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NEWS
HemoSonics Secures $2M in Federal Funding
October 14, 2010

HemoSonics LLC, a medical device company founded on technology developed at the University of Virginia (U.Va.), recently secured three federal grants worth nearly $2 million.

The funding came from two highly competitive programs administered by the U.S. Small Business Administration. Small Business Innovation Research, known as SBIR, and Small Business Technology Transfer, known as STTR, seek to further economic development by awarding funding from participating federal agencies to small businesses conducting high-tech research with commercial potential.

Founded in 2004 by U.Va. researchers William F. Walker, Francesco Viola and Michael B. Lawrence, HemoSonics is developing technology to rapidly assess patients’ blood for abnormal clotting characteristics. This information could allow physicians to respond more effectively to patients with excessive bleeding or overactive clotting in the operating room, the emergency room and many other clinical settings.

Since July, HemoSonics has been awarded nearly $2 million in federal funding through the SBIR and STTR programs, including $1.6 million from the National Institute of Diabetes and Digestive and Kidney Diseases; $298,000 from the National Heart, Lung and Blood Institute; and $70,000 from the Office of Naval Research.

With its new funding, HemoSonics plans to develop a point-of-care diagnostic device called the Global Hemostasis Analyzer, which will bring the technology to the patient’s bedside and seek to eliminate the guesswork associated with treating bleeding conditions.

This technology has also been funded by the Wallace H. Coulter Translational Research Partnership, the National Institutes of Health and angel investors.


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