Mountain View, CA - December 6, 2012 - The Fogarty Institute for Innovation proudly announced today that PQ Bypass, a resident of the Institute and participant in its Innovator Support Program, has received its Series A financing and will be establishing independent operations in Sunnyvale, Calif., as of January 1, 2013, effectively 'graduating' from the program.
"The goal of the Innovator Support Program is to provide companies like PQ Bypass with access to the physical and intellectual resources that will enable them to cultivate their innovations faster and ultimately reach patients," said Frederick St. Goar, M.D., F.A.C.C., Board member of the Fogarty Institute. "We congratulate PQ Bypass for securing their Series A financing and wish them continued success as they forge ahead."
PQ Bypass has developed a percutaneous approach to achieving a long-lasting, robust bypass in the femoral artery with results that are comparable to surgical bypass, but without the patient morbidity or hospital stay costs.
"Our experience at the Fogarty Institute was second to none; we are beyond grateful for the support we received over these last 2 years," said Richard A. Lotti, president and CEO, PQ Bypass. "We are energized to enter this next stage of our Company’s development and would encourage other companies or individuals to consider participating in this program."
For early stage (pre-A-round) medical innovators seeking to participate in the Innovator Support Program, the Institute is currently accepting applications. Selected innovators will house their nascent companies at the Fogarty Institute in Mountain View, CA and will have access to physician and business mentoring, clinical access, laboratory/office space, and financial aid. They will have access to clinical experience and clinical trial management services available through El Camino Hospital and the Institute's Taft Center for Clinical Research.
Eligibility criteria include:
- Unfunded or modestly funded innovators who need support building the technical and/or business validation needed to attract an initial round of financing (typically an "A-round")
- Individuals or small teams
- Innovators who, while they are working on their idea with the support of the Fogarty Institute, are able to work at the Fogarty Institute facility in Mountain View, CA
- Innovators who will significantly benefit from the unique educational resources (e.g. mentoring and clinical access) provided by the Institute
- Innovators whose ideas address a major unmet clinical need, or provide an opportunity to significantly improve an existing treatment method
Applications for the Innovator Support Program are due January 9, 2013, and an application and instructions can be found on the Fogarty website.