Ann Arbor USA Blog » life science

Ann Arbor SPARK Incubator Clients Awarded $650,000 Business Funding

asignore — Fri, 09 Dec 2011 16:41:36 +0000

The Ann Arbor SPARK Foundation recently presented the winners of the Accelerate Michigan Innovation Competition with their cash awards. The competition’s grand prize of $500,000 in cash was awarded to DeNovo Sciences and the competition’s $150,000 prize was awarded to Fusion Coolant Systems.

DeNovo Sciences accepts their award at the Michigan Life Sciences Innovation Center.

“DeNovo Sciences and Fusion Coolant Systems highlight how having a strong entrepreneurial support system can help businesses successfully launch and advance towards attracting capital and commercializing products,” said Paul Krutko, president and CEO, Ann Arbor SPARK. “Both companies are currently being incubated at Ann Arbor SPARK. DeNovo Sciences is a tenant at the Michigan Life Science and Innovation Center and Fusion Coolant Systems is a tenant at Ann Arbor SPARK’s SPARK East incubator. Both companies have also benefitted from Ann Arbor SPARK’s entrepreneurial services, including business planning.”

Denovo Sciences and Fusion Coolant Systems plan to use the Accelerate Michigan Innovation Competition prize monies to further their business development goals, including attracting additional capital investments and ramping up commercialization efforts.

“The $500,000 Accelerate Michigan Innovation Competition prize definitely helps us stay on track with our goals,” said Kalyan Handique, CEO, DeNovo Sciences. “We will use the funding to test our prototype so that we are ready for big fundraising in the coming year; our goal is to raise $6 million in venture capital.”

DeNovo Sciences is developing an instrument system and reagent kit that allows for the separation, detection and retrieval of circulating tumor cells from peripheral whole blood creating an alternative to traditionally painful and invasive biopsies. Fusion Coolant Systems provides an advanced coolant and lubrication system for use in manufacturing.

See how Fusion Coolant Systems plans on spending their award money:

Accelerate Michigan Innovation Competition Re-cap!

Maricat Eggenberger — Mon, 05 Dec 2011 21:28:46 +0000

This past November, Ann Arbor SPARK staff participated in the Accelerate Michigan Innovation Competition (AMIC). AMIC is a 3-day business plan competition highlighting Michigan’s most innovative companies, most of whom are poised to create an immediate economic impact within our state. With this year being the second year of the competition, it was exciting to see how the competition has grown and the statewide attention it has gained. We met companies from all over the state and university student teams from the north and westside of the state.

AMIC winners with their checks!

We are proud to announce that DeNovo Sciences, a Michigan Life Science and Innovation Center tenant, took home the $500,000 grand prize. Fusion Coolant Systems, a UM start-up, took home the $150,000 runner up prize. Other winners with Ann Arbor region ties include Are You a Human, i3D Technologies, H3D, LLamasoft, and ePack. Congratulations to all the winning companies!

We now look to the Annual Collaboration for Entrepreneurship (ACE ’12) Conference coming up on January 31st from 2pm-9pm at Skyline High School in Ann Arbor. Don’t miss out on this great event!

Accelerate Michigan Innovation Competition Announces 53 Semi-Finalists

Jenn Cornell — Thu, 22 Sep 2011 21:57:34 +0000

Semi-finalists for the $1 million Accelerate Michigan Innovation Competition were announced today. The 53 semi-finalist companies will deliver their business pitches to investors on November 16-17 at the Ann Arbor-Ypsilanti Marriott at Eagle Crest for the chance to win cash and prizes.

Ann Arbor area semi-finalists are Vinci Technology Corp, Current Motor, ECO-Fueling, Accio Energy, Arbor Wind, H3D, GPX Software, i3D Technologies Inc., Practical EHR Solutions, TherapyCharts, White Pines Systems, DeNovo Sciences, NEXTGEN Metabolomics, ONL Therapeutics, Phrixus Pharmaceuticals, RetroSense Therapeutics, Blaze Medical Devices, OcuSciences, ULTrA, ePack, Fusion Coolant Systems, SenSigma, Applied Engineering Technologies, FamilyMint, and Llaamasoft.

The Accelerate Michigan Innovation Competition focuses on nine sectors that highlight key areas of opportunity for entrepreneurial growth and success: advanced materials, advanced transportation, alternative energy, IT, life science, medical devices, next generation manufacturing and products and services.

To qualify for the Accelerate Michigan Innovation Competition prize monies, businesses must make a commitment to locate and grow in Michigan. These companies must also be past proof of concept and in the commercial stage of business development.

Congrats to Lycera: Biotech Company Moves to U-M’s NCRC

Jenn Cornell — Wed, 08 Jun 2011 20:12:49 +0000

Congratulations to Lycera on graduating from our Michigan Life Science & Innovation Center biotech incubator to U-M’s North Campus Research Complex (NCRC)! The move will accommodate the growing company’s need for more space; in the fall, Lycera will move into 14,000 square feet at NCRC.

Lycera, a biopharmaceutical company and University of Michigan spinoff, pioneers innovative approaches to the discovery and development of novel oral medicines for treating autoimmune diseases like rheumatoid arthritis and lupus.

An announcement from U-M has more details on this exciting news.

Lycera and Merck Reach Deal to Collaborate

admin — Thu, 03 Mar 2011 16:48:49 +0000

AnnArbor.com is reporting that Lycera, a University of Michigan spin off company, has reached a research agreement with Merck . In an announcement, the companies said they’d work together to “discover, develop and commercialize small molecules that target T-helper 17 (Th17) cells, key mediators of inflammation. The collaboration will focus on developing drug candidates that have the potential to treat major autoimmune diseases such as rheumatoid arthritis, psoriasis, inflammatory bowel disease and multiple sclerosis.”

Lycera is a tenant at the Michigan Life Science Innovation Center, Ann Arbor SPARK’s life science incubator.

SPARK Wins Midwest Collaboration Award

Maricat Eggenberger — Thu, 27 May 2010 15:23:18 +0000

At the 2010 Midwest Collaboration Awards, as presented by the Midwest Technology leaders, Ann Arbor SPARK was honored for its collaboration with the Michigan Life Science and Innovation Center (MLSIC). The award identifies, creates, supports, and honors impacting partnerships between Midwest companies and local individuals/groups benefitting the technology community. The award was a result of SPARK’s work on vital entrepreneurial programs including MLSIC and the Michigan Pre-Seed Capital and Microloan Fund.

21st Century Jobs Fund Applicants

Skip Simms — Wed, 02 Jul 2008 01:34:06 +0000

109 companies applied for funding

The numbers are in. 109 companies applied for funding in this round of the 21st Century Jobs Fund competition. An astounding total of $451 million is being asked for in total.

Here’s a breakdown of the applicants:

27 in Advanced Automotive, Manufacturing, and Materials asking for $157,845,672

14 in Alternative Energy asked for $71,729,846

19 in Homeland Security and Defense asked for $43,402,965

49 Life Science companies asked for $178,666,184

This exceeded the expectations of most people we know. Clearly some of the applicants didn’t pay attention to the fact there is only $30 million available. Green Earth Technologies from Stamford, CT is asking for $81,870,500. Ten other companies asked for more than $10 million each.

See the entire list for yourself at http://ref.themedc.org/cm/attach/18EFD0C7-95D3-4A2F-89E4-CAE672D8ECD2/2008_21CJF_Application_Summary.pdf

In addition to Green Earth mentioned above it is interesting to note 7 other companies applying are from out of state.

Next phase is validation that all the applicants met the minimum criteria for application then they go to the NCMS for peer review.

Good luck to all.

21CJF Applicants
List of all 109 applicants for a piece of the $30 mm 21CJF pool available

Company Formation Loans Delayed

Skip Simms — Mon, 10 Dec 2007 23:26:41 +0000

No loans in December, Wait to January

The MEDC isn’t prepared to present the applicants for Company Formation Fund loans this month. They are still trying to catch up processing the loans approved last month.

You will recall the program was opened the first of November. A rush of about 30 companies was processed and about 25 were approved for loans totalling more than $4 million by the MSF Board on Nov. 28. Now all the paperwork needs to be done.

The companies that applied and were ready for submission in December will have to wait until the first group of companies are taken care of and money dispursed. The MSF Board meets on January 23.

We will also have more companies teed up to be included for January approval. I doubt there will be any funds left in the program after January.

Skip Simms

MI Pre-Seed Capital Fund update

Skip Simms — Fri, 09 Nov 2007 23:24:26 +0000

New investments made since June, 2007

There was not a slow down in deal flow for the Michigan Pre-Seed Capital Fund during the summer and it continues through the fall.

Since our last post we have made investments in these companies…

Phrixus Pharmaceuticals – Ann Arbor
Avidimer Therapeutics – Ann Arbor
Compendia Bioscience – Ann Arbor
Accord Biomaterial – Ann Arbor
Hybra-Drive Systems – Deerfield
RazorThreat – Royal Oak
Functional Brands – Detroit
Saleztrack – Troy
VENOMIX – Kalamazoo
XG Sciences – East Lansing

The total amount invested in these companies by the fund was more than $2 million. Their cash matches exceeded $3.8 million.

We are very pleased with the industry and geographic diversity of these investments.

Several more applications are being reviewed and others are in the near term pipeline. We anticipate having made at least 20 investments before the first anniversary of the fund.

Skip Simms, Fund Administrator