Regenerative medicine startup SironRX Therapeutics and imaging company Quality Electrodynamics each received a $1 million grant from Ohio’s Third Frontier technology support program.
The state doled out about $30 million in Third Frontier grants, with half that amount going to establish the JobsOhio Network program, which consists of six regional groups intended to support state-wide economic development efforts.
SironRX and Quality Electrodynamics (QED) were the only Ohio-based medical technology companies to receive Third Frontier funding this time around.
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For Cleveland-based wound-therapy company SironRX, the grant represents a strong end to a lucrative month. The company closed a $3.4 million series A round of investment about two weeks ago. CEO Rahul Aras said the company would use the grant to fund a clinical trial of its wound-healing technology and hire management and clinical staff.
The company plans to add about a half-dozen employees over the next six months, Aras said.
SironRX’s plan is to begin a clinical trial early next year with patients who’ve undergone a median sternotomy procedure, a surgery that involves cutting through the sternum with a saw. The procedure is used in coronary artery bypass and valve replacement operations.
The placebo-controlled, randomized, dose-escalation trial will be aimed at evaluating the safety and efficacy of SironRX’s technology in accelerating wound closure and reducing scar formation in median sternotomy patients, Aras said earlier this month.
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Mayfield Village-based QED’s grants comes under the Third Frontier’s medical imaging program. The grant will go toward a project that’s aimed at developing specialty MRI coils for imaging donor kidneys to determine the viability of the kidney before transplantation.
QED and several partners are looking to develop an imaging system that would allow transplant centers to directly test kidneys to determine if they are viable for transplantation, which would potentially expand the available transplant pool.
