city of San Antonio


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File #: 17-1708   
Type: Miscellaneous Item
In control: City Council A Session
On agenda: 3/9/2017
Posting Language: An Ordinance authorizing the San Antonio Economic Development Corporation to undertake an economic development project with bioAffinity Technologies, Inc. in the amount of $150,000.00 [Carlos Contreras, Assistant City Manager, Rene Dominguez, Director, Economic Development]
Attachments: 1. Draft Ordinance, 2. Ordinance 2017-03-09-0162
DEPARTMENT: Economic Development Department


DEPARTMENT HEAD: Rene Dominguez


COUNCIL DISTRICTS IMPACTED: City wide


SUBJECT:

An Ordinance authorizing the San Antonio Economic Development Corporation ("SAEDC") to undertake an economic development project with bioAffinity Technologies, Inc. ("bioAffinity") in the amount of $150,000 utilizing available funds in the SAEDC Investment Fund previously approved by City Council.

SUMMARY:

Staff is requesting City Council action to authorize the SAEDC to undertake an economic development project with local bioscience startup company bioAffinity Technologies, Inc. ("bioAffinity") in the amount of $150,000 to retain and expand the company's jobs and business activities in San Antonio.

BACKGROUND INFORMATION:

bioAffinity is a bioscience startup company with a platform technology, called Cypath, which has proven to detect cancer cells at an early stage. bioAffinity initially plans to employ its technology on detecting lung cancer. The technology also shows potential to detect prostate, bladder and cervical cancers. bioAffinity currently employs 6 professionals (5 are PhDs) and plans to add another 7 jobs in the next 12 months. The company is currently operating its business activities and utilizing lab facilities at the UTSA main campus.

The company intends to market its first diagnostic product, CyPath Lung, in collaboration with UT Health San Antonio. bioAffinity is also planning to develop a diverse number of targeted therapeutic cancer drugs through partnerships with major drug companies with expertise in drug development. These potential company partnerships offer opportunities to attract additional bioscience jobs. bioAffinity has raised $8.5 million over last 4 years (mostly all from outside investors) and is currently raising another $3 million to continue growing its business activities. The company is seeking local investors to show support for retaining the company in San Antonio.

On November 21, 201...

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