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Michigan Pre-Seed Capital Fund Invests in Three More Michigan Start-Ups
Date:12/11/2008

ANN ARBOR, Mich., Dec. 11 /PRNewswire/ -- Three more Michigan start-up companies recently received investment commitments through the Michigan Pre-Seed Capital Fund: Arbor Photonics, Armune Bioscience and Aursos. To date, 28 Michigan companies have received a combined $6 million in critical seed funding through the Michigan Pre-Seed Capital Fund, a collaborative effort of Michigan's 12 SmartZones.

"The Michigan Pre-Seed Capital Fund has had consistent deal flow since its inception last year, highlighting the need for start-up funding in the state," said Skip Simms, Michigan Pre-Seed Capital Fund administrator. "Michigan's start-up economy is thriving and the Pre-Seed Capital Fund is an important catalyst in the success of the businesses choosing to call our state home. More than $6 million has been invested in Michigan's economic future through the Pre-Seed Fund."

Recent funding recipients are:

-- Arbor Photonics, sponsored by Ann Arbor SPARK, received $250,000. Arbor Photonics is developing a 3C optical fiber laser for the manufacturing sector, based on technology developed at the University of Michigan.

-- Armune Bioscience, sponsored by the Kalamazoo SmartZone, received $200,000. Armune's prostate cancer diagnostic test and prognostic test make significant advancements from current diagnostic and prognostic tests available on the market today. Armune is also developing a lung cancer diagnostic test and a lung cancer prognostic test.

-- Aursos, sponsored by the Kalamazoo SmartZone, received $200,000. Aursos specializes in parathyroid hormone (PTH) treatments for osteoporosis that increase bone formation and decrease bone degradation.

To date, 25 additional seed-stage companies have received funding through the Michigan Pre-Seed Capital Fund. Fund recipients are:

    -- XG Sciences, Inc., Lansing
    -- Phrixus Pharmaceuticals, Ann Arbor
    -- Hybra-Drive Systems, LLC, Deerfield
    -- ParkingCarma, Flint
    -- OTO Medicine, Ann Arbor
    -- Pixel Velocity, Inc., Ann Arbor
    -- SensiGen LLC, Ann Arbor
    -- EADevices, Inc., Kalamazoo
    -- MedElute, Inc., Kalamazoo
    -- Danotek Motion Technologies, LLC, Ann Arbor
    -- Saleztrack, Detroit
    -- Compendia Bioscience, Inc., Ann Arbor
    -- Avidimer Therapeutics, Inc., Ann Arbor
    -- RazorThreat, Royal Oak
    -- Functional Brands, Detroit
    -- JADI, Troy
    -- Venomix, Kalamazoo
    -- Accord BioMaterials, Ann Arbor
    -- Cielo MedSolutions, Ann Arbor
    -- Afid Therapeutics, Lansing
    -- ERT Systems, Ann Arbor
    -- Emiliem, Kalamazoo
    -- 3IS, Novi
    -- Fulcrum Composites, Midland
    -- Global Energy, Flint

To qualify for the Michigan Pre-Seed Capital Fund, a start-up company must have the sponsorship of its local SmartZone and have received grant, angel or venture capital funding greater or equal to funding requested of the Michigan Pre-Seed Capital Fund.

The Michigan Pre-Seed Capital Fund is an equity investment fund and will receive the same returns on its investment as the third party investor. The returns that the Michigan Pre-Seed Capital Fund receives from its investments will serve as seed money for the Fund's continuation.


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SOURCE Ann Arbor SPARK
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