For Immediate Release

BEN FRANKLIN TECHNOLOGY PARTNERS OF SOUGHEASTERN PENNSYLVANIA APPROVES INVESTMENTS FOR FIVE EARLY-STAGE COMPANIES

Newly funded companies will create jobs, offer medical advancements, and more

PHILADELPHIA, PA - March 2, 2010 - Ben Franklin Technology Partners of Southeastern Pennsylvania (BFTP/SEP) recently approved investments totaling $800,000 for five early-stage Pennsylvania companies with promising technology innovations.

"We are encouraged to see the steady flow of early-stage companies during these difficult economic times. We are proud of these five companies for developing innovative technology and creating jobs throughout our region," said RoseAnn B. Rosenthal, President & CEO of Ben Franklin Technology Partners of Southeastern Pennsylvania.

Companies approved for funding:

• Aklero Process Solutions, Inc. - Radnor - Chester County - Approved investment: $100,000
  (Ben Franklin previously approved $250,000)
  
  Aklero provides a web-based platform that streamlines and safeguards the mortgage process by automating the pre and post-closing analysis of loan documentation. Its technology and processing can automatically detect and cure information deficiencies with loan files, and can be used before or after the closing of the mortgage loan.
  
  The company is led by President and CEO Brian K. Fitzpatrick. Mr. Fitzpatrick has a strong background in executive level positions within the mortgage technology industry and is a recognized authority in the field of mortgage technology solutions. He is a recipient of Mortgage Banking magazine's prestigious IT All-Star designation for his career contributions to the field of mortgage technology. Most recently, Mr. Fitzpatrick served as President of Lydian Technology Group, the nation's leading provider of business infrastructure and integration technology for the mortgage industry.
  
  
• EyeIC, Inc. - Narberth - Montgomery County - Approved investment: $100,000
  (Ben Franklin previously approved $475,000)
  
  EyeIC develops imaging technologies for medical applications. The company’s first product is MatchedFlicker, a new technology for monitoring the advent and progression of glaucoma through change detection in time series retinal photographs.
  
  MatchedFlicker was recently approved for patient use by the Food and Drug Administration, and with BFTP/SEP’s funding help, will soon be ready for commercial sale.
  
  EyeIC is managed by founder and CEO Dr. Ira Wallace, MD, MBA; and COO Dan Caligor. The company also raised follow-on funding from MentorTech Ventures in Philadelphia.
  
  
• Gladstone Associates, LLC - Conshohocken - Montgomery County - Approved investment: $100,000
  
  Gladstone Associates provides transaction advisory services to the financial services industry. The company is spinning out a division, Gladstone Technology Partners, to create a web based technology suite that will allow a client company to benchmark their financial and expense profiles against a substantial database of similar companies.
  
  Gladstone is led by President Paul T. Lally, III and co-founder Daniel A. Kreuter. Mr. Lally has over 20 years of experience in the financial services industry, and was previously Principal with Arthur Andersen's Private Client Services Practice. Mr. Kreuter is founder and president of D.A. Kreuter Associates, Inc., aka DAK Associates, a national retainer-based executive search firm created in 1979. Mr. Kreuter also co-founded Coates Analytics Group, a successful financial software firm and Ben Franklin alumni company. Coates Analytics was purchased by PNC Global Investment Solutions, a subsidiary of PNC Bank, in December 2007.
  
  
• Jenrin Discovery, Inc. - West Chester - Chester County - Approved investment: $250,000
  (Ben Franklin previously approved $500,000)
  
  Jenrin Discovery is developing a pipeline of proprietary small molecule drugs designed to selectively target peripheral tissues to combat and treat obesity, diabetes and metabolic disorders. The company is modifying its drugs so they have little to no psychiatric and neurologic effects, a problem that plagues many drugs currently on the market. Jenrin’s most advanced program is targeting peripherally selective (PS) CB1 receptor antagonists for the treatment of metabolic disorders.
  
  Jenrin was founded by Dr. John McElroy, Ph.D. Formerly, Dr. McElroy was Director of Neuroscience Biology at Bristol-Myers Squibb. His 16 years of pharmaceutical industry experience also includes roles at Burroughs Wellcome and DuPont Pharmaceuticals, 5 clinical development candidates, 9 patents and over 40 publications.
  
  
• Quantason, LLC - Philadelphia - Approved investment: $250,000
  
  Quantason is developing an innovative dual-mode ultrasound platform technology for medical applications.
  
  Quantason is led by Edmond Rambod, Ph.D., who developed the company’s technology; as well as Edward Ray and Richard Bernardi, Ph.D.
  
  Quantason is headquartered at the Building 100 Innovation Center, at The Navy Yard in Philadelphia.
  
  

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About Ben Franklin Technology Partners of Southeastern Pennsylvania

Ben Franklin Technology Partners of Southeastern Pennsylvania is the region's catalyst for Stimulating Entrepreneurial Potential. For over 25 years, we have invested in innovative enterprises and created commercialization pathways and partnerships that generate wealth through science and technology.

Ben Franklin is part of the Commonwealth of Pennsylvania's Ben Franklin Technology Partnership. We provide entrepreneurs and established businesses with the Capital, Knowledge and Networks to compete in the global marketplace. We have provided more than $130 million to grow more than 1,600 regional enterprises across all areas of technology.

Our partnerships with universities and others strengthen the innovative fabric of our region. We are founding partners of The Nanotechnology Institute™ (NTI), Mid-Atlantic Nanotechnology Alliance (MANA®), Pennsylvania Green Growth Partnership (PAGGP), Pennsylvania Advanced Textiles Research and Innovation Center (PATRIC), Pennsylvania Environmental Technologies for the Pharmaceutical Industry (PETPI), and the PA Biotechnology Center of Bucks County. We are founding partners of the Energy Commercialization Institute (ECI) and other partnerships emerging through our regional energy strategy, funded through the Commonwealth's Alternative Energy Development Program. Ben Franklin is also a founding partner of the Emerald Stage2 Venture Fund, the Minority Angel Investor Network, and is a partner of the Mid-Atlantic Angel Group (MAG) Fund I & II and DreamIt Ventures.

For additional information, please visit www.sep.benfranklin.org, Facebook, LinkedIn & Twitter.

BFTP/SEP Contact:
Jaron J. Rhodes
Manager, Marketing and Communications
(215) 972-6700, ext. 3214
jaron@sep.benfranklin.org