Seed Funds to Advance Device Development and Commercialization Efforts
Gainesville and Boca Raton, FL – July 11, 2013 – The Institute for Commercialization of Public Research (the Institute) announced today that it has finalized a funding agreement with ClearSpec Medical, a startup company based on technology licensed from the University of South Florida, that is developing advanced speculum solutions that enable improved cervical examinations and improve patient outcomes. The Institute works with Florida’s research universities and institutions to support new company and job growth, bridging company funding gaps and enabling them to reach critical milestones and attract additional private investment capital.
The ClearSpec device is a scientifically proven patented invention that allows for a significantly enhanced visualization of the cervix during every exam. ClearSpec’s Multi-Planar Tissue Retraction solves many of the problems associated with cervical examinations, ultimately resulting in better disease diagnosis and treatment.
“These funds, combined with private investment we’ve raised, will enable us to finalize our manufacturing and distribution strategy and launch ClearSpec into the commercial market,” said Navroze Mehta, Founder and Chief Executive Officer. “Programs like these are critical to the development and growth of early-stage life science and technology companies like ClearSpec, and we appreciate the opportunity to participate.”
“The Institute’s Seed Capital Accelerator Program provides funding to some of Florida’s most promising companies, enabling them to develop products that truly save lives while creating jobs for our children and grandchildren,” said Jamie Grooms, Institute Chief Executive Officer. “This program, combined with the company creation and building services that the Institute provides, positions early stage companies for future investment and success and complements other economic development programs focused on building a robust innovation economy in Florida.”
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 in 2011 the Institute began deploying a $10M Seed Capital Accelerator Program which provides “repayable upon liquidity” loans to qualifying companies who must match the funding with private investment capital. Eighteen companies have been funded since the program’s inception.
About ClearSpec Medical
ClearSpec is a patented device that offers a scientifically proven, cost effective solution to ensure maximum visualization of the cervix at every exam. Approximately 19 million women in the US receive an annual gynecological exam, and during many exams, patients present with excess, loose vaginal tissue making it difficult to conduct a thorough, accurate examination. ClearSpec addresses many of the problems associated with proper visualization, diagnosis and treatment of cervical disease, improving patient outcomes for women worldwide.