New York Accelerator to Invest in Five Medtech Projects

The State University of New York (SUNY) Technology Accelerator Fund (TAF), which accelerates the development and commercialization of inventions created by SUNY students, faculty, and staff, is investing $250,000 in five new projects. The innovations are focused on the medical imaging, pharmaceutical, fine chemicals, petrochemical, and refining technologies.

“Research and discoveries like those being funded are improving our communities, our health, and our economy,” said SUNY Chancellor Nancy L. Zimpher. “Through the Technology Accelerator Fund, we are able to support promising research projects at their onset, giving SUNY scientists the seed funding they need to progress their work and ultimately see it through the commercialization process.”

“SUNY’s TAF investments sustain critical world class research for future investment and development, and represent SUNY innovations that are perfectly positioned for high impact commercialization,” said RF President and SUNY Vice Chancellor for Research Dr. Tim Killeen. “These projects showcase the level and magnitude of research conducted every day on SUNY campuses across the state and highlight the potential for forming lasting partnerships under START-UP NY.”

SUNY is widely recognized for revolutionizing the medical imaging industry, beginning in the 1970s through Magnetic Resonance Imaging (MRI) research conducted at SUNY Downstate Medical Center and Stony Brook University. Today, the industry generates an economic impact of approximately $100 billion annually.

Two of the new TAF investments continue SUNY’s MRI research:

University at Buffalo
Leslie Ying, PhD, associate professor of biomedical engineering at the University at Buffalo has created an algorithm that speeds the data processing and image reconstruction time for MRI scanning. This technology takes full advantage of the large data acquired by the scanners to improve the quality and diagnostic power of the resulting images.

Stony Brook University
Balaji Sitharaman, PhD, assistant professor of biomedical engineering at Stony Brook University, is developing a new carbon nanostructure-based MRI contrast agent for renal imaging. The contrast agent is water soluble and provides better image results at substantially lower dosages.

One of the investments involves a new medical device:

SUNY Upstate Medical University
Minimally-invasive Infusion and Suction Therapy (MIST), a novel medical device that removes harmful abdominal fluid buildup caused by trauma, sepsis, or burns developed by Gary Nieman, M.D., associate professor of surgery, SUNY Upstate Medical University.

The two additional projects receiving TAF investment include a screening platform for glaucoma drug evaluation and the development of compounds that recover precious and expensive metals lost during the chemical processes. 

The five projects were selected for investment based on a rigorous evaluation process, with input from external experts in various fields of science, technology, and business development. Factors considered for the awards include the availability of intellectual property protection, marketability, commercial potential, feasibility, and breadth of impact.

Since its launch in 2011, the TAF has invested more than $1 million to successfully advance the commercial readiness of 16 SUNY-developed innovations, and has catalyzed the investment of an additional $1.6 million from external partners, including federal agencies, industry licensees, and angel investors.

Prior TAF investments have produced license and manufacturing agreements as well as successful startup support. They include Shirley, New York’s Biodex Medical Systems’ commitment to license and manufacture a medical assistance device, and the formation of HocusLocus, a startup company producing a technology that reports whether a particular RNA molecule is present inside a cell. 

The Research Foundation for SUNY (RF) is the largest, most comprehensive university-connected research foundation in the country. The RF manages SUNY’s research portfolio providing essential sponsored programs administration and innovation support services to SUNY faculty and students performing research in life sciences and medicine; engineering and nanotechnology; physical sciences and energy; social sciences, and computer and information sciences.