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Texas To Give $1.5 Million To Three Technology Companies

Texas Business reports:  Texas will invest $1.5 million in three tech companies.  That figure could rise to $3.25 million.

The money is coming through the Texas Emerging Technology Fund (TETF) to three early stage companies that are developing technologies in Texas.

The TETF investments are as follows:

Rebellion Photonics is receiving $250,000 of a committed amount up to $1 million for the development of its novel, Gas Cloud Imager (GCI) device to detect leaks in the oil refining, oil drilling and chemical/petrochemical industries.

The company's proprietary snap-shot hyper spectral imaging technology is a type of video camera that is able to identify the chemical composition of a gas cloud digital image, in real-time. A start-up out of Rice University in 2010, the company currently focuses on the biomedical research and unmanned aerial vehicles markets for sales of cameras operating in the near infrared, or visible light spectrum.

Vapogenix Inc. is receiving $1 million of a committed amount up to $2 million for the development of its novel, non-opioid analgesics for minor procedures pain management during minor surgical procedures. The company's core technology is licensed from University of Texas M.D. Anderson Cancer Center, using novel formulations of known medications in different ways to create potent analgesic and anti-inflammatory drugs. The lead product, VPX-595, is a compound being developed initially for the treatment of acute pain.

VUV Analytics Inc. is receiving $250,000 of a committed amount up to $1 million for the commercialization of a laboratory-scale Circular Dichroism (CD) instrument for investigating biologically important molecules.

The company's instrument will be sensitive, non-destructive, fast and easy to use, providing the faster analysis needed for protein studies. This smaller scale instrument will provide better protein structure data and higher accuracy than current methods. The company will collaborate with the University of Texas at Austin to validate the technology using proteins and protein-complexes.

The TETF is a $200 million initiative created by the Texas Legislature in 2005 and reauthorized in 2007, 2009 and 2011. A 17-member advisory committee of high-tech leaders, entrepreneurs and research experts reviews potential projects and recommends funding allocations to the governor, lieutenant governor and speaker of the house. To date, the TETF has allocated more than $194 million in funds to 136 early stage companies, and over $194 million in grant matching and research superiority funds to Texas universities.