CardioWise™ Receives Supplemental Grant from the National Science Foundation
Cardiac diagnostic imaging company to continue development of analysis software that produces quantified, three-dimensional views of the heart
FAYETTEVILLE, Ark.– June 27, 2013 – CardioWise, Inc. has received a National Science Foundation (NSF) Phase IB Small Business Innovation Research grant of $30,000 to continue the development and commercialization of a non-invasive analysis method for detection of heart disease. This award follows and builds on the successful achievement of milestones in a Phase I grant of $150,000 received by the company in January.
The Phase IB award is a supplement that can be granted if the recipient has demonstrated to the NSF that it has made good progress with the Phase I study, and was able to attract private investment in the firm. CardioWise closed funding from individual angel investors, as well as the VIC Growth Fund, an Arkansas investment fund established for the sole purpose of investing in early stage, high-growth potential technology companies.
Under the direction of Geoffrey Dalbow, Principle Investigator and Chief Technology Officer of CardioWise, the team will further refine Multiparametric Strain (MPS™), its patent-pending, non-invasive Cardiac Magnetic Resonance Imaging analysis software.
“Geoffrey’s extensive experience in this area and his connections to industry leaders have supported our efforts to commercialize this promising new platform,” said Jack Coats, CEO of CardioWise. “We are excited about the future of CardioWise and its potential to positively impact cardiac health.”
The MPS™ software currently under development by CardioWise is uniquely capable of analyzing the movement of the heart captured by cardiac MRI images. The parts of the heart with damage have abnormal movement patterns and the post-MRI analysis clearly shows where and to what degree the muscle has been damaged. Unlike many other diagnostic tests, MRI with the CardioWise analysis poses no risk to the patient, and subsequent tests can be accurately compared to previous tests to see how treatment is working.
NSF Phase I project completion will make CardioWise eligible to compete for a Phase II project and award of up to $750,000.
CardioWise™ is commercializing patent-pending, non-invasive Cardiac Magnetic Resonance Imaging (cMRI) analysis software that produces a quantified 3D image model of the human heart, called Multiparametric Strain (MPS™) heart analysis. CardioWise heart analysis software combined with cardiac MRI is a single diagnostic test that is able to provide quantitative analysis of the myocardium, arteries and valves with an unprecedented level of detail. It has the opportunity to become the new gold standard of care for heart health analysis. CardioWise™ is a VIC Technology Venture Development™ portfolio company.