Friday, March 21, 2008

Ben Franklin to Invest $335,000 in Early-Stage Companies

The Ben Franklin Technology Partners of Northeastern Pennsylvania (BFTP/NEP) board approved investments of $335,000 in three Pennsylvania companies. BFTP/NEP is a state-funded economic development organization that links early-stage companies and established manufacturers with experts, universities, funding, and other resources to help them prosper through innovation.

BFTP/NEP plans to invest in the following companies:

Advanced-Tec Materials Corporation, Hazleton

Investment: $35,000

Provide strategic direction to this manufacturer of specialized industrial materials derived from coal-combustion by-products. Products incorporating these formulations include thermal insulation and fireproofing, environmentally-friendly “green" construction materials, shoe insoles, and various consumables in the automotive and cosmetic markets. Advanced-Tec will further develop its comprehensive business plan and its intellectual property strategy, and conduct material testing requisite for UL and other certifications.

Element ID, Inc., Bethlehem

Investment: $150,000

Test a new Radio Frequency Identification (RFID) reader prototype at several trial sites, and begin commercializing with a full-scale sales launch. Element ID’s readers utilize proprietary software that provides superior read rates and eliminates interference problems associated with other readers on the market. These RFID tag readers will be sold to material-handling companies worldwide.

Third Eye Diagnostics, Inc., Bethlehem

Investment: $150,000

Conduct prototype development and clinical studies leading to the commercialization of a medical device for non-invasively monitoring intracranial pressure. Intracranial pressure monitoring is a common tool for physicians treating patients with a severe head injury, intracranial hemorrhage, or swelling due to a stroke. This non-invasive technique substantially lowers patient risk and associated costs.

Ben Franklin Technology Partners of Northeastern
Pennsylvania (BFTP/NEP)
Laura S. Eppler, Director of Marketing, 610-758-5237

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