Harry Wessel
Sentinel Staff Writer
January 5, 2008
Cardiovascular Sciences Inc., one of 46 startup companies affiliated with the University of Central Florida's technology incubator, announced Friday it had received $1 million in capital from an out-of-state investment firm.The money from Seven Palm Investments of Illinois will support continued development of the biomedical company's primary technology for prevention of internal adhesions following surgery.Although more venture capital will be needed, the cash infusion will allow Cardiovascular Sciences to enter the marketplace within the next two years, predicted Dr. Larry Hooper, the company's chief executive. "We have entered a new stage in our corporate growth," he said.Carol Ann Dykes, site manager for UCF's technology incubator, said the investment's significance went beyond helping one company's progress."Any time one of our really young, early-stage companies gets an equity investment, it's a big deal for Florida and Orlando. We don't have a lot of outside equity investment in this area," she said. Outside investments, she added, are "critical to growing our biomedical cluster."Cardiovascular Science may first market its product -- an anti-adhesion membrane -- to veterinarians, said Hooper, a pediatrician who took over as chief executive of the five-person company in November 2006.He said the product would eventually be marketed to surgeons and hospitals through a distribution agreement with a large pharmaceutical or medical-device corporation.Although still an incubator company leasing space from UCF, his company should graduate to independent status in the next couple of years, Hooper said. "Medical-device companies take a little longer [to incubate] because of the lengthy regulation procedures" of the U.S. Food and Drug Administration.Harry Wessel can be reached at hwessel@orlandosentinel.com or 407-420-5506.
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http://orlandosentinel.com/business/orl-incubator0508jan05,0,236904.story
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