PhillyInc: Total of $1.67 million awarded to 11 small firms

January 16, 2012|By Mike Armstrong, Inquirer Columnist

Small companies developing free online video games, devices to diagnose joint pain, and radio-frequency identification tags all received investments from a state-funded economic-development program.

All told, 11 firms raised a total of $1.67 million from the nonprofit Ben Franklin Technology Partners of Southeastern Pennsylvania.

The largest amount, $275,000, went to CD Diagnostics L.L.C., a Wynnewood company working on diagnostic test kits to help doctors analyze fluid at the site of patients' joint pain. The smallest amount, $50,000, went (appropriately enough) to a Philadelphia start-up called Tadpoles, which is trying to connect parents and child-care providers using mobile applications and e-mail.

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Three companies had gotten Ben Franklin funding previously. Holganix L.L.C., a Glen Mills maker of organic fertilizer, received $200,000 in the latest round. It had gotten $250,000 in February.

EyeIC Inc., a West Conshohocken firm founded in 2004 and based on technology from the University of Pennsylvania, got $150,000. The company uses imaging technology to monitor the progression of glaucoma and other eye diseases. It had previously received $575,000.

QR Pharma Inc., a Berwyn drug-development firm working on treatments for Alzheimer's and Parkinson's diseases, landed $110,000. Started in May 2008, the company had gotten $500,000 earlier.

Five of the 11 companies are in the medical-technology field, including Prezacor Inc., a Newtown, Bucks County, firm developing a pain-management patch that received $250,000, and Stabiliz Orthopaedics L.L.C., a Philadelphia developer of medical devices to treat bone fractures, which got $120,000.

RCD Technology Inc., of Quakertown, is the graybeard of the group, founded in 2001 and having spent its early years in a business incubator at Lehigh University in Bethlehem. The maker of specialized RFID tags received $160,000.

In contrast, Plehn Analytics Corp., an award-winner in Temple University's 2011 business-plan competition, is a newbie. It uses algorithms to crunch data from various government agencies into reports for the financial-services industry. One of those data sets just might show that Plehn received $150,000.

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