Minnesota – Swanson Reed | Specialist R&D Tax Advisors

Niron Magnetics Reach Commercial Scale

Microbeam Technologies Awarded $250K in Funding

Niron Magnetics, a Minnesota startup, has launched their rare earth-free permanent magnets to commercial scale. The company’s goal is to liberate wind turbines from their existing dependency on Chinese raw materials.

Niron’s clean earth magnets rely on proprietary manufacturing processes, nanomaterials, and metallurgical methods to achieve stability and performance.

“With the official opening of our commercial pilot plant, we’ve taken a significant step towards establishing a reliable, domestic supply of high-performance magnets critical for US national security, while launching the next generation of clean energy technologies and sustainable manufacturing,” said CEO Jonathan Rowntree.

High performance applications, like wind turbines, have traditionally relied on rare earth materials, like neodymium. Unfortunately, the mining, extraction, and manufacturing processes for these materials are labor intensive and environmentally damaging. Niron Magnetics’ solutions remove this reliance, building a more robust solution without compromising performance.

Are you developing new technology for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

Melodi Health Secures $10.75M in Series A Funding

Melodi Health, a Minneapolis-based medical device company, has secured $10.75 million in Series A funding which saw participation from HM Venture Partners, Engage Venture Partners, Southeast Minnesota Capital Fund, and Three Bridges Private Capital.

Melodi Health plans to direct the new funds towards clinical activities and additional product development efforts that align with their mission of transforming reconstructive surgery for women.

At present, 1 in 4 breast reconstructions experience complications. With 157,000 women choosing breast reconstruction after mastectomy each year, this is a high number of women experiencing complications each year.

So far, Melodi Health has developed their Melodi Matrix™, a clinical stage soft tissue support device that elutes antibiotics and absorbs into the body. This delivers soft tissue support immediately after reconstruction.

The company also announced the launch of the “ARIA” investigational device exemption (IDE) trial, a multicenter, nationwide, randomized, controlled study evaluating the safety and efficacy of the Melodi Matrix™ to support an FDA Approval for an indication in breast reconstruction. The Melodi Matrix technology was licensed from Medtronic.

Are you developing new technology for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

Fueling Innovation: iVEAcare Raises $27.5M to Advance Neuromodulation Therapy

iVEAcare, Inc., a pioneer in neuromodulation technology, has announced the successful close of a $27.5 million Series A financing round. Led by Vensana Capital, with participation from Treo Ventures, Hatteras Venture Partners, and an undisclosed strategic partner, this funding marks a significant milestone for the Minneapolis-based medical device company.

The company, the third spin-off from NuXcel, a renowned medical device accelerator, is dedicated to developing and commercializing next-generation neuromodulation technologies for treating chronic diseases. With this substantial investment, iVEAcare aims to propel its innovative neuromodulation therapy into the forefront of medical advancement.

Alongside the funding announcement, iVEAcare has appointed Todd Kerkow as President and CEO. With nearly three decades of experience in the medical device industry, including stints at Guidant, Cameron Health, Boston Scientific, and Cardionomic, Kerkow brings a wealth of expertise to lead the company forward.

Expressing excitement about the future, Kerkow emphasized the importance of the experienced investor group supporting iVEAcare. He envisions this Series A financing as a pivotal step towards delivering innovative neuromodulation therapy to patients and clinicians alike.

Amrinder Singh and Kirk Nielsen of Vensana Capital echoed Kerkow’s sentiments, highlighting the significance of neuromodulation as a frontier in medicine. They see iVEAcare’s technology as a potential best-in-class therapy with the power to impact countless patients positively.

With strong support from seasoned investors and a dedicated team at the helm, iVEAcare is poised to revolutionize neuromodulation therapy and make significant strides in improving patient outcomes.

Are you developing new technology for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

Revolutionizing Healthcare: Inbound Health Secures $30M in Series B Funding

Home Hospital Newco, Inc. (DBA Inbound Health), a Minneapolis-based company that facilitates acute and post-acute care in the comfort of patients’ homes, has recently announced a successful $30 million Series B funding round. Leading this investment is HealthQuest Capital, with continued support from existing investors Flare Capital Partners and McKesson Ventures.

In a healthcare landscape where the home is increasingly becoming a focal point for care, Inbound Health is at the forefront of enabling health systems to provide advanced care services outside of traditional clinical settings. The programs powered by Inbound Health are not just innovative; they are yielding remarkable clinical, operational, and financial benefits for partnering health systems.

One of the most crucial aspects of these advanced care-at-home models is their ability to reduce healthcare costs significantly. By lowering the length of hospital stays, readmission rates, and avoidable complication rates (such as infections and delirium), Inbound Health is aligning economic interests with health system partners through a value-based care approach.

Dave Kerwar, CEO of Inbound Health, expressed his excitement about this funding, stating, “In partnership with leading health systems around the country, we are committed to advancing our clinical, operating, and technology assets to scale high-quality, advanced care in the home.”

The Series B financing will support Inbound Health’s expansion into new markets, further development of clinical programs, and the evolution of its proprietary technology and advanced analytics platform. The company will also continue to build customized operating assets, focusing on supply chain optimization, labor management, and logistics.

What sets Inbound Health apart is its comprehensive platform, which includes all the necessary capabilities to deliver home-based advanced care at scale. This encompasses clinical expertise, technology solutions, managed care services, supply chain partnerships, and labor management.

Garheng Kong, Managing Partner at HealthQuest Capital, highlighted the significance of Inbound Health’s innovative solution. He said, “Inbound Health’s innovative solution addresses a pressing need within our healthcare system by enabling patients to receive high-quality care in the comfort of their homes, thereby enhancing the overall patient experience and creating a solution that benefits all stakeholders.”

With a flexible partnership structure, Inbound Health empowers its customers to leverage their existing assets and capabilities while relying on the company to bridge the gaps required to scale these revolutionary programs across their service areas.

To date, Inbound Health has positively impacted over 4,200 patients with 185 primary diagnoses, particularly through its operational partnership with Allina Health since May 2020. The program integrates biometric monitoring, digital surveillance, in-home nursing and therapy, virtual visits, and a comprehensive supply chain to deliver safe, high-quality care.

Inbound Health’s mission to transform healthcare by delivering exceptional care directly to patients’ homes continues to gain momentum, and this latest funding round is a testament to the company’s dedication to reshaping the future of healthcare delivery.

Are you developing new technology for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

Miromatrix Reports Promising Results and Advances in Bioengineering Fully Transplantable Organs

Miromatrix Medical Inc. has released a corporate update along with their 2022 financial report. The company’s primary objective for the year ahead is the initiation of a Phase 1 clinical trial for miroliverELAP. This new bioengineered organ technology, which is focused on providing patients with acute liver failure access to fully transplantable organs, is a significant milestone that, once achieved, will provide vital validation. The company is also concentrating the majority of its resources on miroliverELAP™ to achieve the clearance for IND (investigational new drug) to enable testing by the end of 2023.

Miromatrix has a collaborative research agreement with Baxter International Inc. relating to miroliverELAP™, which it announced on February 1, 2023. miroliverELAP™ is a liver therapy which combines Miromatrix’ single-use bioengineered liver with Baxter’s PrisMax system. The Phase I clinical trial will look to treat patients suffering from acute liver failure. The company has also revealed that presentations have been selected for the American Transplant Congress in June 2023, which will relate to mirokidney and miroliverELAP™.

Miromatrix Medical is making significant progress in bioengineering fully transplantable human organs to address the shortage of available organs. The company’s focus on miroliverELAP™ and the initiation of a Phase 1 clinical trial for this technology is a major milestone that will provide validation for its bioengineering technology platform.

Are you developing new technology for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

SkyWater Technology Announces Plans to Pursue Federal Funding for Domestic Chip Manufacturing

Minnesota-based SkyWater Technology has announced their plans to pursue financing from a federal program to promote domestic chip manufacturing under a public-private partnership with Purdue University and the state of Indiana. The proposed project, valued at $1.8 billion, would include research and development capabilities and semiconductor production operations.

SkyWater has built a Technology as a Service model to streamline their customer’s various production paths including development services, volume production and heterogeneous integration solutions. With this model in place, innovators are able to co-create the next wave of technology with diverse categories including mixed-signal CMOS, ROICs, rad-hard ICs, power discretes, MEMS, superconducting ICs, photonics, carbon nanotubes and interposers.

The newly proposed factory would complement the company’s existing facilities in Minnesota and Florida. The co-investment model meant to support it would ensure federal resources go toward advanced technologies, new tools, and scaled production.

The intention for the next-gen fab location is to provide “mass customization” for innovating electronics solutions. Not only will the facility bolster U.S. chip production, it would ensure the security of intellectual property and support a stronger supply chain. Indiana will see more benefits with the creation of 750 new jobs over 5 years.

Are you developing new technology for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

Flywheel to Serve as Research Platform in Study on Pediatric Brain Development in Low- and Middle-Income Countries

Georgia Patent of the Month - January 2022

Flywheel, founded in 2010, is rapidly emerging as a platform of choice for researchers interested in the use of imaging research and machine learning. The company has recently received a grant from the Bill & Melinda Gates Foundation to support research on the neurodevelopmental health of children growing up in poverty and other adverse environments in low- and middle-income countries (LMICs).

This data management platform has focused on powering healthcare innovation by accelerating collaboration between partners, enabling machine learning, and streamlining the daunting task of data aggregation, curation, and management.

With their unique technology and expertise, the company will utilize the multi-year grant to provide a centralized, cloud-based research infrastructure to an international cohort of researchers led by King’s College London.

The research will be conducted by distributed research teams, each of which will use Flywheel to curate, share, and analyze MRI scans of young children between the ages of 0 and 24 months across 25 LMICs in Africa and Asia. The use of Flywheel is intended to reduce the constant IT burdens and data sharing restrictions normally experienced in multi-site initiatives of this size.

“We are honored to participate in this important project,” said Can Akgun, PhD, Senior Vice President of Business Development at Flywheel. “By leveraging our comprehensive research data solution, the team will now focus on gaining a deeper understanding of pediatric brain development rather than spending valuable time on management of data and computational workflows. We believe this research effort will make a major contribution to improving the health of future generations.”

Are you developing new technology for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

ANI Pharmaceuticals Completes Acquisition of Novitium Pharma

ANI Pharmaceuticals, Inc. has successfully completed the acquisition of Novitium Pharma, a New-Jersey-based pharmaceutical company.

Based in Baudette, Minnesota, ANI Pharmaceuticals is an integrated specialty pharmaceutical company developing, manufacturing, and marketing high quality branded and generic prescription pharmaceuticals.

With the combined forces of Novitium and ANI Pharmaceuticals, the company is looking forward to expanded R&D capabilities. The acquisition brings aboard a world-class R&D engine in the generic and 505(b)(2) sectors as well as a highly-compliant US based manufacturing facility. With these additions, they are well positioned for sustainable growth.

“ANI is thrilled to welcome the expertise and leadership of Novitium’s founders, Samy Shanmugam, Chad Gassert and Vijay Thorappadi, along with over 100 talented and dedicated employees, who have joined the ANI team. Our robust product pipeline includes several more CGT and 505 (b)(2) candidates and will be further expanded to maximize the value of our bolstered R&D engine,” said Nikhil Lalwani, President and Chief Executive Officer of ANI.

Are you developing new pharmaceuticals for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

FastWave Medical Closes Series Pre-A Financing

FastWave Medical has recently closed their Series Pre-A financing round, following its recent acquisition by China Grand Pharmaceutical and Healthcare Holdings.

Minneapolis-based FastWave Medical is a biomedical company focused on developing novel intravascular devices that are safe, efficacious, and cost-effective.They have announced that these funds will be directed towards advancing their research and development and to achieve key regulatory initiatives for its endovascular therapies to treat calcific artery disease.

The acquisition by China Grand Pharmaceutical was previously announced on August 2. China Grand Pharmaceutical will acquire 100% equity of FastWave Medical with up to a total of $72 million by phases and will invest up to total $8 million for supporting and jointly developing an intravascular shockwave calcification treatment system.

The acquisition, along with the funding, will be contingent on FastWave Medical’s progress and completion of key technical, clinical and regulatory milestones.

Are you developing new software for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

Goodness Growth to Enter Psychedelic Research

Following success in cannabis research, Minnesota-based Goodness Growth Inc. has announced their plans to enter the psychedelics world. They intend to initiate clinical research into plant-based psychedelic medicine. This research will be conducted by their subsidiary, Resurgent Biosciences.

Resurgent Biosciences is a non-plant touching entity, which focuses on developing naturally-derived medicines, therapies, products, and technologies for use in health, wellness, and recreation. Psychedelics have been an increasingly popular topic of research, as their benefits are being uncovered in areas like mental health and anxiety treatment. Recent studies have been published highlighting the efficacy of psilocybin as a treatment for depression.

“I wanted to wait for a kind of threshold of evidence to make sure this was a real opportunity, and that it would be real medicine for people ” said Dr. Kyle Kingsley, CEO of Goodness Growth. “It’s gone beyond that. It’s really sort of exceeded my expectations as far as the therapeutic potential of psychedelics.”

Following these research advancements, Goodness Growth decided to join the game and begin contributing to this clinical research. They intend to partner with other like-minded businesses to begin expanding this research body before moving into commercialization. They believe psychedelics will significantly alter the landscape for treatment of psychiatric disorders in the same way cannabis altered treatment of chronic pain.

Are you developing new technology for a new application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.