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LOWELL, Mass. – June 6, 2012 – UMass Lowell and Atlantic Virtual Incubation Co. today announced they have executed license agreements for a patent based on university research that will result in the commercialization of enhanced cognitive function nutritional supplements.
The formulation licensed – a combination of six substances, including vitamins and nutraceuticals – was developed under the leadership of UMass Lowell Prof. Thomas B. Shea, director of the Center for Cellular Neurobiology and Neurodegeneration Research. Nutraceuticals are substances that are food or part of a food and provide medical or health benefits, including the prevention and treatment of disease, according to the American Nutraceutical Association.
AVIC, a technology development venture firm based in Waltham, has formed Sevo Nutraceuticals Inc., a new company dedicated to the licensing and commercialization of scientifically validated nutraceutical products to execute on these agreements. The nutraceutical formulation commercialized under the university's licensed rights will constitute the company's cornerstone product. The product line developed by Sevo, also based in Waltham, will be marketed and sold to consumers as early as this summer.
"This formulation is the result of more than 20 years of research and, like much of the research at UMass Lowell, was a team effort," said Shea. "We are thrilled that it will be available to the public before the end of the year."
Working with the university's Office of Commercial Ventures and Intellectual Property (CVIP), AVIC/Sevo has licensed intellectual property including patents, a trademark and know-how generated at UMass Lowell. This represents an exclusive license to U.S. Patent No. 8,173,618, "Formulations for Reducing Neuronal Degeneration," directed to the unique nutraceutical formulation and complementary patent rights related to methods of use.
"Our vision is to become a market leader in highly efficacious, science-backed nutraceuticals that improve people's lives. We are very pleased to be working with UMass Lowell to bring this important product to people who want to improve their cognitive health," said Bernie Prusaczyk, CEO of AVIC.
Atlantic Virtual Incubation Co. LLC (AVIC) is a technology development company created to grownew enterprises based on technologies licensed from universities/research institutions and is located in Waltham, Mass. AVIC is affiliated with sister company Virtual Incubation Co., LLC (VIC) of Fayetteville, Ark., which has successfully formed and incubated over a dozen new companies in the broad disciplines of science and engineering based on intellectual property licensed from several research universities and institutions. VIC portfolio companies span an array of technology areas including diagnostics, biotechnology instrumentation, wastewater treatment solutions and ultra-low power integrated circuits for mobile devices. Sevo Nutraceuticals Inc. is also based in Waltham and is the second portfolio company launched by AVIC since it formed in late 2011. For more information, please visit www.atlanticvic.com and www.virtual-incubation.com.
UMass Lowell is a comprehensive, national research university located on a high-energy campus inthe heart of a global community. The campus offers its more than 15,000 students bachelor's, master's and doctoral degrees in business, education, engineering, fine arts, health and environment, humanities, liberal arts, sciences and social sciences. UMass Lowell delivers high-quality education programs, vigorous hands-on learning and personal attention from leading faculty and staff, all of which prepare graduates to be ready for work, for life and for all the world offers. www.uml.edu.