The latest Louisiana recipient of a National Science Foundation (NSF) Small Business Technology Transfer (STTR) grant is biotech company Instapath.
The National Science Foundation runs America’s Seed Fund that awards $200 million annually to startups and small businesses across the country and takes 0% equity.
Instapath is developing a novel imaging technology for point-of-care biopsy evaluation. The company has been awarded $225,000 to conduct research and development.
“The National Science Foundation supports small businesses with the most innovative, cutting-edge ideas that have the potential to become great commercial successes and make huge societal impacts,” said Barry Johnson, Director of the NSF’s Division of Industrial Innovation and Partnerships. “We hope that this seed funding will spark solutions to some of the most important challenges of our time across all areas of science and technology.”
Instapath is now eligible to apply for a Phase II grant for up to $750,000, with up to $500,000 in additional matching funds with additional investments or sales.
“We are grateful to receive the prestigious STTR award from the National Science Foundation to further develop our technology,” said Dr. Mei Wang, CEO of Instapath. “This award is validation of the team’s hard work and dedication toward delivering a faster, more exact solution for biopsy diagnosis to cancer patients.”