BOULDER (June 23, 2009). Illumasonix, LLC, an early-stage medical device company headquartered in Colorado, has executed an exclusive license with the University of Colorado (CU) for a non-invasive method to provide quantitative information on complex blood flow in the treatment of vascular disease.
The technology being developed by Illumasonix was invented by Dr. Robin Shandas, Professor of Mechanical Engineering at the University of Colorado at Boulder and of Pediatrics and Cardiology at the University of Colorado, Denver. It uses both ultrasound and FDA approved microbubbles to track blood flow, providing real-time assessment of blood flow and detecting blockages. Cardiovascular and neurovascular diseases affect millions of people annually, with stroke being the third leading cause of death and disability in the U.S. The Illumasonix technology offers a new diagnostic tool combining the high spatial resolution of MRI technology with the temporal resolution and ease-of-use of ultrasound.
Illumasonix reported positive initial results from its ongoing human feasibility study of this technology in early 2009; the company anticipates that its first product offering could reach the market as early as 2011. ”The Illumasonix technology will provide a substantially more accurate and predictive way to assess cardiovascular health,” said Erick Rabins, V.P. of Allied Minds and Manager of Illumasonix. “We believe it will become the primary tool used to determine when and if surgical intervention is required.”
Illumasonix was formed in 2007 in a partnership between CU and Allied Minds, an investment corporation specializing in early stage university business ventures. The company received undisclosed initial capitalization and research funding from Allied Minds, as well as approximately $250K in matching funds from the State of Colorado. Illumasonix is a great example of the importance of early stage development financing for promising technologies. We are thankful for the funding support provided by Allied Minds and the State of Colorado,” added Tom Smerdon, Director of Licensing and New Business Development, CU Technology Transfer Office.
About Illumasonix, LLC, and Allied Minds, Inc.
Illumasonix LLC is a privately-held company formed by Allied Minds, Inc. in cooperation with the University of Colorado to commercialize a minimally-invasive method to provide quantitative information on complex blood flow in the treatment of vascular disease. www.illumasonix.com.
Allied Minds, Inc. is a seed organization for early-stage technology, focused on converting academic discoveries into commercial reality by working exclusively with a network of U.S. universities and national labs. By filling the gap between government grants and traditional venture capitalists, Allied Minds focuses on funding innovations with significant transformative potential. Instead of managing funds, the company fosters early-stage companies through to success, generating value for all stakeholders. Allied Minds has a nationwide footprint with offices in Boston, Seattle, Washington, D.C. and Los Angeles, and a European presence in London, United Kingdom. www.alliedminds.com.