Houston firm scores 2 grants to support testing treatment for addiction, neurodegenerative diseases

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Fannin Partners received two grants to continue developing a new treatment for both addiction medicine and neurodegenerative diseases. Photo via Pexels

A Houston organization devoted to developing early-stage therapeutic and medical device technologies announced fresh funding for one of its startups.

Fannin Partners' Goldenrod Therapeutics, received a $320,000 Phase I SBIR grant from the National Institute on Drug Abuse (NIDA) for studies regarding both addiction medicine and neurodegenerative diseases with a single lead candidate, called 11h.

The grant will fund studies in rodent models of methamphetamine addiction and the efficacy of 11h for the tiny patients. This is the next step in charting the established promise of 11h in substance use disorders using animal models. Existing therapies for opioid and alcohol addiction have high relapse rates, and there are currently no FDA-approved medications for Stimulant Use Disorders (StUDs).

Previous preclinical studies demonstrated that 11h was effective in the fight against cocaine addiction. The goal is to note similar results in methamphetamine addiction.

At the same time, Fannin was also granted a $250,000 Early Hypothesis Development Award from the Department of Defense (DoD) to study 11h in neurodegenerative diseases. Specifically, the funds will be used to work on rodent models of multiple sclerosis (MS).

Fannin’s goal is to develop an oral medication that slows or reverses the progression of MS, while also improving the patient’s quality of life by relieving symptoms. Many MS medications come with the threat of liver injury and increased risk of infection, so sidestepping those is also a hope for 11h.

In fact, 11h was developed to minimize the toxicities associated with existing PDE4 inhibitors. Early evidence shows that the drug is not only effective, but also safe and easily tolerable.

“NIDA’s continued support of our SUD program highlights the potential of 11h to significantly improve the standard of care for patients suffering from these conditions, some of which lack any approved pharmaceutical options," says Dr. Atul Varadhachary, managing partner at Fannin, in a news release. “The additional DoD funding will allow us to explore 11h’s impact on neurodegenerative disease, as well. We are grateful for the support from both organizations as we advance 11h towards clinical development.”

Previous steps in 11h’s development were funded by a $350,000 Phase I SBIR grant from NIDA. 11h is part of NIDA’s Addiction Treatment Discovery Program. Next year, Fannin will likely scale up Good Manufacturing Practices (GMP) production and complete toxicology studies. This will lead to clinical trials for 11h for cocaine use disorder and other StUDs. But don’t expect Fannin to be quiet for long. Its next big discovery is always on the horizon.

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Fannin Partners and the University of Texas MD Anderson Cancer Center have teamed up to develop drugs based on Raptamer, the creation of Fannin company Radiomer Therapeutics. Photo via Getty Images

Exclusive: 2 Houston health care institutions team up to develop cancer-fighting treatments

collaboration station

Two Houston organizations announced a new collaboration in a major move for Houston’s biotech scene.

Fannin Partners and the University of Texas MD Anderson Cancer Center have teamed up to develop drugs based on Raptamer, the creation of Fannin company Radiomer Therapeutics.

“Raptamers combine antibody level affinities with desirable physical and pharmacokinetic properties, and a rapid path to clinic,” Dr. Atul Varadhachary, CEO of Radiomer Therapeutics and Fannin managing partner, Varadhachary, explained to InnovationMap in May. “We are deploying this unique platform to develop novel therapies against attractive first-in-class oncology targets.”

The pairing of Fannin and MD Anderson makes perfect sense. Researchers at the institution have already identified novel markers that they will target with both Raptamer-based drugs and radiopharmaceutical/radioligand therapies.

“MD Anderson and Fannin bring highly complementary capabilities to the identification of novel cancer targets and Raptamer-based drug discovery,” says Varadhachary in a press release. “Our collaboration will enable us to rapidly develop targeted therapeutics against novel targets, which we hope will offer hope to patients with progressive cancers.”

Early in this meeting of minds, researchers will focus on developing targeted radiopharmaceuticals — the Radiomers for which Varadhachary’s company is named — as well as targeted drug conjugates that utilize Raptamers. Raptamers are an innovative class of targeting vectors that combine a DNA oligonucleotide backbone with added peptide functionality, for oncology indications.

“We are committed to exceptional research that can help us further our understanding of cancer and develop impactful therapeutic options for patients in need,” says Timothy Heffernan, Ph.D., vice president and head of therapeutics discovery at MD Anderson. “Fannin’s Raptamer drug discovery platform represents an innovative new modality that offers the potential to enhance our portfolio of novel therapies, and we look forward to the opportunities ahead.”

Fannin and MD Anderson will design translational studies together and collaborate to select promising targets for drug discovery. This is a great deal for Fannin, which will retain commercialization rights for the assets that are developed. But MD Anderson won’t be left out; the institution is eligible to receive some payments based on the success of Radiomers and other Raptamer-based drugs developed through the collaboration.

Earlier this year, Varadhachary joined the Houston Innovators Podcast to discuss Fannin's innovation approach and contribution to medical development in Houston. Listen to the episode below.

Radiomer Therapeutics has launched under Fannin Partners with an undisclosed amount of seed funding. Photo via Getty Images

Early-stage cancer-fighting startup raises pre-seed, launches under Houston life science leader

ready to grow

Fannin Partners has done it again. The Houston-based life science development group behind medtech companies Procyrion and Allterum Therapeutics announced yesterday that it has launched Radiomer Therapeutics. With an undisclosed amount of pre-seed funding, Radiomer joins the $242 million-strong Fannin portfolio.

Radiomer uses Fannin’s proprietary Raptamer platform to target vectors and ligands for theranostic application. The cancer-fighting technology is a targeting agent that can address serious maladies including breast, lung, colorectal, prostate, and head and neck cancers.

And with Radiomer’s launch, Fannin is moving with its trademark aggressiveness. Lead programs expected to complete Phase 0 imaging/dosimetry trial(s) in cancer patients in the first quarter of next year. Those will be closely followed by therapeutic programs.

“Raptamers combine antibody level affinities with desirable physical and pharmacokinetic properties, and a rapid path to clinic,” Dr. Atul Varadhachary, CEO of Radiomer Therapeutics and Fannin managing partner, says in a press release. “We are deploying this unique platform to develop novel therapies against attractive first-in-class oncology targets.”

Varadhachary has operated Radiomer in stealth mode since its 2023 inception. However, Raptamer has been in the company’s portfolio since 2019. The new company has been using the platform to generate data with the rights to radiopharmaceutical applications for the past year.

“Our lead programs include Radiomers targeting both well-established and first-in-class cancer targets,” adds Dr. Phil Breitfeld, Radiomer’s chief medical officer. “Our imaging/dosimetry trials are designed to provide clinical evidence of tumor targeting and biodistribution information, positioning us to rapidly initiate a therapeutic program(s) if successful.”

For over a decade, Fannin has developed and supported promising life science innovations by garnering grant funding and using its team of expert product developers to build out the technology or treatment. The life science innovation timeline is very different from a software startup's, which can get to an early prototype in less than a year.

"In biotech, to get to that minimally viable product, it can take a decade and tens of millions of dollars," Varadhachary said on the Houston Innovators Podcast earlier this year.

Procyrion has announced the closing of its series E round of funding. Photo via Getty Images

Houston medical device company secures $57.7M to fund journey to FDA approval, commercialization

fresh funding

Houston-born and bred medical device company, Procyrion, has completed its series E with a raise of $57.7 million, including the conversion of $10 million of interim financing.

Procyrion is the company behind Aortix, a pump designed to be placed in the descending thoracic aorta of heart failure patients, which has been shown to improve cardiac performance in seriously ill subjects. The money raised will allow the company to proceed with a the DRAIN-HF Study, a pivotal trial that will be used for eventual FDA approval and commercialization.

The Aortix is the brainchild of Houston cardiologist Reynolds Delgado. According to Procyrion’s CSO, Jace Heuring, Delgado, gained some of his experience with devices for the heart working with legendary Texas Heart Institute surgeon O.H. “Bud” Frazier. He filed his first patents related to the Aortix in 2005.

Heuring says that the first prototypes were built in 2011, followed by the final design in 2018. CEO Eric Fain, a California-based MD and with more than 30 years in the medical device industry, joined the company in 2018 ahead of the final design, primed to bring Aortix to the public. He visits the company’s Houston headquarters, across the street from Central Market, on a regular basis.

The device’s pilot study of 18 patients was completed in 2022. Those encouraging results paved the way for the current study, which will include an enrollment of 134 patients. The randomized study will seek to treat patients with acute decompensated heart failure. Half will be treated with standard-of-care therapy, the other half will be catheterized with an Aortix pump. A separate arm of the study will seek to treat end-stage heart failure patients who would otherwise be deemed too sick for either a transplant or an LVAD permanent pump. Fort-five healthcare centers in the United States will participate, including Texas Heart Institute.

“One of the key characteristics is [the patients] are retaining a lot of fluid,” explains Heuring in a video interview. “And when I say a lot, I mean it could be 25 or 30 or 40 pounds of fluid or more. When we put our pump in, one of the main goals is to reduce that fluid load.”

On average, about 11 liters of fluid came off of each patient. Many of those end-stage patients had previously been considered for both a heart and kidney transplant, but after using the Aortix, their kidneys responded so well that they were able to get only the heart transplant.

“These patients really are in dire straits and come into the hospital and today the only proven therapy to help these patients is to administer high doses of intravenous diuretic and some other cardiac drugs and in about 25 percent of patients those therapies are ineffective,” says Fain.

If Aortix gains approval, these sickest of the sick, usually consigned to hospice care, will have hope.

Thanks to the Series E, led by Houston’s Fannin Partners, returning investors, including Bluebird Ventures, the Aortix is inching closer to commercialization. Besides funding the DRAIN-HR study, Procyrion will also use the funds for internal programs to improve product manufacturability. One more step towards meaning advanced heart failure may not always be a death sentence.

Last month, Atul Varadhachary, managing director of Fannin, joined the Houston Innovators Podcast and alluded to Procyrion's raise. The company was born out of Fannin and still resides in the same building as Fannin.

Aortix is a pump designed to be placed in the descending thoracic aorta of heart failure patients. Photo via Procyrion

From cancer-fighting companies raising millions to Houston area high school students learning how to start a company, here's some short stories on innovation you may have missed. Photo via inveox.com

TMCx company raises millions, Rice Business launches a podcast, and more Houston innovation news

Short stories

Even during the dog days of summer, Houston has innovation news from all industries. In case you missed something, here's a news roundup of some short innovation stories — from raised funds to launched apps, podcasts, and programs.

If you know of innovation-focused news happening, email me at natalie@innovationmap.com with the details and subscribe to our daily newsletter that sends fresh stories straight to your inboxes every morning.

TMCx company raises 17€ million

Photo via inveox.com

Munich-based Inveox, a, AI-enabled cancer-diagnosis technology startup, just set up shop in the Texas Medical Center as a part of TMCx's ninth cohort. The company now has another thing to brag about: 17 million euros worth of investment.

"My founding partner Dominik Sievert and I are very grateful that our investors put such great trust in us and our vision," says managing partner Maria Sievert in a release. "Together we are working towards the goal of using our innovation capacities to develop technologies that can be put to serve people. We want to help lab technicians who give their best every day at labs and we want to ensure the safety of patients as well as the speed and reliability of the entire diagnostic process. That's why we will use this further investment for our forthcoming series production and expansion into new markets."

The funds will go toward production of the company's technology.

Rice's Jones Graduate School of Business launches The Index podcast

Pexels

Rice University's Jones Graduate School of Business, has launched, The Index, a podcast that explores thought-provoking topics and business-related ideas.

According to a news release, The podcast grew out of a 2019 South by Southwest partnership between Texas Monthly and Rice Business — the two entities teamed up for a podcast taping about digital wildcatting.

Saul Elbein hosts The Index. He is a contributor to the New York Times Magazine, the NPR radio show "This American Life," and other outlets. Find the latest episode here.

Life science startup organization closes $5.25 million round

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With the close of its $5.25 million round, Fannin Partners LLC — a Houston-based early-stage life science commercialization company — has brought in over $155 million for its portfolio companies.

The funds in part will go toward developing Fannin Innovation Studio. The studio anticipates adding 15 new portfolio companies over the next five years.

"With our portfolio companies Procyrion and Pulmotect advancing in their clinical development and with BreviTest poised for market launch in 2020, our investor group has recognized the tremendous progress we've made," says Fannin founder and chairman Leo Linbeck III in a release. "We are pleased to welcome the additional investment from existing and new investors in this round."

Houston app relaunches following raising $150,000 from local investor

Courtesy of Social Mama

An app that connects moms based on children's ages and common mom problems has relaunched with major upgrades after a year in beta. That's not the only thing Social Mama is celebrating. The startup secured $150,000 funding from local female powerhouse and blogger, Carrie Colbert.

Founder Amanda Ducach says she wanted to create an app that could smartly link moms going through similar struggles — from teething and potty training to single parenting or postpartum depression.

"The social impact of the product is so important," Ducach says in a previous InnovationMap story. "I can't explain to you the isolation and the problem that exists in motherhood. I was completely unaware of it before I started the company."

Austin tech startup lands major Houston-based client

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Houston-based Lionstone Investments has made a deal with Austin-based Bractlet, a smart building software company. The deal translates to Bractlet implementing its technology in Lionstone's 31 office properties across the United States.

"Lionstone is recognized in the industry for its commitment to a data-driven approach to real estate investing," says Lionstone's head of portfolio management and co-head of operations, Tom Paterson, in a news release. "Implementing Bractlet's technology at the portfolio-level allows us to make informed decisions that benefit our investors, conserve energy, and improve tenant comfort and productivity. In this manner, Lionstone is able to provide best-in-class management throughout the entire investment lifecycle."

Houston area high school launches entrepreneurship program

Pexels

It's never too early to learn the ins and outs of entrepreneurship. Friendswood High School has announced that it will be launching INCubatoredu, a program to help students learn important lessons in the startup world, this fall.

"The Mustang Business INCubator is that authentic experience we were looking for in our business, marketing, and finance program of study," Susan Kirkpatrick, executive director of career technical education at FHS, says in a release. "Students will research a real-world problem that is of interest to them and work to find a product or service solution."

The program will be housed in a newly renovated creative space on the FHS campus. According to the release, the school will host a launch party for the program in the fall.

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Rice Business Plan Competition awards $1.4M to 2026 student teams

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Editor's note: This article has been updated to correct the total amount of investment and cash prizes awarded at the RBPC.

Another team from the Great Lakes State took home top honors and investments at this year's Rice Business Plan Competition.

BRCĒ, a material-tech startup from Michigan State University, took home the top-place finish and the largest investment total at the annual Houston event. It has developed Lattice-Grip technology to create utility-based polymers that can replace traditional fabric. The materials are stronger, fire-resistant and more stable than traditional textiles, according to the company. Last year, the University of Michigan's Intero Biosystems won first-place finish and the largest investment total of $902,000.

In total, the RBPC doled out more than $1.4 million in investment and cash prizes, according to Rice. Over the three-day event, held April 9-11, the 42 competing startups presented their business plans to 300 angel, venture capital and corporate investors. Seven finalists were selected and each competing startup received at least $950 in prizes for placement in the competition.

Three Texas teams, including one from Houston, were named among the finalists. Here's who won big this year.

BRCĒ, Michigan State University — $571,500

The recent Shark Tank alum finished in first place for its utility-based polymers technology.

$200,000 Goose Capital Investment Grand Prize
$100,000 The OWL Investment Prize
$100,000 Houston Angel Network Investment Prize
$75,000 The Indus Entrepreneurs (TiE) Texas Angels Investment Prize
$50,000 nCourage Investment Network’s Courageous Women Entrepreneur Investment Prize
$25,000 New Climate Ventures Sustainable Investment Prize
$20,000 Aramco Innovator Cash Prize
$1,000 Anbarci Family Company Showcase Prize
$500 Mercury Fund Elevator Pitch Competition Prize – Consumer Hard Tech

Legion Platforms, Arizona State University — $425,500

The startup won second place for its multiplayer gaming platform that can be accessed with slow internet speeds.

$100,000 Anderson Family Fund & Finger Interests Second Place Investment Prize
$200,000 Goose Capital Investment Prize
$100,000 The OWL Investment Prize
$25,000 Pearland EDC Spirit of Entrepreneurship Cash Prize
$500 Mercury Fund Elevator Pitch Competition Prize – Consumer

Imagine Devices, University of Texas at Austin — $101,000

The pediatric medical device company won third place for its multifunction neonatal feeding tube, known as Trinity Tube

$50,000 Anderson Family Fund & Finger Interests Third Place Investment Prize
$25,000 Pearland EDC Spirit of Entrepreneurship Cash Prize
$25,000 The Eagle Investors Investment Prize
$1,000 Anbarci Family Company Showcase Prize

Altaris MedTech, University of Arkansas – $6,000

The startup won fourth place for its pain-free strep test.

$5,000 Norton Rose Fulbright Fourth Place Prize
$1,000 Mercury Fund Elevator Pitch Competition Prize — Overall Winner

Routora, University of Notre Dame & University of Texas at Austin – $5,500

The team won fifth place for its route optimization app that works to reduce fuel costs, travel time and carbon emissions

$5,000 Chevron Fifth Place Prize
$500 Mercury Fund Elevator Pitch Competition Prizes — Digital

DialySafe, Rice University — $5,500

The startup won sixth place for its technology that aims to make at-home peritoneal dialysis simpler and safer.

$5,000 ExxonMobil Sixth Place Prize
$500 Mercury Fund Elevator Pitch Competition Prizes — Life Science

Arrow Analytics, Texas A&M University – $6,000

The startup won seventh place for its AI-powered sizing system for carry-on baggage.

$5,000 Shell Ventures Seventh Place Prize
$1,000 Anbarci Family Company Showcase Prizes

Other significant prizes included:

BiliRoo, University of Michigan – $26,000

$25,000 Southwest National Pediatric Device Consortium Pediatric Device Cash Prize
$1,000 Anbarci Family Company Showcase Prizes

BeamFeed, City University of New York – $25,000

$25,000 Amentum and WRX Companies Rising Stars Space Technology and Commercial Aerospace Cash Prize

Grapheon, University of Pittsburgh — $20,000

$20,000 Aramco Innovator Cash Prize

Last year, the Rice Business Plan Competition facilitated over $2 million in investment and cash prizes. According to Rice, more than 910 startups have raised more than $6.9 billion in capital through the competition over the last 25 years.

See a full list of this year's winners and stream rounds from the competition here.

Here's the income it takes to live comfortably in Houston in 2026

Money Talk

2026 report analyzing how much it costs to live "in sustainable comfort" in the biggest U.S. cities has found Houston residents have the 11th lowest salary requirement to live a comfortable life in 2026.

SmartAsset's annual report found single adult residents in Houston need to make $89,981 a year to qualify as "financially stable." Compared to last year, single Houstonians needed to make $83 more to live comfortably in the city.

Families with two working parents and two children need to make a household income of $204,672 to have a financially stable life in Houston, the report found. That's almost $2,000 less than what families needed to make last year.

To determine the rankings, SmartAsset's analysts examined 100 of the largest U.S. cities and used the latest cost of living data – such as the costs for housing, food, transportation, and income taxes where applicable – from the MIT Living Wage Calculator for childless individuals and for two working adults with two children.

For the purpose of the study, the 50/30/20 budgeting strategy was used to determine "comfortable lifestyle" costs for both individuals and families: 50 percent of income to cover needs and living expenses, 30 percent for "wants," and 20 percent for savings or paying down debt.

Here's breakdown of a Houston resident's comfortable lifestyle based on SmartAsset's findings:

$44,991 dedicated to needs and living expenses
$26,994 dedicated to wants
$17,996 dedicated to savings or debt repayment

This is SmartAsset's interpretation of a comfortable lifestyle for families of four:

$102,336 dedicated to needs and living expenses
$61,402 dedicated to wants
$40,934 dedicated to savings or debt repayment

SmartAsset said single individuals and families should compare the fluctuating local cost of living and their long-term goals to fully "understand the context" of their respective household incomes. But it's worth pointing out that a financially stable life in Houston isn't quite attainable for many residents: The city had a median household income of $64,361 in 2024, according to the U.S. Census Bureau.

Comfortable salaries in other Texas cities

Elsewhere in Texas, the report found that families in the Dallas-Fort Worth suburbs Frisco and McKinney "are closest to a comfortable salary."

"In Frisco, the median household earns $145,444 – substantially higher than the national median of $83,730," the report's author wrote. "This figure also accounts for 63.1 percent of the $230,464 income a family of four in Frisco needs to live comfortably. In McKinney, TX, the $124,177 median household income accounts for 53.9 percent of the $230,464 needed."

Both cities also tied with Plano for the 29th highest salary needed nationally to live comfortably in 2026. Single adults living in these cities need to make $109,242 a year to live a financially stable life this year.

On the opposite end, San Antonio has the lowest salaries needed to live comfortably in the U.S. Single adults only need to make $83,242 a year, and $192,608 for families of four.

Houston medtech startup clears FDA approval for new surgical tool

precision surgery

Houston-based Prana Surgical will soon bring a new electrosurgical tool to operating rooms around the country. The Prana System officially cleared U.S. Food and Drug Administration (FDA) approval earlier this month.

"Receiving FDA clearance for the Prana System represents a defining milestone for our company," Joanna Nathan, CEO and co-founder of Prana Surgical, said in a news release. "Surgeons today are increasingly focused on achieving precise outcomes while minimizing disruption to healthy tissue. The Prana System was designed to support that shift by integrating targeting and excision into a single, streamlined tool."

Prana Surgical began as Prana Thoracic in 2022. Back then, the company primarily focused on developing screening tools for lung cancer diagnosis. It raised $6 million in series A funding rounds in 2023 and 2024 before transitioning to broader surgical needs in 2025.

The Prana System is a minimally invasive, image-guided, single-use tissue extraction tool designed to retrieve samples without damaging healthy tissue. The tool is still designed with the respiratory system in mind, helping Prana in the fight against lung cancer and other thoracic diseases.

Reducing the impact of tissue extraction via electrosurgery and enhanced image scanning can significantly reduce complications. The Prana System combines localization and tissue-cutting capabilities in one, which keeps surgeons from having to swap out components during a procedure, making for a smoother process. It can core, cut and feel blood vessels on the way toward the intended target, giving surgeons greater control over tissue preservation.

"Electrosurgery is foundational to modern surgery, but there is still opportunity to improve how energy-based tools are applied in minimally invasive settings," Nathan added. "Our goal is to introduce a new class of image-guided surgical tools that enable more precise intervention across a range of procedures."

The company projects sales of $7.5 billion from the Prana System in the United States, estimating that 2.5 million surgical modules will be able to use the new tool. While starting out focused on biopsies, the company plans to evolve the system into other procedures, such as ablation, in the future. It is also planning for a controlled U.S. clinical rollout as it moves toward commercialization

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