U.Va. ventures win state funding to bring cancer drug, other innovations to market

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The Commonwealth Research Commercialization Fund has awarded three U.Va.-affiliated companies and a U.Va. professor more than $500,000 to bring their research discoveries to market.

Tau Therapeutics will receive $200,000 to advance a new cancer therapy. HemoSonics will receive $100,000 to support the development of its in vitro diagnostic device for assessing abnormal bleeding and clotting. PocketSonics Inc. will be granted about $54,000 to improve a pocket-sized medical ultrasound device. Engineering professor Eric Loth also will receive $150,000 to develop and commercialize a coating that can be used to protect structural building materials from the elements.   

“Our innovative U.Va. researchers and ventures are developing game-changing new materials, devices and therapeutics that have the potential to make a major impact on our local economy as well as patient care,” Michael P. Straightiff, director of the U.Va. Licensing & Ventures Group said in a statement. “We appreciate the generous support of CIT and the commonwealth of Virginia in advancing these discoveries to the public.”

Administered by the state’s Center for Innovative Technology, or CIT, on behalf of the Innovation and Entrepreneurship Investment Authority, the fund “advances science- and technology-based research, development and commercialization to drive economic growth in Virginia.”

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