TissueTech™ Receives Prestigious Tibbetts Award from Small Business Administration for Significant Achievements in Regenerative Medicine
TissueTech™Inc., a privately held biotechnology company and a leader in regenerative healing therapies, today announced it was presented a prestigious Tibbetts Award by the U.S. Small Business Administration (SBA). The SBA Administrator Maria Contreras-Sweet presented the award at a White House ceremony on June 15. The Company’s groundbreaking scientific research in the study of regenerative medicine has driven the development of multiple innovative products that are used worldwide by doctors in ophthalmology, optometry, orthopedics and chronic wound care.
The Tibbetts Award is named after Roland Tibbetts, who was instrumental in developing the Small Business Innovation Research (SBIR) program.
The Tibbetts is the highest award given by the U.S. Government to honor outstanding technical and commercial achievements of small businesses under the SBIR and Small Business Technology Transfer (STTR) programs. Winners are selected based on the economic impact of their technological innovation, and the extent to which that innovation served federal R&D needs, encouraged diverse participation, and increased the commercialization of federal research. From a pool of thousands of applicants, only 23 companies were recognized, representing a variety of business segments including computational, aerospace, clinical, and biological sciences. TissueTech was recognized as a “Model of Excellence” for the Federal Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs.
“We are extremely honored that TissueTech has been chosen for this prestigious award and recognized for our pioneering achievements in regenerative medicine,” said Amy Tseng, President and Chief Executive Officer of TissueTech, who accepted the award on behalf of the Company. “Our history of federal funding through the National Institute of Health and the SBIR program has been instrumental to our development and commercialization of groundbreaking regenerative medicine products, benefitting thousands of patients worldwide.”
TissueTech received its first SBIR grant in 2003, and at that time the Company had fewer than 20 employees. Since then, the Company has received 11 SBIR grants to date and now has more than 180 employees. Recent SBIR awards will support continued growth with the development of cellular and tissue based drug and biologic products. These new products are at the forefront of innovation in regenerative medicine.
TissueTech’s core products include cryopreserved amniotic membrane and umbilical cord-based tissue with innate therapeutic actions scientifically proven to orchestrate the healing process in a multitude of clinical applications. The Company’s proprietary CryoTek® preservation method ensures the tissue retains its biologic activity and healing components. The Company’s regenerative therapies and technologies are provided through its commercial subsidiaries: Bio-Tissue® Inc., the leader in regenerative biologic therapies and ocular hygiene solutions for the treatment of ocular surface diseases and disorders in the eye care market, and Amniox® Medical Inc., a leading provider of regenerative tissue therapies to the musculoskeletal and wound care markets.