Biotech company receives first investment from Michigan Pre-Seed Fund 2.0By Lauren Ebelt on August 26th, 2014 /
In April 2014, a new statewide investment fund, the Michigan Pre-Seed Fund 2.0 (MSPF 2.0), was created to help support high-tech early stage companies—and one lucky company is the first one to receive an investment.
ENT Biotech Solutions, LLC (ENT) is based in Grosse Pointe Farms, MI, and one of their products may revolutionize some common surgical procedures. It was this product, The Elasso™, which will continue to be developed with the funds from the Pre-Seed Fund.
The Elasso is a “single-use, disposable device, designed to be a cost-effective way to reduce the tedious nature of adenoid and tonsil surgery” a press release said. The tool would efficiently cut, cauterize and remove tissue.
Through MSPF 2.0, ENT will receive $100,000 for the continued development of the product.
The MSPF 2.0 is a $6.8 million fund, and invests in companies with varying technologies: automotive, manufacturing, agriculture and information technology, just to name a few.
“More than two million adenotonsillectomies and adenoidectomies are performed annually in the United Stated and Europe, and that number is projected to grow 6% per year due to population growth and medical trends,” ENT’s CEO, Andrea Rournell Dickson said. “The Elasso is a truly unique product and ENT is well situated to gain market share and increase sales in the near future.”
ENT is the first to receive funding from Invest Michigan, which manages MSPF 2.0. Invest Michigan is a nonprofit corporation also based in the Detroit-area. It was ENT’s innovation, and homegrown business model, that caught the eyes of Invest Michigan.
“ENT is exactly the type of company the Michigan Pre-Seed Fund 2.0 was created to support—an innovative, high-tech firm dedicated to building and growing their business in Michigan,” Charlie Monet, president and CEO of Invest Michigan said in a press release. “We look forward to seeing [ENT’s] growth, and the impact it will have on Michigan’s economy,” Monet added.
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