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Three EDC Clients Receive Demonstration Fund Awards

DES MOINES, IA–DECEMBER 16, 2011-The Iowa Economic Development Authority board awarded five start-up companies funding through the Demonstration Fund to further support innovation in Iowa. Three of the companies awarded are EDC clients and based in the Cedar Rapids/Iowa City Corridor: Tansna Therapeutics, Radiology Protocols and People Statements.

The Demonstration Fund provides financial and technical assistance to encourage high technology prototype and concept development activities that have a clear potential to lead to commercially viable products or services within a reasonable period of time.

The fund provides up to $150,000 to encourage commercialization activities by small and medium-sized Iowa companies in the advanced manufacturing, biosciences, and information technology industries. The primary purpose of the fund is to help businesses with a high-growth potential reach a position where they are able to attract later stage private sector funding.  Award recommendations are made by the Technology and Commercialization Committee to the IEDA Board for approval.

Tansna Therapeutics is an early-stage drug discovery company located in Coralville that is creating novel anti-convulsant compounds with reduced side-effects, based on discoveries by Dr. Max Baker at the University of Iowa. With this project, the company is working to create a new oral anti-convulsant for chronic and prophylactic use for the 30 percent of patients who do not respond to current treatment medications.  The board approved a $50,000 loan to move this project forward.

Located in Iowa City, Radiology Protocols is an early-stage venture that has created an application designed to reduce medical imaging errors caused by human factors.  The project will allow the company to acquire the managerial expertise to effectively establish, manage and grow Radiology Protocols in the US market.  The board approved a $50,000 grant.

People Statements, LLC, located in Cedar Rapids, is a business focused on bringing knowledge to management teams regarding resource allocation decisions.  The company’s flagship product is an organizational development assessment that obtains 33 proprietary “people metrics.” The project focuses on the overall commercialization of the technology and product suite.  The board approved a $30,000 grant for People Statements.