SmartTab Receives $250,000 Colorado Matching Grant to Push Medical Innovation
Medical company, SmartTab, created a wireless remote controlled drug delivery system and received a grant from the Colorado Office of Economic Development and International Trade (OEDIT)
DENVER—SmartTab was selected to receive funding from OEDIT’s Advanced Industries Accelerator Grant Program. This highly competitive grant allocates funds to recipients during the grant cycle of 2021 for Proof-of-Concept and Early Stage Capital and Retention Grants. These funds support Colorado’s advanced industries to push innovation.
SmartTab is the first wireless powered and controlled ingestible electronic capsule drug delivery system on the market. It has been patented, completed PK Pre-Clinical Animal studies and planning additional studies.
“The Advanced Industries grants expand Colorado’s vital innovation ecosystem that supports our economic growth […] These innovative companies create jobs and leverage additional investment in Colorado, and are even more important as the nation focuses on economic recovery.” – Katie Woslager Senior Manager, Advanced Industries
Proof-of-Concept grants are available to Colorado-based: research universities, federal labs (in Colorado), and labs with valid technology transfer offices in Colorado for pre-commercialization research and commercialization preparation. Early Stage Capital and Retention grants help companies to commercialize innovative technologies so that they can create viable products that meet market needs and can be created or manufactured in Colorado and exported globally.
The AI Accelerator Grant program had 100 applications this grant cycle. Twenty-four companies were invited to participate in a pitch session in October. Final recommendations were approved by the Economic Development Commission on November 19, 2020.
“SmartTab is honored and inspired by OEDIT awarding us the Advanced Industries Accelerator Grant. This shows that Colorado believes in us, and we believe in Colorado. That's why we are excited to grow with this great state as we revolutionize medication delivery for the people that need it most."—Robert Niichel, SmartTab Founder & CEO
With 72% of all prescription drugs’ consumption not compliant and $285 billion lost annually due to patient non-compliance, SmartTab will make a profound impact on healthcare delivery. Patient benefits include decreased healthcare costs, specific body site delivery, OnDemand delivery timing, increased drug compliance, real-time monitoring, integration with Internet of Medical Things (IoMT).
SmartTab Product Overview
- Ingestible, wireless, remote-controlled and powered drug delivery as a capsule
- Swallowed by patient, traveling through gastrointestinal tract
- Releases therapeutics at the right place at the right time
- Relays real-time data to doctors, apps, and mobile devices
About Veloce Corporation (SmartTab) – Denver, CO – SmartTab is on a mission to advance digital drug delivery systems for effective therapies that improve patient outcomes. A patient-centered wireless drug delivery platform comprised of an ingestible capsule with a microprocessor, proprietary smart polymer actuator, and active ingredients. Starting with TargetTab for precise targeted drug delivery to the colon and then InjectTab, a biologics delivery system, making needles and syringes a thing of the past.
Check out the full press release on PR Newswire.