Governor Abigail Spanberger today announced a $2.4 million investment in Virginia’s life sciences ecosystem through Virginia Catalyst’s highly competitive grant program, benefiting three start-up companies at the forefront of biomedical innovation. These non-dilutive grants are designed to commercialize innovations stemming from collaborative life science and bioscience efforts at Virginia universities.
Virginia Catalyst, established in 2013 by the Virginia General Assembly and five premiere research institutions, facilitates these crucial partnerships. Governor Spanberger said, “Virginia is setting the standard for bioscience innovation in the United States with our committed investment, partnership, and focus on advancements in both the public and private sectors.”
This 19th round of funding brings Virginia Catalyst's total awards to 75 grants, amounting to $40 million, which has generated nearly $60 million in matching funds and over $700 million in follow-on funding, creating 450 jobs. Secretary of Commerce and Trade Carrie Chenery emphasized that Virginia’s economic growth relies on "bold ideas, committed partnerships, and intentional investment in people and projects."
The three awardees, each receiving $800,000, include Pascal Medical Corporation for its ClickGel™ FDA submission package, Perfusion Medical for demonstrating blood conservation with PM-208, and Sonogen Medical for first-in-human testing of an AI/ML-enabled ultrasonic bone fracture healing device. These projects involve collaborations between the University of Virginia, Virginia Commonwealth University, Virginia Tech, and Old Dominion University.
Mike Grisham, CEO of Virginia Catalyst, highlighted that the mission is to establish collaborations that drive economic development and strengthen Virginia’s competitive position in the life sciences, fostering medical breakthroughs and high-paying jobs.