A $200,000 investment from SC Launch has helped entice Florida-based Avancen MOD Corp. to relocate to South Carolina.
Avancen produces Medication on Demand, or MOD, a wireless dispensing device that allows hospitalized patients access their pain medication from their bedside.
“We are relocating to South Carolina because of the help we’ve received from SC Launch and other organizations within the state. I’m amazed at the level of help we’ve received here,” said Ned Buffington, Avencen’s COO. “In addition to the financial investment, SCRA and SC Launch have introduced us to many medical, university and business entities that are already helping us to expand our sphere of influence in our market space,” he said.
Zeus, Inc., an Orangeburg-based leader in the design and production of high-performance polymer tubing, will manufacture parts for the MOD and assemble the units.
Avancen plans to utilize the SC Launch investment toward training for the MOD and to help complete in-hospital trials.
Avancen was founded by Sharon Conley, a biochemist and oncologist who had a mission of improving patient care at the bedside. As a physician, Conley was keenly aware of the need for better pain management systems and set out to find an improvement to current methods. After filing for multiple patents, Avancen was formed and entered the marketplace with the MOD in 2007.
“SCRA is very excited about investing in Avancen through our SC Launch program,” said SCRA CEO Bill Mahoney. “We are also very pleased at the assistance SCRA is receiving from Charleston and SC based partners, such as the City of Charleston, MUSC, and Zeus to create an effective ecosystem to ensure Avancen’s success. This ecosystem was the competitive edge which landed Avancen from Florida.”
Throughout the past 12-18 months, SC Launch! has provided counsel and support to more than 125 start-ups. The average salary of jobs created to date by these start-ups is $77,000. Additionally, SC Launch!-supported companies have to date secured more than $55 million in follow-on venture capital and private equity financing.