Gov. Rick Perry has announced the Texas Emerging Technology Fund (TETF) is investing $2.5 million in Speer Medical Devices for the development of its point of injury trauma care technology.
"Texas' technology industry continues to thrive because we've fostered an economic environment in the Lone Star State that encourages individuals to risk their capital to create innovative, groundbreaking technologies that can impact lives both in our state and around the world," Gov. Perry said. "This TETF investment in Speer Medical will help improve the medical treatment and care given to men and women who are injured on the battlefield by allowing combat medics to more quickly treat life threatening injuries."
Speer Medical is developing a lightweight, easily portable vital sign monitor that can be deployed in the field by military medics. The monitor uses non-invasive measurements to track eight vital signs, including total hemoglobin levels, which are an early indicator of hemorrhage, and a primary concern for medics on the battlefield. Traditional blood analysis can be complex and time consuming, and there is currently no way to continually monitor total hemoglobin levels outside of a medical facility.
The company is working with the University of Texas Health Science Center in Houston to conduct clinical trials on this technology.
"I am thankful for the new battlefield technology that will greatly aid our military fighting forces when injured in combat," State Sen. Leticia Van de Putte said. "The development of this new technology by Speer Medical, and made possible by the TETF, will have many positive applications in both our military and civilian health care systems."
"San Antonio is emerging as a leader in the development of cutting edge medical and military technology. Speer Medical of San Antonio is one of these Texas-based technology companies whose ideas will save lives on the battlefield as well as on the home front," State Rep. John Garza said. "I applaud Gov. Perry's leadership in establishing the Texas Emerging Technology Fund and investing in Speer Medical of San Antonio. This TETF investment does more than simply bring jobs to San Antonio, it is an investment in three important economic sectors of our community health care, technology and the military."
The TETF is a $200 million initiative created by the Texas Legislature in 2005 at the governor's request, and reauthorized in 2007 and again in 2009. A 17-member advisory committee of high-tech leaders, entrepreneurs and research experts reviews potential projects and recommends funding allocations to the governor, lieutenant governor and speaker of the House. To date, the TETF has allocated more than $196.2 million in funds to 132 early stage companies, and nearly $173 million in grant matching and research superiority funds to Texas universities.