Afferent Corporation Announces Over $1 Million in Funding; Medical Device Company Moves Forward in its Research and Development Activities.Business Editors/Health/Medical Writers BIOWIRE2K PROVIDENCE, R.I.--(BUSINESS WIRE)--Aug. 26, 2003 Providence-based Afferent afferent /af·fer·ent/ (af´er-ent) 1. conveying toward a center. 2. something that so conducts, such as a fiber or nerve. af·fer·ent adj. Corporation today announced that the Company has recently received funding commitments of $1,050,000. A portion of these commitments is from the National Institutes of Health (NIH "Not invented here." See digispeak. NIH - The United States National Institutes of Health. ) in the form of a $750,000 Phase II Small Business Innovation Research (SBIR SBIR Small Business Innovation Research (program/grant) SBIR Space Based Infra-Red SBIR Speaker-Boundary Interference SBIR Site Backsurface-referenced Ideal Plane/Range (silicon wafers) ) grant from the National Institute of Child Health and Human Development (NICHD NICHD National Institute of Child Health and Human Development. ). Additional financing of $300,000 was provided by a consortium of investors including Rhode Island's Slater Center for Biomedical Technology, the venture capital arm of Boston University, and Pharos, LLC, an investment firm headed by George N. Hatsopoulos George Hatsopoulos is a Greek American mechanical engineer noted for his work in thermodynamics. In 1965, he and Joseph Keenan published their famous textbook Principles of General Thermodynamics , the founder and former Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Thermo Electron Corp. The $750,000 grant from NIH will be used to advance a product development and clinical testing program for use of the Company's technology in improving elderly balance. The $300,000 will be used for general corporate purposes and to support other development programs being pursued by the Company. "Sensory enhancement technology represents an innovative and powerful method to address significant and unmet clinical needs," said Jason Harry, Ph.D., President and CEO of Afferent Corporation. "Our strategy as a company has been to exploit this proprietary technology, which was originally developed by Dr. James J. Collins at Boston University, in a broad range of clinical indications through collaborations with leading biomedical research institutions. To date, Afferent has established a total of 10 such collaborations. The high level of interest shown by the scientific community, along with our recent success in fund-raising, provides tangible validation that this strategy is working." Since its inception in 2000, Afferent has raised $1.8 million in capital from private and venture investors. In addition, the Company has been awarded Phase I SBIR grants totaling $300,000 from 3 different institutes of NIH. These grants have been received from NICHD to support the Company's research efforts in elderly balance, from the National Institute of Diabetes and Digestive and Kidney Diseases About NIDDK The National Institute of Diabetes and Digestive and Kidney Diseases (NIDDK), of the U.S. National Institutes of Health, conducts and supports research on many of the most serious diseases affecting public health. to support research in diabetic neuropathy, and from the National Institute of Neurological Disorders and Stroke The National Institute of Neurological Disorders and Stroke is a part of the U.S. National Institutes of Health. The NINDS conducts and supports research on brain and nervous system disorders. Created by the U.S. to support research in stroke. According to Richard G. Horan, Executive Director of Slater Biomedical, one of Afferent's lead investors, "Afferent Corp. is an excellent illustration of the type of venture Slater Biomed is keen to support. We believe the Company presents a compelling opportunity to establish a leadership position in the emerging field of neurotechnology, an approach to treating disabling neurological disorders which holds considerable promise." About Afferent Corporation Afferent Corporation, based in Providence, Rhode Island  “Providence” redirects here. For other uses, see Providence (disambiguation). Providence is the capital and the most populous city of the U.S. , is pioneering the development of a new class of medical devices to treat chronic neurological dysfunction. Its lead technology enhances the function of mechanoreceptor mechanoreceptor /mech·a·no·re·cep·tor/ (mek?ah-no-re-sep´ter) a receptor that is excited by mechanical pressures or distortions, as those responding to touch and muscular contractions. cells involved in sensory perception as a means of restoring brain function following stroke, improving elderly balance, and addressing complications resulting from diabetic neuropathy. Afferent's development efforts are being pursued in collaboration with leading biomedical and clinical researchers throughout the United States and Canada. Building on this technology platform, Afferent aims to establish a leadership position in the emerging field of neurotherapeutic devices. |
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