Corridor startups get state funding

Three Corridor companies were approved for state financial assistance Friday by the Iowa Economic Development Authority Board.

Ruminate of Cedar Rapids has been building and selling WiFi-connected smart lamps that monitor homes since 2009. The lamp can be programmed to notify inhabitants, learn the house owner's habits, and save energy.

Ruminate was awarded a $20,000 grant from the state's proof of commercial relevance fund for market identification. The fund is intended to provide financial assistance to innovative businesses that are pursuing proof of commercial relevance and marketability of a technology.

Immortagen is a consortium of researchers and health care professionals seeking to personalize cancer treatment through tumor banking, genetic profiling, clinical decision support algorithms,, and better models for drug research and development.

Immortagen was established in 2014 by a team of researchers from the University of Iowa. The company, which will have future operations in the University of Iowa BioVentures Center in Coralville, was awarded a $25,000 proof of commercial relevance grant to refine its go-to-market plan.

Viewpoint Molecular Targeting LLC is an Iowa City startup company that develops pharmaceutical drugs for diagnostic imaging and therapy for cancer - with a focus on metastatic melanoma. The company was awarded a $100,000 loan through the state's demonstration fund to be used primarily for equipment.

The IEDA board also approved the maximum benefit amount of $10 million for the Muscatine Reinvestment District plan submitted by the City of Muscatine.

The district includes the construction of a hotel, convention center, and parking facility in downtown Muscatine. The hotel will consist of 112 rooms and amenities, as well as conference space and parking.