Iowa Economic Development Authority approves innovation funding for FBB Biomed

Iowa Economic Development Authority

Last month, the Iowa Economic Development Authority approved a $250,000 Innovation Acceleration Launch Fund loan from the SSBCI Innovation Fund for Coralville-based FBB Biomed, Inc. 

According to a release from IEDA on Oct. 18, the startup, focused on biotechnology, is working on developing a blood test capable of diagnosing a range of health conditions. The loan will be used for IP development and evaluation, product refinement, and hiring key personnel.

FBB Biomed, located on Crosspark Road in Coralville, specializes in genetics, bioinformatics, and RNA virology to develop treatments for inflammatory diseases. The company’s latest initiative is the development of a web application that would allow users to independently access its diagnostic software.

In other decisions, the IEDA Board approved tax benefits for Generation Repair and Service in Story City to expand its wind turbine facility. The board also awarded $428,000 in Community Attraction and Tourism (CAT) grants for two projects: an ADA-compliant splash pad in Grand Mound and a 2,800-square-foot music education center for the Sioux City Symphony at the historic Orpheum Theater.

The board also approved innovation funding last month for Des Moines-based startup Tylmen, Inc.