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InCube Labs launching two new companies
May 2, 2013

InCube Labs Chairman and CEO Mir Imran (at podium) answers questions as City Manager Sheryl Sculley (behind posters, from left) and Mayor Julian Castro, York Duncan, Andrea Biuffrida, Ph.D., and City Council members Leticia Ozuna and Ray Saldana listen at San Antonio City Hall's media briefing room on Thursday, May 2, 2013. In Cube Labs announced their launching of two new life science companies, Thereacle and IBridge Medical, to join their three existing companies, Corhythm, Neurolink and Fe3 Medical, in their San Antonio Innovation Center. Theracle is developing a combination therapy for the treatment of brain cancer known as gliomas, one of the most lethal forms of cancer while iBridge Medical is developing a technology platform for enhanced disease management of patients with active implanted medical devices. (Photo by Marvin Pfeiffer, San Antonio Express-News)

By Peggy O'Hare, San Antonio Express-News

InCube Labs is widening its entrepreneurial horizons by launching two new life science companies in San Antonio.
The latest startups, Theracle and iBridge Medical, will join three other companies that InCube relocated to San Antonio from San Jose, Calif.: Corhythm, Neurolink and Fe3 Medical, InCube CEO Mir Imran said.

Theracle will make an implantable drug-device combination to treat brain cancer, while iBridge Medical will offer a platform for remote monitoring of patients with active implants.

The development meets a contractual obligation for InCube to establish two new companies here by July 1 in exchange for a $10 million economic development grant.

InCube also is required to provide the San Antonio Economic Development Corp. with 5 percent of the founders shares in any new companies created here during the five-year agreement.

In addition, InCube must establish 50 full-time jobs in the San Antonio area before the contract expires in 2015.

The hope is the companies will create hundreds of jobs in the long run, said Ed Davis, executive director of the development agency.

So far, InCube's operations in San Antonio have created eight or nine full-time jobs, Imran said. However, City Manager Sheryl Sculley offered slightly different statistics, noting that InCube has established jobs for seven employees and three consultants.

"You'll see a lot more hiring in the next couple of years as these companies grow and as they get into manufacturing and clinical trials," Imran said Thursday. "The growth in jobs is going to be slow, I think. We have to measure success on a much longer time scale.

"In building these small companies, we tend to minimize the number of jobs because we're working with equity capital, which is scarce."

Since moving here in 2010, the three companies at InCube Labs' San Antonio Innovation Center have made progress, Imran said. Products by Fe3 Medical, Corhythm and Neurolink are proceeding to clinical testing.

"We're actually beginning to get large companies showing interest in these three companies," Imran said.

Imran also said that the recent sales of two companies in InCube Ventures' portfolio yielded ample returns to San Antonio investors who provided half the funds for the venture's activities. NFocus Neuromedical and BodyMedia sold for more than $100 million each. InCube Ventures - the venture arm of InCube Labs - invests in life sciences companies.


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