AB Newswire

Procyrion, Inc. Receives Second Tranche of $1.5 Million of Texas Emerging Technology Fund

Procyrion, Inc. received $750,000 second tranche from the Texas Emerging Technology Fun for its catheter-deployed circulatory assist device intended for long-term use in the treatment of chronic heart failure.

 
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Houston, TX -- (SBWIRE) -- 01/22/2014 -- Procyrion, Inc., a privately-held medical device firm developing the first catheter-deployed circulatory assist device intended for long-term use in the treatment of chronic heart failure, today announced the closing of $750,000 second tranche from the Texas Emerging Technology Fund.

Procyrion, a Houston Technology Center client company, was presented with the Commercialization award by the Gulf Coast Regional Center of Innovation and Commercialization in February 2013 and received a total of $1.5 million in assistance from the Texas Emerging Technology Fund.

“We’ve made significant progress since the initial tranche and the continued support from the Houston Technology Center and the Texas Emerging Technology Fund program demonstrates not only our ability to meet stringent research and development milestones but their belief in our lifesaving technology,” said Benjamin A. Hertzog, PhD, president and CEO of Procyrion.

The Texas Emerging Technology Fund program was established by Governor Perry and the Texas Legislature in 2005 to attract the best scientists and researchers to Texas, increase high-paying jobs, and help start-up companies get off the ground faster.

"The Texas Emerging Technology Fund continues to fill a critical gap by providing the necessary early stage capitol to successfully develop new ideas from biotechnology to health care to safe and efficient energy production. Procyrion continues to meet commercialization milestones, and has a viable and potentially game-changing technology, and we look forward to their continuing successes in Texas,” said Terry Chase Hazell director of the Texas Emerging Technology Fund.

The $750,000 second tranche will fund continued investigation of Procyrion’s Aortixä, a first-in-class intra-aortic pump designed for the treatment for the more than 1.6 million chronic heart failure patients in the U.S. who have few therapeutic options.

About Procyrion
Houston-based medical device firm Procyrion, Inc. is developing the first catheter-deployed, intra-aortic pump for ambulatory use. The device is designed to rest and heal the heart by reducing afterload while simultaneously improving blood flow to vital organs. This groundbreaking cardiology tool, conceived by cardiologist Dr. Reynolds M. Delgado, III, medical director of Mechanical Support Devices in Heart Failure at the Texas Heart Institute, is expected to provide a minimally invasive treatment option for millions of chronic heart failure patients. For more information, visit http://www.procyrion.com or call 713.579.9227.

Press Release Source : AB Newswire