BioFront Technologies Receives Funding Through Florida Institute Seed Capital Accelerator Program
Company Based on Technology Developed at Florida State University
Gainesville and Boca Raton, FL – May 23, 2013 -The Institute for the Commercialization of Public Research (the Institute) announced today that it has finalized a funding agreement with BioFront Technologies, producers of diagnostic kits and reagents that detect viral and allergenic proteins for food safety and infectious disease markets. Working with Florida’s research universities and institutions to support new company creation and job growth, the Institute’s Seed Capital Accelerator Program bridges early funding gaps, requiring recipients to raise private matching investment which enables them to reach critical development milestones and get to market quicker.
The company has developed affordable detection kits that identify potential allergens in food products, and the Hepatitis C virus in infected cells. Since its inception in 2010, BioFront has successfully launched over 15 commercial products within the fields of Allergy and Infectious Disease, based on technology licensed through Florida State University. BioFront has sold antibodies to some of the healthcare industry leaders, and several large food manufacturers have expressed interest in the company’s allergen products.
“Our goal is to provide scientists in academia, industry, and medicine with innovative tools suited to meet their demanding research needs,” said Jason Robotham, Ph.D., BioFront President and CEO. “We are focused on becoming a reliable resource of goods and services within the fields of virology and immunology by offering our customers efficient and affordable solutions, and are positioned to create a solid presence in the biotech marketplace.”
“BioFront is addressing a critical and growing need in the food service industry concerning detection of allergen contamination in food products,” said Jamie Grooms, Institute CEO. “The company is already generating revenue, and funding through our program will enable BioFront to continue product development and expand into new and growing markets.”
About the Institute
Formed by the Florida Legislature in 2007, the Institute for Commercialization of Public Research is a non-profit organization that works collaboratively with the technology licensing and commercialization offices of Florida’s state universities and private research institutions to leverage a $2B+ research base and form investable companies that create clean jobs in new industries that are driving the global economy. Over 100 new company projects have been identified across the state, and in 2011 the Institute began deploying a $10M Seed Capital Accelerator Program which provides “repayable upon liquidity” loans to qualifying companies who must match the funding with private investment capital. Sixteen companies have been funded since the program’s inception.
About BioFront Technologies
BioFront Technologies produces kits and provides services aimed at the detection of food allergens and infectious diseases in client samples. Since its inception in 2010, BioFront has successfully launched over 15 commercial products within the fields of Allergy and Infectious Disease. One such technology that BioFront has helped to develop and bring to the forefront of various markets is the use of monoclonal antibodies as the basis for protein detection kits aimed at detecting contaminating amounts of potentially allergenic tree nut proteins in various food products. www.biofronttech.com.