PROPEL Companies Raised $50 million 2016YTD
PROPEL, dedicated to increasing the number and success rate of early-stage life sciences companies in Illinois, announced today that it has awarded 6 grants to help Illinois entrepreneurs attend AdvaMed 2016: The MedTech Conference in Minneapolis. AdvaMed 2016 is the leading medtech conference in North America, bringing more than 1,000 companies together in a uniquely multifaceted environment for business development, capital formation, innovative technology showcasing, world-class educational opportunities and networking. The Innovation Showcase presents the most promising medical device, diagnostic and digital health technologies to industry leaders and investors at AdvaMed 2016.
“3PrimeDx is very excited to be accepted into the AdvaMed 2016 Innovator Showcase and proud to represent the dynamic Illinois healthcare startup community at AdvaMed this year. We expect Innovation Showcase participation to provide another tremendous boost to our mission,” said Phil Lefebvre, CEO of 3PrimeDx. “We are honored to receive this grant from PROPEL, another example of its tremendous support of 3PrimeDx.”
PROPEL awarded grants to help Illinois early-stage medical device and medtech companies participate in the conference’s Innovation Showcase, as well as grants to attend the conference itself. In addition to 3PrimeDx, PROPEL grant recipients selected for the Innovation Showcase include Innoblative Designs and Preora Diagnostics. Additional PROPEL companies receiving grants to attend AdvaMed 2016 include Briteseed, Corvida Medical and NovaScan.
“PROPEL’s long standing support of the health care innovation ecosystem provides young companies with critical resources to help move innovative technologies forward. Presenting at and attending AdvaMed 2016 is a tremendous networking opportunity in which these companies, investors and business development professionals are able to come together in a focused way.” said Kathleen Tune, Partner at Thomas, McNerney & Partners and Co-Chair of the AdvaMed 2016 Business Development Committee.
“Early-stage life sciences companies can benefit from the opportunities that AdvaMed 2016 provides, but often the cost of registration seems high to bootstrapping startups,” said Barbara Goodman, senior vice president of PROPEL.
“The technologies these companies are developing are shining examples of the innovation we continue to see from Illinois-based businesses, and their attendance at AdvaMed 2016 will surely help them to identify investors as well as learn from and network with industry leaders and peers,” said Ashley Wittorf, executive director, AdvaMed Accel. “Opportunities like this are crucial for emerging-growth medtech companies, and we are proud to work with PROPEL to work towards the goals of AdvaMed Accel and the conference.”
Funding for the PROPEL conference grant program is funded by the Searle Funds of The Chicago Community Trust.
PROPEL’s active companies raised $50 million 2016YTD – already surpassing the $45 million raised in all of 2015. Since its launch in 2008, PROPEL has funded over $1 million in grants and awards in programs including AdvaMed registration grants. PROPEL’s active portfolio of companies have raised $200 in new funding for every $1 that PROPEL awarded.
“PROPEL, through its tiered-programming approach and milestone awards, continues to produce record-setting metrics and outcomes, providing critical and meaningful support to grow early stage companies,” said Warren Ribley, iBIO Institute’s President & CEO.