Five companies developing treatments for back pain, Alzheimer’s and Parkinson’s diseases, and innovative diagnosis technology to detect osteoarthritis and glaucoma have received fresh funding from the state’s economic development and investment arm.
Ben Franklin Technology Partners of Southeastern Pennsylvania has invested more than $900,000 in five startups.
CD Diagnostics received the largest investment of $275,000 for its technology to clearly and rapidly diagnose infected joints by analyzing joint fluid. Prezacor received $250,000 for its back pain patch. EyeIC received $150,000 for its technology aimed at improving the accuracy of diagnostic digital images. QR Pharmaceuticals received $110,000 for its development of compounds used to treat Alzheimer’s and Parkinson’s disease. Stabiliz received $120,000 for its medical device to treat traumatic bone fractures.
Wynnewood, Pennsylvania-based CD Diagnostics‘ technology involves using biomarkers in synovial fluid to diagnose maladies such as osteoarthritis, rheumatoid arthritis, gout, pseudogout and lupus, according to literature from the company’s presentation at the Mid-Atlantic Venture Summit Impact 2011 in November. It is led by CEO Richard Birkmeyer and, in addition to the fresh capital, had raised $1.5 million as of Nov. 30 from the Lankenau Institute for Medical Research and angel investors.
The lower back pain remedy from Prezacor uses low-wavelength energy to treat pain. The startup has raised $460,000 in its latest financing round with a $2 million target, according to a Form D filing with the U.S. Securities and Exchange Commission. As of Oct. 18, the company was self funded with $1 million raised.
For EyeIC and QR Pharmaceuticals, the new capital came on top of previous investments by Ben Franklin. It had previously invested $575,000 in EyeIC and $500,000 in QR. Maria Maccecchini, QR CEO, also received funding from Ben Franklin when she led Symphony Pharmaceuticals, which was sold to Transgenomic in 2001
EyeIC’s Matched Flicker technology was approved by the U.S. Food and Drug Administration in June 2009. The health IT application uses time series retinal photographs to help physicians monitor the advent and progress of glaucoma faster and with greater accuracy.
