$1M from state tech fund primes Alafair Biosciences for growth

May 16, 2014
Austin Business Journal

Alafair Biosciences Inc. has received the first $1 million of a $2 million grant from the Texas Emerging Technology Fund and plans to use the capital to continue work on the wound treatment devices it is developing with technology licensed from the University of Texas

John Joyoprayitno, Alafair’s chief operating officer, said the company will have to meet a series of benchmarks to receive another $1 million from TETF and then must raise another $2 million in matching funds within 30 months. Alafair was founded in 2011 and currently has five employees and operates out of space at the Austin Technology Incubator on Braker Lane

Prior to the TETF funding it had raised roughly $1.4 million in two rounds of funding. It has received approval for one patent and has five more pending

Joyoprayitno said the company’s goal is to develop a family of wound care devices that it could license to a larger life sciences company that already has manufacturing facilities and a sales force in place. Another possibility for the company is to be acquired

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