BFTP/SEP Approves First Quarter Investments for Five Early-Stage Companies
Ben Franklin Technology Partners of Southeastern Pennsylvania (BFTP/SEP) announced first-quarter 2010 investments totaling $800,000 for five early-stage Pennsylvania companies with promising technology innovations.
“We are encouraged to see the steady flow of early-stage companies during these difficult economic times,” says RoseAnn B. Rosenthal, president and CEO of BFTP/ SEP. “We are proud of these five companies for developing innovative technology and creating jobs throughout our region.”
Companies approved for funding:
Aklero Process Solutions, Inc., Radnor, $100,000
(BFTP previously approved $250,000)
Aklero provides a web-based platform that streamlines and safeguards the mortgage process by automating the pre- and post-closing analysis of loan documentation. Its technology and processing can automatically detect and cure information deficiencies with loan files, and can be used before or after the closing of the mortgage loan. The company is led by President and CEO Brian K. Fitzpatrick.
EyeIC, Inc., Narberth, $100,000
(BFTP previously approved $475,000)
EyeIC develops imaging technologies for medical applications. Their first product is MatchedFlicker, a new technology for monitoring the advent and progression of glaucoma through change detection in time series retinal photographs. MatchedFlicker was recently approved for patient use by the Food and Drug Administration, and with BFTP’s support, will soon be ready for commercial sale. EyeIC is managed by founder and CEO Dr. Ira Wallace, MD, MBA; and COO Dan Caligor.
Gladstone Associates, LLC, Conshohocken, $100,000
Gladstone Associates provides transaction advisory services to the financial services industry. The company is spinning out a division, Gladstone Technology Partners, to create a web-based technology suite that will allow a client company to benchmark their financial and expense profiles against a substantial database of similar companies. Gladstone is led by President Paul T. Lally, III, and co-founder Daniel A. Kreuter.
Jenrin Discovery, Inc., West Chester, $250,000
(BFTP previously approved $500,000)
Jenrin Discovery is developing a pipeline of proprietary small molecule drugs designed to selectively target peripheral tissues to combat and treat obesity, diabetes and metabolic disorders. The company is modifying its drugs so they have little to no psychiatric and neurologic effects. Jenrin’s most advanced program is targeting peripherally selective (PS) CB1 receptor antagonists for the treatment of metabolic disorders. Jenrin was founded by John McElroy, Ph.D., formerly the Director of Neuroscience Biology at Bristol-Myers Squibb.
Quantason, LLC, Philadelphia, $250,000
Quantason is developing an innovative dual-mode ultrasound platform technology for medical applications. The company is led by Edmond Rambod, Ph.D., who developed the company’s technology as well as Edward Ray and Richard Bernardi, Ph.D. Quantason is headquartered at the Building 100 Innovation Center, at The Navy Yard in Philadelphia.
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