VenoStent Awarded $224,000 NSF STTR Phase I Grant
VenoStent Awarded Competitive Grant from the National Science Foundation
Small Business Innovation Research Program Provides Seed Funding for R&D
Nashville, TN, July 19, 2018 – VenoStent has been awarded a National Science Foundation (NSF) Small Business Technology Transfer (STTR) grant for $224,500 to conduct research and development (R&D) work on the biomechanical and hemodynamic effects that an external stent can have on venous access site geometries.
VenoStent is developing an external wrap comprised of biodegradable shape memory polymers to reduce dialysis access site failures. The company was founded by two recent alums of Vanderbilt University graduate programs: Tim Boire, President and CEO of VenoStent, received his PhD in Biomedical Engineering, and Geoffrey Lucks, CFO and VP of Business Development, received his MBA from the Owen Graduate School of Management.
“The National Science Foundation supports small businesses with the most innovative, cutting-edge ideas that have the potential to become great commercial successes and make huge societal impacts,” said Barry Johnson, Director of the NSF’s Division of Industrial Innovation and Partnerships. “We hope that this seed funding will spark solutions to some of the most important challenges of our time across all areas of science and technology.”
“We’re so excited and honored to be awarded these funds. This non-dilutive financing is crucial to continuing the R&D and commercialization efforts for this early stage venture, in what we hope is a life-saving technology for hundreds of thousands of Americans suffering from end-stage renal disease,” says Tim Boire, CEO of VenoStent.
Once a small business is awarded a Phase I SBIR/STTR grant (up to $225,000), it becomes eligible to apply for a Phase II grant (up to $750,000). Small businesses with Phase II grants are eligible to receive up to $500,000 in additional matching funds with qualifying third-party investment or sales.
NSF accepts Phase I proposals from small businesses twice annually in June and December. Small businesses with innovative science and technology solutions, and commercial potential are encouraged to apply. All proposals submitted to the NSF SBIR/STTR program undergo a rigorous merit-based review process.
To learn more about America’s Seed Fund powered by NSF, visit: https://seedfund.nsf.gov/
About the National Science Foundation's Small Business Programs: America’s Seed Fund powered by NSF awards $200 million annually to startups and small businesses, transforming scientific discovery into products and services with commercial and societal impact. Startups working across almost all areas of science and technology can receive up to $1.5 million in non-dilutive funds to support research and development (R&D), helping de-risk technology for commercial success. America’s Seed Fund is congressionally mandated through the Small Business Innovation Research (SBIR) program. The NSF is an independent federal agency with a budget of about $7.8 billion that supports fundamental research and education across all fields of science and engineering.