Sponsored Links
Texas`s Emerging Technology Fund Makes $250,000 Investment in SEMMT
* Reuters is not responsible for the content in this press release.
Company Plans to Market Innovative Surgical Kit for "Off-Bypass" LVAD Implantation HOUSTON--(Business Wire)-- SEMMT, Inc., a Houston-based medical device company, received an investment award of $250,000 presented by Governor Rick Perry as part of the Texas Emerging Technology Fund (TETF) award ceremony at the Houston Technology Center on Friday, June 5, 2009. As part of the TETF agreement, an additional $750,000 has been reserved for the company if it achieves specific milestones. SEMMT is developing tools and techniques that will revolutionize surgical methods of implanting left ventricular assist devices (LVAD). The SEMMT technology is a surgical kit that enables surgeons to implant LVADs on a beating heart without a heart lung machine, thereby eliminating the need to place the patient on cardiopulmonary bypass. The goal of the SEMMT technology is to make the procedure safer by reducing the risk of bypass-related complications and deaths. According to the Center for Medicare and Medicaid Services, in 2008, the US spent over $34.8 billion in the management of cardiovascular-related conditions. There are currently more than 5 million Americans suffering with congestive heart failure and 55,000 of these patients die each year. For many of these patients LVADs are the only viable long-term option. The low utilization of LVAD technology in 2008 (~3,700 units) is due in part to the perception that it is a procedure of last resort. Currently, many patients being referred for LVAD implantation are exposed to two major areas of increased risk: * Increased incidence of kidney, liver or lung failure resulting from systemic inflammatory response after being placed on cardiopulmonary bypass * Excessive bleeding following the use of anticoagulants for postoperative management "Our technology is an enabler and should accelerate the adoption and application of LVADs across the cardiovascular surgery community," said Mr. Morcho, President of SEMMT, Inc. "The TETF funds will help us accomplish key milestones and have our surgical kits ready for market by early 2011." Since April 2007, SEMMT has been managed by AlphaDev, LLC, a Houston-based early-stage life science management and investment company sponsored by Aquinas Companies, LLC. As part of its management and investment agreement with SEMMT, AlphaDev has provided both capital and active managers to validate the SEMMT technology concept and help advance SEMMT`s product development plan. "The AlphaDev approach, with their experienced management, has proven to be a capital-efficient method of developing our company effectively in this tough economic climate," said William E. Cohn, MD, SEMMT co-founder, serial inventor and leading Cardiovascular Surgeon with the Texas Heart Institute in Houston, TX. SEMMT, Inc. President Ngu H. Morcho, MBA, 713-966-5829 ngu.morcho@semmtinc.com ngu.morcho@alphadevllc.com www.semmtinc.com or AlphaDev, LLC Dr. Martin Lindenberg, 832 545-5392 martinL@alphadevllc.com www.alphadevllc.com or Texas Emerging Technology Fund http://www.emergingtechfund.com Copyright Business Wire 2009
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.



Follow Reuters