Two Arkansas companies — Tocol Pharmaceuticals and Fauxsee Innovations — have been awarded state funding to support ongoing research and development, with assistance from the Arkansas Small Business and Technology Development Center. The Arkansas Economic Development Commission’s Division of Science and Technology recently announced awards.
“We are committed to providing entrepreneurs with exactly the right tools and assistance needed to convert research into jobs and companies because technology and innovation-based small businesses are important components of economic development in Arkansas,” said Michael Singleton, ASBTDC assistant state director and innovation program manager.
“Since traditional bank financing is generally not available to tech startups, alternative sources of funding are essential. With the support of ASBTDC and funding partners like AEDC, entrepreneurs increase their chances for success.”
Tocol, a spinout company of the University of Arkansas for Medical Sciences, will receive $50,000 through the Seed Capital Investment Program, which provides working capital for the startup or expansion of Arkansas technology-based companies.
The company, founded by Dr. Cesar Compadre and Dr. Philip Breen, has developed a plant-based compound that shows promise as a safe, effective method for protecting humans against exposure to radiation. Tocol’s next step is a formulation for oral use.
Fauxsee Innovations, based in Magnolia, received a $28,111 Technology Development Program award from AEDC to support the continued development of its navigation aid for the visually impaired, called Roboglasses. The Technology Development Program provides royalty financing for qualified science and technology based projects.
ASBTDC has helped six technology-based companies secure $281,861 through state channels in 2015. The center helps companies find and apply for early-stage funding through AEDC and Arkansas Development Finance Authority, guiding them through each step of the application process, reviewing business plans and budgets and communicating with the funding agencies.
ASBTDC’s assistance to Tocol and Fauxsee and its full array of services for science-and-technology-based small businesses are supported by a Federal and State Technology program grant from the U.S. Small Business Administration.