Tucson-based Biotech Receives More Than $2 Million Venture Capital Funding

Posted By Mike Padgett

March 16, 2009

TUCSON, Ariz. – SalutarisMD, a startup medical devices company in Tucson, has received $1.5 million in financing from Translational Accelerator LLC, or TRAC, an Arizona-based $20 million bioscience venture capital group.

Also investing in SalutarisMD is Desert Angels, bringing the total start up investment to more than $2 million. Desert Angels is a Tucson-based group of investors interested in regional startup companies.

“This financing is a win for Tucson and Arizona,” said Michael Voevodsky, CEO of SalutarisMD. “SalutarisMD is excited about the opportunity to build a world-class medical device company here. The support we have received, both locally and statewide, has been tremendous.”

“In this sharp economic downturn, it’s important that we diversify our economy by growing our own,” said Joe Snell, President and CEO, Tucson Regional Economic Opportunities Inc. “SalutarisMD is just the type of firm we need doing innovative work, right here in Tucson.”

TRAC Managing Director Richard Love said SalutarisMD “fits our objective to invest in early stage bioscience companies with real commercial potential.”

The “strength of University of Arizona research, potential collaborations and a pioneering, innovative attitude in the biosciences community” are reasons why the SalutarisMD management team chose Tucson for its home, said Harry George, Managing Partner of Solstice Capital, Desert Angels member and SalutarisMD investor.

Solstice Capital is a national fund interested in investing “early-stage companies in the industry areas of alternative energy, education, the environment, life sciences and information technology,” according to its Web site, www.solcap.com.

SalutarisMD’s other community partners assisting in startup efforts include the University of Arizona Department of Radiation Oncology, UA Office of Technology Transfer and TREO, an economic development agency focused on greater Tucson and surrounding communities.

TRAC is a private, $20 million bioscience venture capital group based in Arizona. It is Arizona’s first venture fund established to target early-stage bioscience companies. TRAC investments only support firms located in Arizona or those planning to move to the state.

 

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Mar 16th, 2009

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