Businesses with UI ties receive state funding

BY KRISTEN EAST | JULY 19, 2013 5:00 AM

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Three companies with ties to the University of Iowa have received $750,000 in state funding to expand their businesses, create jobs, and further develop their products, according to a UI press release.

Memcine Pharmaceuticals, NanoMedTrix, and Iowa Approach received direct funding from the Iowa Economic Development Authority.

Memcine Pharmaceuticals received $500,000 from the Iowa Innovation Acceleration Fund; NanoMedTrix received $150,000 through the Demonstration Fund, and Iowa Approach was awarded $100,000 from the Iowa Acceleration Fund.

All three companies have optioned or licensed their technologies through the UI Research Foundation or are set to complete those agreements, the release said.

Daniel Reed, the UI vice president for Research and Economic Development, noted the success of businesses that find their beginnings at the UI.

“I am pleased to see basic research hatched in laboratories at the University of Iowa turn into companies that compete successfully for funding to further their ideas and expand their operations,” Reed said in the release. “These state funds spur startups and economic development in Iowa. Our goal is to help UI-spawned technologies lead to companies that grow and add jobs for Iowans.”

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