BioAccel and the City of Peoria announced that BioInspire has accepted a sixth company, Arizona based medical device startup Stimwave Technologies, Inc., into the medical device incubator facility in Peoria,.
Stimwave Technologies has received a $300,000 investment from BioAccel’s New Venture Development Program and will be a resident of the new incubator facility in Peoria, where it will utilize BioInspire’s exceptional laboratory spaces and advisory services.
Stimwave Technologies is a medical device company that develops that has developed novel wirelessly powered microimplantable stimulators for the neuromodulation field for pain relief. The company’s first novel device is a microstimulator placed through a needleless implantable device designed for patients suffering from chronic back and leg pain. Currently only wired solutions are available. The new device is 99% smaller in volume that the next smallest commercially available wired product on the market, and takes 75% less time for the clinician to place.
BioInspire, managed by BioAccel in partnership with the City of Peoria, is designed to foster and facilitate the development of medical device companies and to stimulate the development of products and spin-off companies in Peoria based on research conducted at other academic, public and private institutions.
“We are extremely pleased to be welcomed into the Bioinspire incubator to continue to apply our innovative technology to research new indications and support our transition to commercialization for our pain relief product,” said Laura Tyler Perryman, Founder and CEO of Stimwave. “Our commitment to superior patient care is unparalleled, and our goals are aligned with BioAccel to achieve the vision and purpose of BioInspire,” she said.
“The goal is to create knowledge-industry jobs and new companies that will drive and accelerate local economic development as well as bring novel medical devices more efficiently through the commercialization process,” said MaryAnn Guerra, CEO of BioAccel. “Stimwave is the kind of company that will drive job creation and growth through their scalable business plans and the products derived from their innovative research and accelerated commercialization.
“BioAccel is proud to be able to provide critical support for that effort through BioInspire, by providing funding, flexible office and lab space, business and regulator advisory services and expert mentoring critical to early stage companies.”
BioInspire’s Director Tom Rainey said that adding another company to the incubator space is a great sign of early success.
“We’re very excited to add a sixth company to the BioInspire family,” he said. “Considering that the incubator only opened in September, we are pleased with the number and quality of companies that have located within our space. It shows that BioInspire is achieving the goal of bringing growth and innovation to Peoria through these important medical device companies.”
Scott Whyte, City of Peoria Economic Development Services Director, said he is pleased with the success of BioInspire and glad to see more companies taking advantage of its resources.
“We’re delighted to welcome Stimwave to Peoria, and to see the BioInspire initiative take flight,” Whyte said. “As the client companies at BioInspire grow and graduate from the incubator program we are prepared to support their move into other commercial space within Peoria,” Whyte said. “This will serve as a significant economic engine for our local and regional economy, planting the seeds for future growth.”