|By Business Wire||
|April 9, 2014 10:18 AM EDT||
The Florida Technology Seed Capital Fund, LLC (Seed Capital Fund), a subsidiary of the Institute for Commercialization of Public Research (the Institute) announced today that it has finalized a funding agreement with eTect, developers of the ID-Cap, a capsule that enables real time monitoring of medication compliance by emitting a digital wireless message when it is ingested by a patient. The Institute works with Florida research universities and institutions to support new company creation and job growth, and provides seed funding to qualified companies who must match funds with private investment capital.
eTect received First Round funding through the Institute’s Seed Capital Accelerator Program in 2012 which enabled the company to reach key development milestones and attract additional capital. According to Eric Buffkin, eTect president and chief operating officer, “Early funding provided by the Institute enabled eTect to complete prototype development and early trials as well as raise additional capital, which positioned us for important industry partnerships that have enabled the company to continue down the path towards commercialization.”
Poor medication compliance is a large problem in healthcare, estimated at $290 billion per year by the New England Health Institute. It creates tremendous additional cost and undermines treatment outcomes - in acute or chronic care scenarios. It also adds significant costs to clinical trials of new drugs - increasing the overall cost of the resulting drug. ID-Cap is a capsule embedded with an ingestible self-powered sensor. It is filled with medications just like a normal capsule and emits a digital wireless signal when ingested by a patient, enabling real time verification of medication compliance for patients in clinical trials or taking prescription medication.
According to Jamie Grooms, Institute CEO, “eTect is capitalizing on this unaddressed market opportunity to enable a new universe of connected devices which have the potential to create tremendous savings in the healthcare industry. The Institute is pleased to support eTect’s market launch and revenue generation efforts, and looks forward to the company’s continued success.”
eTect, Inc. is a specialized communications technology company that develops applications for its novel in-vivo wireless communications platform. The company's flagship product is an innovative mobile platform that will provide a deeper understanding of a patient's medication taking behavior leading to better care, lower cost, and improved outcomes. The company brings together a diverse collection of world class talent in signal processing, in-vivo communications, advanced materials, and integrated circuit design. For more information visit their website at www.etectbio.com.
About The Institute
Formed by the Florida Legislature in 2007, the Institute for Commercialization of Public Research is a non-profit organization that works collaboratively with the technology licensing and commercialization offices of Florida’s state universities and private research institutions to leverage a $2B+ research base and form investable companies that create clean jobs in new industries that are driving the global economy. Over 100 new company projects have been identified across the state, and the Institute deploys both company building and funding programs to promising Florida companies. Twenty-seven companies have been funded since the program’s inception, and the Florida Technology Seed Capital Fund, LLC launched in September 2013.