HOUSTON, Feb. 7, 2013 /PRNewswire/ -- The Gulf Coast Regional Center of Innovation and Commercialization (GCRCIC) announced a new Commercialization award to an area start-up company at the Houston Technology Center's Technology Champions® Tech Connect event on Friday, February 1. Procyrion, a Houston Technology Center client company, is eligible to receive up to $1.5 million in assistance from the Texas Emerging Technology Fund (TETF). The TETF 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. And, to date, GCRCIC companies have received 44 awards, valuing over $54 million.
"This innovative company is a prime example of how the TETF supports Houston's transformation as the global hub of technology innovation and commercialization," said Walter Ulrich, president and CEO, Houston Technology Center (HTC). "We are committed to accelerating winners to bring their technologies to Texas—and the world—as quickly as possible."
"We are honored to be a Texas Emerging Technology Fund award recipient, and we are excited about the great potential our technology has to make a significant impact on the treatment of chronic heart failure," said Ben Hertzog, PhD, president and CEO, Procyrion, Inc. "I can assure you, there is no shortage of technology innovation in the Houston area. We are thankful that organizations like the Houston Technology Center and programs like the Texas Emerging Technology Fund are bringing critical resources to bear on the commercialization of these important, and in our case lifesaving, technologies."
Procyrion, a start-up, and President and CEO, Benjamin Hertzog, collaborating with the University of Houston and the Texas Heart Institute, is developing the first catheter-deployed circulatory assist device for long-term use to treat Class III-IV heart failure patients in the US who have few therapeutic options. Procyrion has received a TETF Commercialization Award and will receive $750,000 in the first tranche, and is eligible to receive up to $1.5 million. In October 2012, at the HTC 2012 Innovation Conference and Showcase, Procyrion also received the Goradia Innovation Grand Prize of $50,000, which distributes almost $150,000 in cash prizes, with Opportunity Houston, to finalists and honorable mentions of early stage companies that have commercialized or will soon commercialize innovative technology within the Gulf Coast region.
Houston Technology Center Named by Forbes' as one of "12 Business Incubators Changing the World," and one of "Ten Technology Incubators Changing the World," The HTC is the largest technology business incubator and accelerator in Texas, advancing the commercialization of emerging technology companies in the greater Houston area. HTC serves as the hub of new ideas, technological innovation, and entrepreneurship. As a catalyst for change, and economic development, the HTC works closely with entrepreneurs and start-ups providing in-depth business guidance; connecting them to opportunities, allies, and capital. HTC has established satellite facility at the Johnson Space Center (JSC) to harness the technical knowledge and provide incubation and acceleration services to commercialize technologies and expertise in the NASA/JSC community. HTC's sectors: energy, IT, life sciences, nanotechnology, and NASA/aerospace. For more information visit http://www.HoustonTech.org or connect on Facebook, LinkedIn or Twitter @HouTechCenter.
Gulf Coast Regional Center of Commercialization and Innovation Including this award, 44 Gulf Coast-region companies have received awards from the TETF in value of up to over $54 million from the state of Texas. The GCRCIC is responsible for accepting applications for Commercialization Awards from the TETF from businesses within the Gulf Coast region. The GCRCIC reviews each application and submits recommendations to the TETF Advisory Committee, assists with commercialization of the funded technologies, and provides private support to the companies and workforce. The GCRCIC also serves as the Bay Area Regional Center of Innovation and Commercialization, providing assistance through the Texas Emerging Technology Fund to the NASA Johnson Space Center and the surrounding community.
M. Heather Dunn
Director, Marketing & Communications
Houston Technology Center
SOURCE Houston Technology Center