Gov. Rick Perry today announced the Texas Emerging Technology Fund (TETF) is awarding $2 million to Alafair Biosciences Inc. for the commercialization of its internal wound healing devices. Alafair has licensed and developed the patented technology with the University of Texas at Austin.
"Texas continues to be a leader in innovative life-science technologies that develop products to help improve patient comfort, safety and outcomes," Gov. Perry said. "Alafair Biosciences has the potential to prevent and treat problems before they start, and will help strengthen the biotechnology industry that is flourishing across Texas."
Alafair's technology uses naturally occurring polymers to make biological films that protect injured tissues and guide the wound healing process. This material helps safely and effectively minimize the need for hospitalization and additional operations to address unwanted and abnormal scar tissue from surgical procedures.
"Texas has a burgeoning biotechnology sector, and it is our passion to develop this promising technology into a series of products that will ultimately reduce pain, suffering and complications related to healing after surgical procedures" Alafair CEO Daniel Peterson said. "The TETF investment will greatly extend our capabilities to refine and develop innovative wound healing products manufactured right here in Texas."
The TETF is a $485 million fund created by the Texas Legislature in 2005 at the governor's request, and reauthorized in 2007, 2009, 2011 and 2013. 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 $205 million in funds to 145 early stage companies, and nearly $220 million in grant matching and research superiority funds to Texas universities. Additionally, since the inception of the TETF, more than $2.2 billion in additional investment from other non-state sources has followed on to the TETF investment, more than quadrupling the amount invested by the TETF.