Funds will be used to support vital
business operations and marketing efforts
NORMAN, OKLA. (February 1, 2006) – Patrick McCann, Ph.D., founder and president of Ekips Technologies, announced today that the company has closed a $2.4 million round of equity financing and received a $500,000 matching grant from the National Science Foundation through its Small Business Innovative Research (SBIR) Phase IIB program. Together, these funds will be used for product development, marketing efforts, and general business operations.
“With more than 80 percent of the investors coming from Oklahoma and with the original offering being oversubscribed by 45 percent shows the local community was very receptive to the investment opportunity,” McCann says. “Our success shows an earnest interest in the funding of promising early-stage companies in this region of the United States.”
Ekips has developed the Breathmeter (www.breathmeter.com) which measures biomarker molecules in exhaled breath. The Breathmeter contains a breath analysis sensor that uses a mid-infrared laser chip similar to the laser chips used in commercial DVD players. Breathmeter applications include asthma therapy monitoring, kidney function monitoring, and cancer detection. The potential ability of the Breathmeter to detect cancer is particularly compelling according to McCann, who points out the recent reports in the medical literature of dogs being able to “smell” cancer.
McCann adds that future product offerings could include laser-based sensors for measuring biomarker molecules in blood and urine samples. Successful development and commercialization of these laser-based chemical and biological sensors can create a new generation of point-of-care diagnostic tools that will help people live healthier lives. Ekips has several pending patents as well as exclusive licenses to five issued patents.
“It’s another sign of the potential for the burgeoning life sciences and biotech community in Oklahoma,” says William Paiva, Ph.D., managing director of Chisholm Private Capital Partners and manager of the Oklahoma Life Sciences Fund, which provided seed funding for Ekips.
The Breathmeter technology has received national attention in such publications as the Wall Street Journal, USA Weekend and Prevention magazine, and Dr. McCann’s presentation of Ekips’ innovative research was recently honored as “Best Paper” out of over 4,700 presentations at the Fall 2005 Materials Research Society (MRS) meeting in Boston.
“At OCAST we point with pride to companies such as Ekips that continue to tell the world that Oklahoma is a place where world-class research is done. The research is a proven commodity and the growing investment from beyond traditional sources validates that research,” said Michael Carolina, Executive Director, Oklahoma Center for the Advancement of Science and Technology.
The Breathmeter has already been actively used in numerous clinical research settings through a partnership with the Oklahoma Chapter of the American Lung Association. The technology will be featured at an upcoming Optical Society of America meeting, to be held on February 5-9, 2006 at Incline Village, NV. Ekips has attracted over $2.7 million in peer-reviewed federal and state research funding since its initiation of operations in 2001 after being spun out of the University of Oklahoma.
“Ekips continues to offer phenomenal benefits in critical applications for society. The innovative products like the Breathmeter will enhance human lives and demonstrate the leading role of academic achievement in economic development,” said Tom Landers, dean of the College of Engineering at the University of Oklahoma.
