eTect Closes On Funding From The Florida Technology Seed Capital Fund

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eTect, a Gainesville biotechnology startup developing in vivo communication devices which incorporate technology licensed from the University of Florida, has closed on funding from the Florida Technology Seed Capital Fund, a subsidiary of the Institute for Commercialization of Public Research.  No financial terms were disclosed.  eTect’s first product, ID-Cap, is a capsule that enables real time monitoring of medication compliance. ID-Cap includes a thin pill capsule wrapper with a microminiature transmitter, antenna and a power source fueled by body fluids. When the patient swallows the pill capsule, the wrapper sends a digital wireless confirmation message  to a wristband or bedside receiver. eTect received earlier funding through the Institute’s Seed Capital Accelerator Program in 2012 which enabled the company to reach key development milestones and attract additional capital. According to Eric Buffkin, eTect president and chief operating officer, “Early funding provided by the Institute enabled eTect to complete prototype development and early trials as well as raise additional capital, which positioned us for important industry partnerships that have enabled the company to continue down the path towards commercialization.” According to Jamie Grooms, Institute CEO, “eTect is capitalizing on this unaddressed market opportunity to enable a new universe of connected devices which have the potential to create tremendous savings in the healthcare industry. The Institute is pleased to support eTect’s market launch and revenue generation efforts, and looks forward to the company’s continued success.” Read more here.