StabiLux Biosciences, a company founded by Michigan Technological University physics professor Yoke Khin Yap, has recently been awarded more than $650,000.
The funds are from America’s Seed Fund, powered by the National Science Foundation (NSF) Small Business Innovation Research/Small Business Technology Transfer (SBIR/STTR) program, and the Invest Michigan's University Commercialization Fund (UCF).
Yap says, "these funds will be used to support commercialization of high-brightness fluorophores, chemical compounds that can re-emit light upon light excitement, for use in multi- color flow cytometry, a laser-based fluorescence technique for medical diagnostics and analysis.”
StabiLux was awarded a $600,000 grant from NSF-STTR phase II to commercialize this innovative technology by conducting research and development for biomedical applications.
The Invest Michigan UCF provides funding to early-stage companies for the commercialization of technologies originating from Michigan's 15 public universities.
Yap says the new funding will help mature and de-risk the technology, making the company a more attractive strategic partner.
StabiLux is one of a growing number of high-tech startups that are thriving in the UP technology marketplace known as Innovation Shore.
"Prior support from programs managed by the Michigan Economic Development Corporation Michigan Translational Research and Commercialization Program (MTRAC), Technology Transfer Network (T3N), Michigan Emerging Technologies Fund (ETF), Business Accelerator Fund (BAF) and the Small Company Innovation Program/Technology and Commercialization Assistance (SCIP/TCA), have contributed to the company's success,” says Yap.
Commercialization of Research
“The StabiLux startup path supports Michigan Tech's commercialization strategy that emphasizes milestone-based development and customer discovery as the new go-to model for successfully commercializing University research discoveries," he added.
The UCF, MTRAC, T3N, BAF and SCIPTAC programs are funded by the Michigan Strategic Fund with program oversight by the Michigan Economic Development Corporation. America’s Seed Fund, powered by the NSF, provides funding for research and development, helping small businesses move innovations out of the lab and into the marketplace and transforming scientific discovery into products and services with commercial and societal impact.
The business development of StabiLux is supported by Steve Tokarz, current CEO-in- residence, and a seasoned entrepreneur working as a mentor-in-residence through Michigan Tech’s Office of Innovation and Commercialization. Nazmiye Yapici, former Michigan Tech graduate student in chemistry, serves as principle chemist and leads product development. Jon Leinonen from Michigan Tech’s School of Business and Economics provides business development expertise based on his past experience with finance, startups and technical incubators.
StabiLux Biosciences will commercialize their high-brightness fluorophores under the registered trademark of NovoLux.
Michigan Technological University is a public research university founded in 1885 in Houghton, Michigan, and is home to more than 7,000 students from 55 countries around the world. Consistently ranked among the best universities in the country for return on investment, the University offers more than 125 undergraduate and graduate degree programs in science and technology, engineering, computing, forestry, business and economics, health professions, humanities, mathematics, social sciences, and the arts. The rural campus is situated just miles from Lake Superior in Michigan's Upper Peninsula, offering year-round opportunities for outdoor adventure.