A small company in the Purdue Research Park is getting some big financial help. Medtric Biotech won a $150,000 grant from the National Science Foundation (NSF).
It’s designed to help small businesses finish development and commercialize of their product.
Medtric Biotech is working on a new type of antiseptic that targets bacteria which are antibiotic-resistant. President Sean Connell says their product would help patients being infected with potentially life-threatening bacteria.
“That they carry on themselves or acquire, which is difficult in treating because of resistance to antibiotics,” he says. “There’s a large market opportunity for our product as we’ve shown it can be effective against these bugs.”
He says the goal is to gain Food and Drug Administration approval, so they can start selling it in a clinical setting and over-the-counter. Connell says the funding also validates the work they’ve done.
“Other outside investors or potential partners will look at that as a kind of proof of concept and say, ‘You’ve been peer-reviewed by NSF. They back and are excited about it.’ That will help you get future investment as well.”
The $150,000 grant makes Medtric Biotech eligible to apply for a phase-two grant of $500,000.