Governor Spanberger Announces $2.4 Million in Grants for Virginia’s Biomedical Innovation Ecosystem

RICHMOND, VA - Governor Abigail Spanberger today announced a $2.4 million investment in Virginia's life sciences ecosystem through Virginia Catalyst's highly competitive grant program. Virginia Catalyst was founded in 2013 as Virginia's research consortium through the efforts of the Virginia General Assembly and five of Virginia's premiere research institutions.

These non-dilutive grants - funding that does not require the company to surrender equity - will go to three start-up companies that are at the forefront of biomedical innovation. The projects reflect collaborative life science and bioscience efforts focused on commercializing innovations from Virginia universities.

"Virginia is setting the standard for bioscience innovation in the United States with our committed investment, partnership, and focus on advancements in both the public and private sectors," said Governor Abigail Spanberger. "The awardees selected for Virginia Catalyst's highly competitive new round of funding exemplify the Commonwealth's unwavering commitment to supporting groundbreaking ideas encouraging visionary solutions to continue flourishing here in Virginia."

"Virginia's economic growth depends on bold ideas, committed partnerships, and intentional investment in people and projects that will propel the Commonwealth forward," said Secretary of Commerce and Trade Carrie Chenery. "Virginia Catalyst's 19th round of funding is an example of this approach, highlighting collaborative university-based research that can turn ideas into tangible products, thereby strengthening Virginia's economy and encouraging further investment within the Commonwealth."

With this latest round of funding - the organization's 19th since December 2013 - Virginia Catalyst has awarded 75 grants totaling $40 million, resulting in nearly $60 million in matching funds and more than $700 million in follow-on funding. These investments have resulted in the creation of 450 jobs in Virginia's life sciences. To be eligible for a grant, projects must demonstrate substantive collaboration between at least two of the universities that make up the research consortium: the University of Virginia, Virginia Commonwealth University, Virginia Tech, George Mason University, and Old Dominion University.

"World class research, entrepreneurial management, and capital are the foundations for Virginia's continued success in medical breakthroughs and creating high paying jobs for Virginians," said Mike Grisham, CEO of Virginia Catalyst. "The Virginia Catalyst mission is to help establish these collaborations to drive economic development and strengthen Virginia's competitive position in the life sciences."

Virginia Catalyst Grant Round 19 Awardees

Pascal Medical Corporation - VCU - UVA | $800,000

Project: "FDA PMA Submission Package for ClickGel™ to Enable a Human Investigational Device Exemption Study"

"This funding is a major milestone for Pascal," said Tom Gardner, Pascal's CEO. "It allows us to move ClickGel into critical surgical testing and accelerate our timeline toward FDA submission, bringing a new standard of care much closer to patients. By backing our pivotal GLP studies and manufacturing scale-up, Virginia Catalyst is providing the exact support needed to turn this breakthrough platform into a commercial reality, while continuing to build Virginia's reputation for development of medical innovation."

Perfusion Medical - VCU - UVA | $800,000

Project: "Demonstrating Blood Conservation with PM-208"

"Perfusion Medical is grateful for Virginia Catalyst's support as we advance PM-208, a first-in-class IV resuscitation therapy for shock and ischemia" said Gerard Eldering, CEO, Perfusion Medical. "Invented by Martin J. Mangino, Ph.D., and his team at Virginia Commonwealth University, this collaborative project includes Andrew E. Muck, M.D., and his team at the University of Virginia and complements the significant U.S. military support of PM-208's development to date. With a specific focus on demonstrating the blood-sparing potential of this critical lifesaving drug across a wide range of trauma situations, this project is particularly relevant to Virginia's rural communities, which can face higher barriers to care."

Sonogen Medical - UVA - VT - ODU | $800,000

Project: "First in-human testing of an AI/ML-enable therapeutic and diagnostic ultrasonic bone fracture healing device"

"Sonogen Medical is extremely excited to be a recipient of a Virginia Catalyst award to support our mission to transform fracture care," said Jason Winder, CEO, Sonogen Medical, Inc. "Working in partnership with Dr. David Weiss at the University of Virginia, Dr. Hoda Eldadiry at Virginia Tech, and Dr. Michel Audette at Old Dominion University, we will conduct a first-in-human study of a novel ultrasound platform designed to both accelerate bone fracture healing and provide real-time healing assessment. This collaboration brings together Virginia's strengths in clinical medicine, artificial intelligence, and biomedical engineering to address a significant unmet need affecting millions of fracture patients each year."

About Virginia Catalyst

The Virginia Biosciences Health Research Corporation (VBHRC) - which does business as Virginia Catalyst - is a non-profit organization created by the Commonwealth of Virginia in 2013. VBHRC has a vision of advancing life sciences throughout Virginia as a means of addressing large unmet medical needs to improve human health and to create high-paying jobs throughout the Commonwealth. VBHRC's work is funded by the Virginia General Assembly and five public member institutions: the University of Virginia, Virginia Commonwealth University, Virginia Tech, George Mason University, and Old Dominion University. Virginia Catalyst has funding opportunities to support collaborative projects in the Commonwealth. For more information, visit https://www.virginiacatalyst.org.

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