The Texas Medical Center's CEO, Bill McKeon, ran down a list of exciting updates and innovations from the organization's member institutions at the annual State of the TMC. Photo via tmc.edu

In the Greater Houston Partnership's annual State of the Texas Medical Center address, TMC CEO Bill McKeon shared a status update of sorts for all the goings on at the largest medical center in the world.

McKeon ran down the list of member institutions to briefly touch base on each organization's innovations and growth. In the address, which took place at the Marriott Marquis on October 31, McKeon discussed exciting construction projects, new accelerator programs, and more. Here are some of the highlights from the presentation.

TMC3 and beyond

The TMC spans 1,400 acres and 50 million square feet of development — and growing. The largest medical city in the world will increase its size by 10 percent in the next two to three years, McKeon says. Here are some updates on each of the ongoing construction projects.

  • TMC3 is underway. The 37-acre research campus is expected to be completed in 2022.
  • CHI St. Luke's McNair Campus is expected to break ground on a new building before the end of the year.
  • Memorial Hermann's Sarofim Building is expected to open in 2020 with 18 stories, 26 new operating rooms, and 144 beds
  • Rice University has moved its synthetic biology program to BioScience Research Collaborative in the TMC.
  • Texas A&M University's EnMed program, which graduates students with a master's in engineering and a MD in four year, has launched. The university's med center building is underway at 1020 Holcombe, and is expected to be completed next May.
  • The University of Houston's new medical school us up and running, and the inaugural class's tuition was completely funded by an anonymous donor.
  • UTHealth's psychiatric hospital is expected to be the largest academic psychiatry hospital in country. The building is under construction and will be completed in 2021.

Building biobridges

In order to grow the TMC's global presence and bring the best innovations from around the world to Houston, McKeon says the organization has expanded its BioBridge partnerships.

The first partnership was with Australia in 2016, before the organization teamed up with the United Kingdom for the second one. Recently, the TMC has entered into its third BioBridge partnership with Denmark.

The partnerships are intended to encourage collaboration, particularly with TMCx. Now, TMCx startups break down from being a third of the companies from around the world, a third from other states in the U.S., and a third being from Texas.

"There's no greater collection of minds, patients, resources to really think about the next innovations in health care," Mckeon says.

Accelerating accelerators

TMCx is celebrating its fifth year and has worked with over 170 companies through its digital health and medical device accelerator programs.

"We're evolving to start to work more closely with our member institutions to understand their specific needs and how we can match novel technologies through them," says Lance Black, associate director of TMCx.

The TMC Innovation Institute supports 12 programs, and three have been introduced just this year.

  • TMCxi: A 40,000-square-foot space to support industry partners, investors, and other service providers that provides subject matter expertise and other resources for entrepreneurs.
  • TMCalpha: Programming for TMC doctors and staff who may have an idea for a new technology or startup.
  • TMC | ACT: An accelerator program for advancing cancer therapeutics and technologies.

Investing in robotics

Earlier this year, TMC announced plans to open a special robotics lab space with ABB Robotics. The space officially opened last month.

"Many of the things we do in our labs require pinpoint accuracy," McKeon says. "Many of the things we do now here are done by humans, but in the future, we have one of the most sophisticated robotics companies in the world thinking about how we can transform our labs."

The lab is just the beginning of ABB's connection to TMC and its member institutions.

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Houston biopharma company launches equity crowdfunding campaign

money moves

A clinical-stage company headquartered in Houston has opened an online funding campaign.

FibroBiologics, which is developing fibroblast cell-based therapeutics for chronic diseases, launched a campaign with equity crowdfunding platform StartEngine. The platform lets anyone — regardless of their net worth or income level — to invest in securities issued by startups.

The funding, according to a press release, will be used to support ongoing operations of Fibrobiologics and advance its clinical programs in multiple sclerosis, degenerative disc disease, wound care, extension of life, and cancer.

"We're excited to partner with StartEngine on this campaign. StartEngine has over 600,000 investors as part of their community and has raised over half a billion dollars for its clients," says FibroBiologics' Founder and CEO Pete O'Heeron, in the release.

"This is an exciting time at FibroBiologics as we continue progressing our clinical pipeline and developing innovative therapies to treat chronic diseases," he continues. "This new funding will fuel our growth in the lab and bring us one step closer to commercialization."

The campaign, launched this week, already has over 100 investors, at the time of publication, and has raised nearly $2 million, according to the page. The minimum investment is set at around $500, and the company's indicated valuation is $252.57 million.

In 2021, FibroBiologics announced its intention of going public. Last year, O'Heeron told InnovationMap on the Houston Innovators Podcast of the company's growth plans as well as the specifics of the technology.

Only two types of cells — stem cells and fibroblasts — can be used in cell therapy for a regenerative treatment, which is when specialists take healthy cells from a patient and inject them into a part of the body that needs it the most. As O'Heeron explains in the podcast, fibroblasts can do it more effectively and cheaper than stem cells.

"(Fibroblasts) can essentially do everything a stem cell can do, only they can do it better," says O'Heeron. "We've done tests in the lab and we've seen them outperform stem cells by a low of 50 percent to a high of about 220 percent on different disease paths."


Texas ranks as a top state for female entrepreneurs

women in business

Texas dropped three spots in Merchant Maverick’s annual ranking of the top 10 states for women-led startups.

The Lone Star State landed at No. 5 thanks in part to its robust venture capital environment for women entrepreneurs. Last year, Texas ranked second, up from its No. 6 showing in 2021.

Merchant Maverick, a product comparison site for small businesses, says Texas “boasts the strongest venture capital scene” for women entrepreneurs outside California and the Northeast. The state ranked fourth in that category, with $6.5 billion invested in the past five years.

Other factors favoring Texas include:

  • Women solely lead 22 percent of all employees working for a business in Texas (No. 4).
  • Texas lacks a state income tax (tied for No. 1).

However, Texas didn’t fare well in terms of the unemployment rate (No. 36) and the rate of business ownership by women (No. 29). Other Texas data includes:

  • Average income for women business owners, $52,059 (No. 19).
  • Early startup survival rate, 81.9 percent (No. 18).

Appearing ahead of Texas in the 2023 ranking are No. 1 Colorado, No. 2 Washington, No. 3 California, and No. 4 Arizona.

Another recent ranking, this one from NorthOne, an online bank catering to small businesses, puts Texas at No. 7 among the 10 best states for women entrepreneurs.

NorthOne says Texas provides “a ton of opportunities” for woman entrepreneurs. For instance, it notches one of the highest numbers of women-owned businesses in the country at 1.4 million, 2.1 percent of which have at least 500 employees.

In this study, Texas is preceded by Colorado at No. 1, Nevada at No. 2, Virginia at No. 3, Maryland at No. 4, Florida at No. 5, and New Mexico at No. 6. The rankings are based on eight metrics, including the percentage of woman-owned businesses and the percentage of women-owned businesses with at least 500 employees.