December 7, 2018

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NCBiotech Awards $500K to InnAVasc


A $500,000 loan from the North Carolina Biotechnology Center will help medical device company InnAVasc move forward with their clinical trials for its hemodialysis graft.

The award, made in the first quarter of the Center’s 2018-19 fiscal year, will support the development of a medical device for better hemodialysis in patients with kidney disease.  The device is an immediate-access graft that assures error-free cannulation (needle insertion) making it resistant to posterior and sidewall needle penetration and injury while also reducing bleeding and perforation risks for hemodialysis patients.

NC Biotech Center also awarded $500,000 to two other bioscience companies, Avior of Cary and Dualogics of Chapel Hill.

There were 15 Biotechnology Event Sponsorships awarded to 10 organizations across the state during the quarter, ranging from $510 to $3,000, for a total of $34,926.

Six postdocs also received the Pfizer-NCBiotech Distinguished Postdoctoral Fellowship in Gene Therapy. That program is a partnership between Pfizer NCBiotech, supporting the scientific and professional development of exceptional postdoctoral fellows interested in establishing careers in gene therapy.

Competitive awards fund two-year fellowships that enable early career scientists to conduct research in the laboratories of gene therapy-related investigators at any North Carolina University. Details on those Fellows are forthcoming.

Company follow-on funding

The first quarter was a robust funding period for life science companies in North Carolina, with 82 companies raising $952.5 million from public and private sources.

Of that total, $34.8 million went to 25 companies that previously received loans from NCBiotech.

Leading the way for those 25 portfolio companies were two more Duke start-ups, Morrisville-based Locus Biosciences, which raised $7 million in venture capital, and Durham-based Cereius, which raised $6.5 million in venture capital.

[Originally posted on NC Biotech Center, Dec, 2018]