The ultimate goal of any new medical device firm is to get its product approved for sale via the FDA’s 510(k) premarket clearance. Memphis-based SweetBio Inc. received notice on May 31 from the FDA that it had attained the 510(k) clearances needed to market and sell the product it has developed over the past four years. SweetBio’s Apis product, a resorbable membrane made from honey, is used to treat wounds, such as diabetic ulcers, venous ulcers, bed sores and lesions at surgical sites.
There’s good news this week coming from the team at EDP BioTech Corporation. The Knoxville-based company that is an in vitro diagnostics developer focused on early detection of diseases like colon cancer has executed a non-exclusive agreement with Luminex Corporation. The arrangement not only meets a critical need that EDP BioTech faced, but also opens up a significant new revenue opportunity for the company that Tom Boyd founded in 2005.
Using funding rounds data from Crunchbase, TechCrunch plotted the count of venture capital funding rounds raised by companies in the fairly expansive biotechnology category in Cruchbase. Unlike in the software-funding business, where New York City (and its surrounding area) ranks second in overall deal volume, the greater Boston metro area outranks the Big Apple in Biotech venture deal volume, and the San Francisco Bay Area outranks Boston in Biotech deal volume.
The Biotechnology Innovation Organization (BIO) released “Transforming Ideas into Advances: Best Practices in State and Regional Bioscience Economic Development Initiatives” on June 4 at the 2019 BIO International Convention. The fifth edition of the Best Practices Guide is the bioscience industry’s leading comprehensive analysis of state legislative and regulatory initiatives in support of economic development. Throughout the last decade, understanding the economic potential of the industry has led to policies and programs that provide supportive tax environments in capital formation, technology transfer and funding for a workforce to facilitate research, development and manufacturing.