Cytophil was the recipient of a Global Business Development grant, which aided the business in funding sales, marketing, application process, and any other needs the company may have, according to Cytophil President and COO Bob Voigts.
“The grant allowed us to get products going at a much faster rate, prevent self-funding and to make products available for larger distribution,” said Voigts. “The grant application required a forecast for financial planning for the grant and a couple of forms. It was not overly cumbersome or confusing. WCEDA was very helpful in directing the process.”
“Cytophil is a great example of a local company that is taking advantage of the valuable resources that are available to businesses. Not only were they successful in this grant request, but they also tapped into revolving loan funds. We applaud their efforts and are pleased by their success,” says Derek D’Auria, Executive Director, WCEDA.
According to Voigts, the grant took a couple of hours to complete once the financial planning documentation was in place including estimates of costs. Cytophil received $25,000 from the grant. The grant was received November 2014 and was required to be implemented within a year.
Cytophil has successfully developed and licensed several implantable medical device products. Their expertise is the development and manufacturing of these devices and there are multiple licensing opportunities currently available. The grant aided in starting the export initiative. The markets in the EU are willing to accept US products and the growth potential is substantial.
Cytophil, Inc. was founded in 2005 with the purpose of developing implantable medical devices to either out-license, manufacture, and/or custom manufacture medical device technology. They currently have 10 employees, and are self-contained. They also manufacture other businesses’ products and negotiate with medical companies to manufacture products at their location. For more information visit www.cytophil.com.
For more information on available grants for your business, contact WCEDA at www.walworthbusiness.com or call (262) 741-8527.