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ThreeFold Sensors Receives Second Traunch of $2.6 Million Funding from 21st Century Jobs Fund
Ann Arbor, MI (PRWEB) August 16, 2007 -- ThreeFold Sensors, Michigan's premier point-of-care diagnostic platform (www.threefoldsensors.com) developer, today announced that it has completed the first major development milestone specified in its 21st Century Jobs Fund award, significantly ahead of schedule. In recognition of this milestone, the company has received a second investment tranche of $700,000 from the State of Michigan's Strategic Economic Investment and Commercialization ("SEIC") Board, following 21st Century Job Fund's initial award of $1,400,000. Threefold Sensors intends to use this additional investment to continue the development and commercialization of its patented biosensor technologies.
ThreeFold Sensors designs and develops compact, biosensor instrumentation and biosensor assays for the medical diagnostic market. Its unique, small footprint, biosensor platform technology, allows medical diagnostic tests to be performed at the point-of-care (www.threefoldsensors.com), with clinical lab accuracy and sensitivity, in only six minutes. Using its innovative technology, ThreeFold Sensors is focusing on delivering rapid, highly sensitive test results to critical care providers for "life and death applications," when every minute of diagnosis counts.
ThreeFold Sensors was among 78 companies and institutions awarded funding after an independent, peer-review process conducted by the American Association for the Advancement of Science ("AAAS"). The original field of 505 applicants was narrowed to 179 finalists that underwent intense, individual interviews by AAAS experts, who made final recommendations to the SEIC board. The board then chose 78 highly rated proposals to share approximately $126 million in funding. Based on the strength of its proposal, ThreeFold Sensors was awarded a total of $2.6 million, one of the Fund's higher awards.
"The 21st Century Jobs Fund selection process truly focused on choosing the very best and most promising proposals for funding," said MEDC President and CEO, James C. Epolito. "ThreeFold Sensors has clearly demonstrated that its advanced technology has the potential to grow the company and lead to new job opportunities for Michigan workers. Through the 21st Century Jobs Fund, we are pleased to invest in that opportunity."
"We are honored to be among the 'crème de la crème' of biotech companies the SEIC has recognized with its funding selections, and we are thrilled that our fast track development has garnered $2.1 million of our $2.6 million total award from the 21st Century Jobs Fund," said co-founder and CEO, Judith Erb.
In addition to the 21st Century Jobs Fund $2.6 million award, the development of ThreeFold Sensors' patented biosensor technologies has been supported by approximately $11 million dollars in NIH and DOD Small Business Innovation Research grants.
About the 21st Century Jobs Fund
The 21st Century Jobs Fund is a $2 billion, ten-year initiative administered by the Michigan Economic Development Corporation (MEDC) to accelerate the diversification of Michigan's economy. The commercialization component of the initiative devotes approximately $800 million for competitive-edge technologies in the targeted sectors of life sciences, alternative energy, advanced automotive materials and manufacturing, and homeland security/defense. For more information visit the website at http://www.michigan.org/medc/ttc/21stCentury
About Threefold Sensors
Founded in 1991, Ann Arbor-based IA, Inc. is doing business as "Threefold Sensors". ThreeFold Sensors designs and develops compact biosensor instrumentation and biosensor assays for the medical diagnostic market. ThreeFold Sensors holds 9 U.S. patents with one international and 3 U.S. patent applications pending. The company has been funded to date by its founders, $11 million in SBIR grants and a $2.6 million 21st Century Fund award. For more information, visit the website at http://www.threefoldsensors.com
Contact: Judith Erb
(734) 995-9338 x20
jerb @ threefoldsensors.com
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