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April 28, 2020 – BOCA RATON - The Business Development Board of Palm Beach County (BDB) is pleased to announce the expansion of Aventusoft, the inventor of the “HEMOTAG CPAS” cardiac diagnostic system, in Boca Raton. The company announced today that it was awarded an additional $3 million in funding from the National Institutes of Health (NIH), National Heart, Lung, and Blood Institute (NHLBI). Aventusoft plans to add 10 new jobs at its office located at 3651 FAU Blvd, #400 in Boca Raton and will create a capital investment of $6 million through the expansion.
Aventusoft developed the “HEMOTAG CPAS” in Boca Raton at the Research Park at Florida Atlantic University, worked on clinical trial testing at local healthcare facilities such as JFK Medical Center, and intends to manufacture the product in Palm Beach Gardens. The Business Development Board assisted the expansion of this life science company, a true local bench-to-bedside success story. BDB connected Aventusoft with technical experts, potential investors, potential partners, and other technical support to help the company move toward commercialization of the HEMOTAG CPAS. “The market potential of this new product is very exciting and is a great example of the collaborative nature of Palm Beach County’s life sciences cluster,” said Robert Mino, VP, Life Sciences and Healthcare for the BDB.
Aventusoft was selected by the Research Park at FAU in 2018 to receive funding to participate in GrowFL’s strategic research economic gardening initiative in recognition of its potential to disrupt its industry and to significantly impact the regional economy. Fast forward to today, the company is being awarded $3 million to expand the technology. The funding awarded to Aventusoft was through a “SBIR FastTrack” grant, allowing “HEMOTAG CPAS” to develop a new application for hemodynamic-guided therapy to diagnose and monitor congestive heart failure (CHF) in patients.
ABOUT THE EXPANSION:
HEMOTAG CPAS aims to offer an alternate, absolute measurement which can be carried out by non-cardiologist care givers within 2 minutes, is entirely non-invasive and securely engages the patient’s care circle with actionable, specific diagnostic reports. HEMOTAG CPAS’ core technology has already been evaluated through multiple clinical studies and this additional funding allows broadening of the indications for use, giving caregivers a single, modern, compact, wireless system with unprecedented diagnostic power.
Using this funding, HEMOTAG will be studied further in Tier 1 hospitals in South Florida, where the company is located. These trials are planned to be conducted at the Cleveland Clinic and HCA-JFK Hospital, and encompass clinical and health economic outcome data from 420 patients. The trials will be led by:
Independent safety and oversight of the clinical trial will be conducted by a highly accomplished committee:
About Aventusoft: Aventusoft is a privately-held company in Boca Raton, Florida, USA. The company has been at the center of signal detection and analysis since 2010 and is growing its engineering and commercial team to prepare for market launch of its leading HEMOTAG system in 2020. HEMOTAG brings Defense technology to heart health. The HEMOTAG system utilizes a sensing technology known as computational auditory scene analysis to localize, separate and interpret different acoustic events in the heart. The technology was originally designed for the US Department of Defense- Defense Advanced Research Projects Agency (DARPA) to emulate the holy grail of auditory research- the ear’s ability to “hear everything and listen to anything” even under the most challenging environmental conditions. HEMOTAG is essentially the same concept applied to heart sounds.
About Business Development Board: The Business Development Board of Palm Beach County is the official public/private economic development organization for Palm Beach County and Enterprise Florida. Founded in 1982 as a not-for-profit corporation, our primary purpose is to attract and retain new industry, business investment, high quality jobs and workforce development through corporate relocations, expansions and international trade. During the past five years, the BDB has assisted companies that have created more than 12,822 direct jobs with average salaries greater than $69,062, resulting in more than $777 million in capital investment to Palm Beach County and an economic impact that exceeds $6.87 billion. Additional information can be found at the BDB’s web site, BDB.org.