Navigation Links
CIT GAP Funds Invests in STR, LLC
Date:4/22/2008

HERNDON, Va., April 22 /PRNewswire-USNewswire/ -- The Center for Innovative Technology (CIT) today announced that CIT GAP Funds is leading an investment round in Soft Tissue Regeneration, LLC (STR), a medical device company based in Earlysville, VA, that develops synthetic scaffolds to encourage tissue regeneration. CIT will invest $100,000.

Joseph W. Reilly, Chief Executive Officer of STR, said, "CIT's investment and counsel will help us begin developing the animal study protocol that will help the company reach the next stage of its development."

STR, LLC, develops breakthrough technology for soft tissue regeneration of the anterior cruciate ligament ("ACL") of the knee. The company plans to introduce its product, called the L-C Ligament(TM), to a market that averages 300,000 ACL reconstructions per year in the US, EU, Canada, Japan and Australia. The current standard of care -- primarily consisting of autografts and allografts -- have significant issues, which the L-C Ligament(TM) intends to address by stabilizing the knee and encouraging the regeneration of ligament tissue, resulting in faster, better healing and greater odds of making a full recovery.

"We agree with STR that there is a great need for a synthetic ACL, considering the many problems with the current standard of care," Peter Jobse, CIT president and CEO said. "As our population increases with more aging, active adults, that need will only expand and the marketplace will be ripe for this and other innovative medical breakthroughs."

CIT GAP Funds is a family of venture funds designed to bridge the gap between "family and friends" funding and early-stage equity investments for Virginia-based technology and life science companies. CIT GAP Funds invests in seed-stage firms with a high potential for successful commercialization, rapid growth and downstream private equity financing.

"STR is CIT GAP Funds' twenty-fifth investment," noted Tom Weithman, CIT GAP Funds managing director. "Those investments have leveraged over another $21 million of private equity investments in emerging Virginia companies, which moves innovation into the marketplace faster."

Summaries of the CIT GAP Funds portfolio companies are available at http://www.citgapfund.org/portfolio/gapfundi.html.

About the Center for Innovative Technology, http://www.cit.org

CIT is a nonprofit corporation that accelerates the next generation of technology and technology companies. CIT creates new technology companies through capital formation, market development and revenue generation services. To facilitate national innovation leadership and accelerate the rate of technology adoption, CIT creates partnerships between innovative technology start-up companies and advanced technology consumers. CIT is now listed on the GSA MOBIS Schedule, Special Item Numbers (SINs) SIN 874-1 for Consulting Services and SIN 894-2 for Facilitation Services. Its CAGE Code is 1UP71.


'/>"/>
SOURCE Center for Innovative Technology
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. Reduced Funds for Cancer is Cost of Iraq, Say Ex-White House Aide, Cancer Researchers
2. Pennsylvania Attorney General Corbett, American Lung Association & Others Call for New MSA Funds to Be Used for Tobacco Prevention and Cessation
3. Autism Walk Raises Awareness, Funds for Local Services
4. Harley-Davidson Womens Day Ride Raises Funds for MDAs Summer Camp Program
5. Toxic Neglect: Mutual Funds Opposing Shareholder Resolutions on Chemicals in Products Ignore Financial Risks to Shareholders
6. EPA Funds Grants for Lead Poisoning Prevention Projects in Two Wisconsin Communities
7. EPA Funds Grants for Four Lead Poisoning Prevention Projects in Michigan Communities
8. EPA Funds Grants for Lead Poisoning Prevention Projects in Two Ohio Communities
9. EPA Funds Two Grants for Lead Poisoning Prevention Projects in Chicago Communities
10. FRC Urges Rejection of Lantos Bill That Funds International Abortionists
11. Thousands of Womens Basketball Referees to Wear Pink Whistles February 8-17; Calling For a Cure Program to Raise Funds for Cancer Research
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/26/2017)... ... February 26, 2017 , ... ... lab became the world’s first to be ISO/IEC 17025:2005 INAB accredited for Der ... , ISO/IEC 17025:2005 is the globally recognised standard that sets out requirements for ...
(Date:2/26/2017)... , ... February 26, 2017 , ... ... wholesale distribution in North America, today announced it would be offering some it’s ... which prides itself on crafting quality and unique baby clothing/feeding products, will team ...
(Date:2/26/2017)... ... February 26, 2017 , ... ... standard in staffing, scheduling, and reporting for healthcare organizations. This comprehensive and ... the entire staffing process. StaffBridge technology improves staffing efficiency, maximizes resource allocation, ...
(Date:2/26/2017)... Florida (PRWEB) , ... February 26, 2017 , ... ... (PD) patients after receiving cognitive rehabilitation, according to a study released today at ... known that cognitive rehabilitation programs are proven to be effective in improving cognitive ...
(Date:2/25/2017)... ... 25, 2017 , ... FCPX users now have the ability to sharpen a ... ProSharpen Color users have total control over sharpening amount, sharpening radius, threshold, horizontal sharpening, ... spectrum tools users can visually see the color range effected with ease all within ...
Breaking Medicine News(10 mins):
(Date:2/27/2017)... , Israel and TAMPA, Fla. , ... an emerging medical device company focused on developing ... procedures, applauds the members of the FDA,s Circulatory ... for their acknowledgement of the need for cerebral ... "The statements shared by this FDA ...
(Date:2/27/2017)... 2017 Now in its seventh year, ... are most successful at developing and commercialising innovation. ... The Index can ... molecule to two different companies in early phase, which would ... objective analysis of each company,s performance between 2011 and 2016, the 2017 ...
(Date:2/27/2017)... Period October – December 2016 ... to SEK -16.4 (-6.4) million Result after tax amounted to ... after dilution Cash flow from operating activities amounted to SEK ... Period full ... Operating result amounted to SEK -39.5 (-29.5) million ...
Breaking Medicine Technology: