETF projects and make recommendations for funding projects to the Governor, Lieutenant Governor, and the Speaker of the House.

For example, Seno Medical Inc. in San Antonio received funding to further develop medical devices for cancer. The company is commercializing imaging technology that will produce real-time color images that can differentiate benign and malignant tumors for all solid tumors, such as in breast cancer.

Another company Resonant Senors Inc. in Arlington received funding to develop a new class of optical, biological, and chemical sensors to do high volume, highly accurate screening in drug development and homeland security applications.

In another move, the state is investing $6 million in building the Texas Institute for Preclinical Studies at Texas A&M University which will train physicians, scientists, technicians, and engineers to meet the growing needs of the biomedical industry. The TETF funding will be used to help recruit biotechnology researchers to the Institute.

The Institute will conduct research in medical devices and combination product safety studies in large animals, pre-clinical studies, and biomedical imaging to support pharmaceutical and medical equipment development.

An additional $40 million allocated for the Institute came from Texas A&M University and $2.5 million came from the local community through the Research Valley Partnership. The Texas A&M Office of Technology Commercialization will provide intellectual property protection and business start-up support to spin-out companies that emerge from the Institute.

For more information, go to www.texasone.us/site/PageServer?pagename=tetf_homepage