NEW YORK (GenomeWeb News) – The National Cancer Institute will pump $10 million in 2010 into Small Business Innovation Research Bridge Awards, which it will use to fund development of cancer diagnostics, therapies, and imaging technologies.
This funding program is used to help small businesses make their way through the funding gap referred to as the "valley of death" between the end of SBIR Phase II funding and later financing rounds that are necessary to move a product or service on toward the market.
NCI said on Tuesday that this new award opportunity will fund as many as ten small business projects. The most recent Bridge Awards averaged around $3 million, and went to fund Lpath Therapeutics; OptaSonics; Guided Therapeutics; Gamma Medica-Ideas; Altor BioScience; and Koning Corporation.
NCI said that the Bridge Awards are "a cutting-edge new model" enabling investors and NCI to "share in the investment risk in order to accelerate the most promising small business innovations to commercialization."