Gov. Perry Announces ETF Investment in Patton Surgical Corp.

AUSTIN – Gov. Rick Perry today announced the state will invest $3 million in Patton Surgical Corp. through the Texas Emerging Technology Fund (ETF) for the commercialization of its PassPort double shielded trocar device for use in laparoscopic surgeries.

“Texas’ biotechnology industry is essential to developing products that can improve and save lives, and we are working to foster continued growth of this industry within the state,” said Gov. Perry. “This ETF investment will help countless surgical patients by improving upon existing laparoscopic surgery techniques and will further expand Texas’ status as a leader in biotechnology innovations.”

Trocars are used to insert instruments into the abdominal cavity during a laparoscopic surgery. Patton Surgical’s device makes laparoscopic surgery even less invasive. The device also has several structural designs that allow adaptation for use by different surgeons.

Laparoscopic surgery is a growing medical field because of its minimally invasive nature. Laparoscopic procedures are performed with a series of small incisions into the abdominal cavity, and accomplish traditional surgical goals while leaving the patient with less pain and scarring, and a faster recovery.

Patton Surgical is partnering with the University of Texas at Austin Department of Biomedical Engineering and the University of Texas Health Science Center Houston for further development and commercialization of the device.

The ETF is a $200 million initiative created by the Texas Legislature in 2005 at the governor’s request, and reauthorized in 2007 and again this session with $203.5 million for the 2010-2011 biennium. A 17-member advisory committee of high-tech leaders, entrepreneurs and research experts reviews potential projects and recommends funding allocations to the governor, lieutenant governor and speaker of the House. To date, the ETF has allocated more than $118 million in funds to 94 early stage companies, and $148 million in grant matching and research superiority funds to Texas universities.

For more information on the ETF, please visit http://www.emergingtechfund.com.