TNInvestco portfolios: Hapten, ConsensusPoint, iScreen, Cagenix updates
By Milt Capps
Several TNInvestco funds and their portfolio companies are reporting investments or hires.
Consensus Point, the predictive-markets firm led by CEO Linda Rebrovick and fueled in part by investment of at least $500,000 from TNInvestco NEST-TN, announced the company has hired Brian Evans as vice president for business development. Evans was previously co-founder of FanLab, a sponsorship research and measurement firm that supported numerous major brands. He earned his bachelor's in managerial economics at Hampden-Sydney College.
Among the latest funding commitments: Tennessee Angel Fund (Nashville) invested $750,000 in Inova Payroll, the startup led by payroll-processing veteran Farsheed Ferdowsi. Ferdowsi told VNC Aug. 6 that his raise totaled $4.2 million from 25 individuals and entities and the round is closed. VNC's earlier story on Inova Payroll.
► Also, Limestone Fund (Nashville) invested $333,333 in Pathfinder Therapeutics, the oft-favored image-guided surgery company, which had previously attracted more than $2 million in TNInvestco funding from Limestone and TriStar funds.
► Innova Fund II reported it has invested $255,000 in iScreen Vision, which offers a pediatric vision-screening solution; and, $500,001 in Cagenix, bringing its total in Cagenix to $570,000. Cagenix designs and fabricates devices and components for dental implants.
In addition, Memphis Biomed Ventures Tennessee (MBVT) announced it has invested $800,000 in Hapten Sciences, in Memphis. Just a month ago, MB announced its first TNInvestco investment, in Veracity.
MB Ventures' Gary Stevenson told VNC that Hapten is developing an injectable pharmaceutical preventative that would, as currently planned, be injected perhaps yearly to ward-off allergic responses to poison ivy, sumac or oak. The Hapten concept faces development, animal and human trials and the required review by the Food and Drug Administration. Hapten's core asset is intellectual property licensed from the University of Mississippi, said Stevenson. Hapten was founded by CEO Ray Hage, a biotechnology veteran previously associated with Novavax and Treasurer Gary Prosterman.
For earlier investments by these funds in these and other companies, please see our July 11 estimate of TNInvestco investments. VNC