PHILADELPHIA, July 21, 2006 (PRIMEZONE) -- Ben Franklin Technology Partners of Southeastern Pennsylvania (BFTP/SEP) has seeded eight dynamic emerging companies that are well-positioned to grow their enterprises and the Commonwealth's economy. BFTP/SEP provided a total of $2,670,000 to companies in such leading-edge areas as radio frequency identification (RFID), multi-sensory marketing and nanobiomolecular delivery of vaccines.
"Through the Ben Franklin Partners, we are making sound investments in emerging companies that range from medical sciences and accounting to improving academic accreditation," said Rebecca Bagley, Deputy Secretary for Technology Investment at Pennsylvania's Department of Community and Economic Development. "While we are supporting a variety of companies, they share the characteristic of innovation; providing new concepts and services for the Commonwealth and the global economy."
BFTP/SEP's Vice President of the Investment Group Terrence H. Hicks said, "These eight, dynamic technology-based companies are some of the best young companies in southeastern Pennsylvania. Each company produces an innovative product or service and has a strong management team in place to grow their enterprises and create more high-paying tech jobs for the Commonwealth."
The eight companies that BFTP/SEP funded in June are:
First Flavor, Inc., Montgomery County -- Investment: $250,000
First Flavor is emerging as a leader in the growing field of multi-sensory marketing. First Flavor's product, Peel 'n Taste, uses an edible film technology similar to breath-freshening strips to deliver tastes to consumers. The strips are packaged in customizable, tamper-evident packaging, ensuring a quality product and safe trial experience that enable food marketers to introduce the taste of products to prospective customers without the expense of elaborate sampling campaigns.
New Way Air Bearings, Inc., Delaware County -- Investment: $270,000
New Way Air Bearings, which employs 61, is the world leader in the design and manufacture of modular air bearing products, and a major provider of integrated porous media air bearing solutions. Air bearings allow for frictionless motion in precision machines. The Aston-based company's key technology is the application of porous media to provide a unique design of air bearing product. New Way Air Bearings products are used in systems where the performance requirements cannot be met by traditional, rolling element bearings. Applications include machines used in semiconductor manufacturing, coordinate measuring machines, precision lathes for machining optical lenses, and materials testing machines.
Remote Play, Inc., Montgomery County -- Investment: $400,000
RPI develops and markets wireless products and networks based on radio frequency identification (RFID) tags to help individuals and organizations keep track of people or physical assets. RPI's TagAlert technology alerts customers when a tagged item moves beyond a defined comfort zone effectively preventing loss, theft, or just forgetting an item. The TagAlert system includes a monitor that can be clipped to a belt, key ring, or simply placed in a pocket and a tag that is clipped or adhered to the valued item. The company recently relocated from New Jersey to Montgomery County, Pa.
AcademyOne, Inc., Chester County -- Investment: $500,000
AcademyOne, Inc. was formed in 2005 to provide postsecondary institutions and their students an international clearinghouse supporting academic credit mobility by streamlining transfer, enrollment, recruiting and advising across institutional boundaries. Currently, nearly 60 percent of students graduate from college with credits from more than one school and this number is expected to continue trending upward with the increased acceptance of online courses. AcademyOne is rolling out a suite of products that encompass all aspects of the student transfer process, from initial search through enrollment and matriculation.
Exactor, Inc., Montgomery County -- Investment: $500,000
Exactor, Inc. has developed a software program that allows companies to fully automate the entire sales tax compliance process, from upfront tax determination all the way through sales tax audit. The company is poised to revolutionize sales tax compliance by providing the next-generation, end-to-end solution for secure, reliable and accurate sales tax record keeping and tax processing.
Immunotope, Inc., Bucks County -- Investment: $350,000
Immunotope, Inc. is an antigen discovery company focused on research and development through early-stage clinical trials. The company is developing a range of immuno-therapeutics for the treatment and prevention of cancer and chronic viral infections, focusing on ovarian and colon cancer and hepatitis. The company intends to out-license their antigens for both therapeutic and diagnostic applications to appropriate companies in cancer and chronic viral infection markets.
Neuro Diagnostic Devices, Philadelphia County -- Investment: $250,000
Neuro Diagnostic Devices is a medical device manufacturer and an innovator in the field of biomedical engineering. The company's lead product, ShuntCheck(tm), has already received FDA approval and addresses the $250 million cerebrospinal fluid (CSF) flow monitoring market. ShuntCheck(tm) will be launched to the full market in Q1 '07 and will be the only product capable of directly assessing CSF shunt function. The company's second product is a wireless implantable intra-cranial pressure monitor. This device can be implanted in the skull and read wirelessly at any time enabling direct, non-invasive measurement of Intracranial pressure ICP. This product will enter the clinic in 2007.
NanoVec, LLC, Philadelphia, Philadelphia County -- Investment: $150,000
NanoVec, LLC is an early-stage company developing vaccines and immuno-therapies using nanobiomolecular delivery systems.
About Ben Franklin Technology Partners of Southeastern Pennsylvania
Since 1982, Ben Franklin Technology Partners of Southeastern Pennsylvania (BFTP/SEP) has served as a catalyst for stimulating entrepreneurial potential through the integration of systems designed to accelerate the transition of scientific discovery and technology development to commercialization. Part of a statewide network in Pennsylvania, BFTP/SEP provides entrepreneurs and established businesses the capital, talent, and expertise they need to compete in the global marketplace. BFTP/SEP has provided more than $110 million to over 1,400 regional enterprises through various funding means. BFTP/SEP is a founding partner of the Nanotechnology Institute(tm) (NTI) and the Mid-Atlantic Nanotechnology Alliance (MANA)(r) and is funded by Pennsylvania's Department of Community and Economic Development. For additional information, visit www.sep.benfranklin.org.