Published: 08-22-07
SAN ANTONIO – Today Secretary of State Phil Wilson announced that Governor Rick Perry has awarded a $2 million grant to Seno Medical Instruments Inc. The grant is awarded through the Texas Emerging Technology Fund (TETF) a $200 million initiative created by the Texas Legislature in 2005 at the governor’s request and re-authorized this year.“The technology industry is a multi-billion dollar industry in our country” stated Wilson. “Through ETF grants Texas is gaining a market share in the emerging tech sector and positioning itself as a key player in the global marketplace of the future. As we commit to supporting innovation and accelerating commercialization efforts as a state we are creating a strong foundation for the future of Texas. I want to recognize the San Antonio Technology Accelerator Initiative for their hard work in bringing this project forward.”
The award will aid in the commercialization of its new opto-acoustic platform technology which produces real-time color images that allow classification of benign and malignant tumors such as in breast cancer. The Imagio™ device will further the mission of Seno Medical Instruments to provide the most advanced products for cancer screening diagnosis and therapeutic treatment that are cost-effective and more patient-friendly than existing technologies.
“Technological innovation is the lifeblood of today’s economy” said Texas Governor Rick Perry. “Texas is making an important investment literally in the foundation of our future. By supporting advancing technology projects such as breast cancer diagnostic devices we are making a difference in a wide variety of products and services that enhance the quality of lives here today and in the future.”
A 17-member advisory committee of high-tech leaders entrepreneurs and research experts reviews potential TETF projects and recommends funding for projects to the Governor Lieutenant Governor and Speaker of the House.
A 17-member advisory committee of high-tech leaders entrepreneurs and research experts reviews potential TETF projects and recommends funding for projects to the Governor Lieutenant Governor and Speaker of the House.
The 2008-2009 state budget recently passed by the legislature and signed by the governor includes $75 million in new general revenue for the TETF. In addition to previous TETF balances and interest more than $165 million will be available for the 2008-09 biennium.
To date the TETF has allocated $94.1 million in grant funds to Texas companies and universities.
The TETF program has three main areas of investment:
• Increasing research collaboration between public and private sector entities through new Regional Centers of Innovation and Commercialization where the seeds of an idea can take root in a university lab and eventually grow into a new product marketed by a new or expanding firm;
• Matching research grants provided by both federal and private sponsors to help innovators acquire the capital they need to bring their idea to life; and
• Attracting more top-notch research teams from other universities around the nation that will help put Texas universities on the cutting edge of technology research and development.
• Matching research grants provided by both federal and private sponsors to help innovators acquire the capital they need to bring their idea to life; and
• Attracting more top-notch research teams from other universities around the nation that will help put Texas universities on the cutting edge of technology research and development.
For more information on the TETF visit www.emergingtechfund.com
