Indianapolis, IN, Oct. 19, 2009 — BioCrossroads’ Indiana Seed Fund has made a follow-on investment in FAST, a rapidly growing, Indiana-based life sciences start-up. FAST is using patent-pending technology to develop a tool for healthcare professionals treating acute kidney injury, a condition afflicting some 3.5 million Americans. The percentage of patients hospitalized for acute kidney injury has increased 500% in the last twelve years.
FAST’s device provides rapid and accurate measurement of true kidney function, and can be used in hospitals, intensive care units, cardiac catheterization labs and physician offices.
The company recently received $150,000 from BioCrossroads’ Indiana Seed Fund I, Indiana’s only targeted life sciences seed stage investment fund – the Fund’s second investment in FAST. Joe Muldoon, FAST’s Chief Executive Officer, observed the funding will enable the company to continue refining the product and to scale up in preparation for large pre-clinical studies. The Seed Fund’s original investment of $380,000 allowed the company to take important initial steps in the commercialization process.
“FAST has continued to impress us with its technology, its progress and its leadership team. The Seed Fund was an early investor in the company, and we added a second round of funding because FAST continues to meet key milestones in the development of a critically needed device,” said David Johnson, President and CEO of BioCrossroads. “FAST has also built partnerships with other companies and with universities around the state, including Rose-Hulman, Purdue and Indiana University, who are all assisting with product development. FAST has truly figured out a way to put Indiana’s vast life sciences network to work in bringing innovative technology to market.”
“We are thankful for BioCrossroads’ support,” said Joe Muldoon, CEO of FAST. “The lackluster capital market has proven to be a challenge. We have remained capital efficient, advanced product development and initiated the FDA approval process – all of which have been key components of our additional investor support. We are very excited about our upcoming pre-clinical trials this year.”
FAST has had other recent fundraising successes, including an announced commitment by the Purdue Research Foundation/Purdue University Emerging Innovations Fund to invest $200,000 and a $1.1 million grant from the National Institutes of Health. The company has also received significant follow on funding from its original shareholders and angel investors.
The company is planning to run a pilot human study in 2010.
BioCrossroads (www.biocrossroads.com) is Indiana’s initiative to grow the life sciences, a public-private collaboration that supports the region’s research and corporate strengths while encouraging new business development. BioCrossroads provides money and support to life sciences businesses, launches new life sciences businesses, expands collaboration and partnerships among Indiana’s life science institutions, expands science education and markets Indiana’s life sciences industry.
About the Indiana Seed Fund I
The $6 million, return-driven Indiana Seed Fund was launched in June 2005 and is managed by BioCrossroads with funding coming from BioCrossroads, the Indiana Finance Authority and the Indiana Economic Development Corporation. The Seed Fund provides working capital in the range of $50,000-$500,000 to promising Indiana life sciences companies at the preliminary stages of operation.
FAST’s patent-pending device and in vivo methodology provide rapid and accurate measurement of true kidney function for use in hospitals, intensive care units, cardiac catheterization labs, and physician offices. This technology enables healthcare providers to improve outcomes for the rapidly growing patient population suffering with acute kidney injury.
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