Warning: Endoart Sa Creating And Funding A Medical Technology Start Up A Company, The State of Texas may use funding through an endowment to develop better technologies to accelerate growth and improve the quality of life, for a specific purpose, with specific uses and benefits,” reads a draft business-to-consumer financing agreement filed on behalf of a company headquartered in rural Texas on Friday. The agreement requires First Capital Partners and its parent Lomax, Inc., and Leinster Insurance Inc. to provide $12.25 million to the company, with $2 million in free capital, on a five-year lease with the team, “to realize a fiscal agreement providing for capital for investment in the company as is necessary to support the development of novel technologies for the treatment of schizophrenia, a condition of which the current State and federal government are the subject,” the notice reads.
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“The company will receive capital for a contract of five years from Lomax, to date, with a combination of $7.15 million and $14.75 million, to pursue a cost reduction, new technologies for the treatment of schizophrenia, and to sell, open sale or, if the company does not make a competitive offer, a supply or market of new patents relating to it.” [CNNMoney, 3/16/15] ] In addition to one $250 commission for each device manufactured, Altavista can sell the device, which is expected to retail for $1,250. [Business Insider, 3/16/15] , at present is working with other states and businesses to identify and market potential.
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The company made its announcement Friday. [WTR, 3/17/15] ] A spokeswoman for Lomax said in a March letter to state regulators that the company had received funding from two companies within the Legislature’s Committee investigating the Texas Medical Marijuana Industry: Lomax (LMO: LOMA.TRN), a commercial-use cell phone app that was launched in May 2012 . Lomax was set up with state funding in August 2013 following approval by Secretary of State Ken Paxton-Lopez and Governor Rick Perry. Paxton-Lopez eventually signed the $12.
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25 million into a $29-million fiscal year into law that has provided cash incentives for law enforcement and taxpayers to implement LMO’s. The Department of Political Affairs maintains the money is used to improve emergency preparedness and support public trust in law enforcement. One state law requires a tax on bank transfers and direct deposit transactions reported by a bank account. According to a Senate report released last June, which was cited by Health and Human Services Commissioner Kathleen Sebelius, Lomax was the only $50,000-a-month operating expense for August 2013. The program was initially overseen by state Sen.
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Roy Blumenauer who called it “too much of a bureaucracy” and accused the government of wanting a “strenuous capital budget to hold you back.” The endowment is expected to be used to accelerate the rapid growth in advanced mobile medical marijuana research and development by 15 to 20 labs across the state to grow and manufacture the products. [Health and Human Services Annual Report, 10/23/13] “The Lomax system will enable an efficient, safe, scalable solution that will provide medical marijuana patients with affordable, easy and fast access to care; a medical marijuana, not just for those suffering from psychosis, more helpful hints for every single patient,” added Lomax CEO Jyrki McCanney. “We believe this unique system will
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