Last modified: Thursday, May 20, 2010
Six IU-connected startups get nod in new economic growth report from The Science Coalition
FOR IMMEDIATE RELEASE
May 20, 2010
BLOOMINGTON, Ind. -- A new report demonstrating the link between federally-funded basic research and economic growth highlights six Indiana University startup companies.
Four companies were included among the report's 100 "success stories" that were fueled by federally-funded research, while two other companies with IU ties were cited for originating from academic research. A number of the Indiana University-related companies received business support through the Indiana University Research & Technology Corp. (IURTC).
In releasing Sparking Economic Growth: How federally funded university research creates innovation, new companies and jobs, The Science Coalition traced the origins of 100 companies to breakthrough research conducted at a university and sponsored by a federal agency. Collectively, the 100 highlighted companies employ more than 100,000 people and have annual revenues approaching $100 billion.
The four Indiana University affiliated companies highlighted as "success stories" in the report were:
- CS-Keys Inc., Indianapolis, a biotechnology company focusing on the discovery and development of third generation cancer-associated biomarkers using proteomics.
- FAST Diagnostics Inc., Indianapolis, a medical technology company developing a reusable optical device and a single-use injectable fluorescent compound to provide cost-effective, rapid and accurate measure of kidney function.
- ImmuneWorks Inc., Indianapolis, a biotechnology company developing safe and effective immune tolerance treatments for autoimmune diseases, including idiopathic pulmonary fibrosis of the lung.
- Therametric Technologies Inc., Noblesville, a dental technology company developing innovative devices and methodology to enhance detection and prevention of dental caries and other dental maladies.
The four companies each leveraged federal funding received from the National Institutes of Health and found the funding instrumental to the development of their core technologies.
Additionally, two IU companies were cited in the report as having academic research at their core, but whose inception was not directly traced to federally-funded research. They are:
- Information In Place Inc., Bloomington, an educational-based information technology company developing virtual interactive learning environments and capturing expert knowledge and delivery of information in highly mobile environments.
- Predictive Physiology and Medicine Inc., Bloomington, a health and life sciences company translating complex medical data into actionable information through health information and education tools that empower patients and healthcare providers.
The IU companies are highlighted alongside such successful companies as Google, Genentech, Cisco Systems and iRobot.
"Indiana University is vital to the economic vitality of Indiana," said Tony Armstrong, president and CEO of Indiana University Research and Technology Corp. "Through the IURTC we are collaborating with industry and faculty, while using the vast resources at IU, to help transform innovative ideas into economic solutions. Federally funded research dollars help boost those efforts."
The Science Coalition is a nonprofit, nonpartisan organization of 45 of the nation's leading public and private research universities dedicated to sustaining the federal government's investment in basic research as a means to stimulate the economy, drive innovation and secure America's global competitiveness. The organization developed the Sparking Economic Growth report to illustrate one way in which federal investment in basic research helps stimulate the economy. The report is available at www.sciencecoalition.org/successstories/ along with a database of companies created from federally funded university research.
IURTC is a not-for-profit agency that facilitates industry-IU research and technology collaborations and stimulates growth in Indiana's technology sectors by helping companies develop commercially viable technology, with the ultimate goal of creating jobs and growing the state's economy.
For more information about technology transfer at Indiana University visit www.innovate.indiana.edu.
To speak with Armstrong please contact Steve Chaplin, University Communications, at 812-856-1896 or email@example.com.