Today, the Cancer Prevention and Research Institute of Texas (CPRIT) is unveiling a new award mechanism targeting early-stage oncology startup companies. Under this program, known as the Seed Award, companies can apply for up to $3 million in nondilutive funding to support development of innovative cancer therapeutics, diagnostics or tools.
The Seed Award is designed for projects that are too early in their development to be competitive for CPRIT’s two other Product Development awards: the Texas Company Award and the Company Relocation Award. The goal of the Seed Award is to assist startups in bridging the gap between translational research and product development, thus bringing disruptive cancer-fighting technologies to market.
To qualify for up to $3 million in project funding, companies must currently be based in Texas or commit to relocate to Texas upon receipt of award. Companies interested in this award will need to apply and undergo CPRIT’s peer review process.