An elite $4 million grant received by the University of Kentucky, University of Louisville, Commonwealth Commercialization Center (C3) and the Kentucky Cabinet for Economic Development demonstrates the power of partnership while paving the way to bring dozens of new med-tech and health-related companies to life across the state in the coming years.
The four-year Research Evaluation and Commercialization Hub (REACH) grant from the National Institutes of Health will help fund a public-private consortium, the Kentucky Network for Innovation & Commercialization – KYNETIC. The new organization will use NIH funding to advance the most promising biomedical research innovations from the state’s eight public universities and the Kentucky Community & Technical College System. Ultimately, its goal is to create startups that commercialize the technologies for public benefit.
KYNETIC, whose founding members will contribute a $2.56 million direct-cost match, will also provide guidance and technical resources to advance the technologies toward commercialization. Additionally, KYNETIC will assist in scaling the resulting startups to help tackle some of the biggest health challenges facing the US population, such as cardiovascular disease, diabetes and cancer.
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