Purdue Startups Hit 'Gold' Status

Posted: Updated:
LoDos Theranostics says its therapy deploys low-energy ultraviolet light within the tumor to kill cancer cells. LoDos Theranostics says its therapy deploys low-energy ultraviolet light within the tumor to kill cancer cells.
WEST LAFAYETTE -

The Elevate Purdue Foundry Fund has awarded a total of $240,000 to three Purdue University startups. The funding from the joint venture between Indianapolis-based Elevate Ventures and Purdue Foundry gives the startups "Gold Award" investment status.

LoDos Theranostics LLC, Penguin Innovations Inc. and PinpointPharma LLC each received $80,000 to advance their companies, Purdue says. Each company had previously received $20,000 through the joint venture's "First-Tier Black Awards." 

"The startups that have received funding through this program have continued to advance their innovation and demonstrate strong commercial potential," said Chris LaMothe, chief executive officer of Elevate Ventures. "These are prime examples of the successful startup ecosystem being created at Purdue and elsewhere across Indiana. University and industry research, coupled with public and private support, provides a strong foundation to create jobs and foster economic growth."

LoDos Theranostics has developed technology aimed at enhancing the cancer cell-killing effects of radiation, which would reduce radiation doses and its side effects. The company previously won the $25,000 top prize at last year's New Venture Competition at the Indiana Life Sciences Summit. Inside INdiana Business Reporter Kylie Veleta profiled the company in the Life Sciences INdiana e-newsletter.

Penguin Innovation is working to commercialize a certified virtual pharmacy cleanroom laboratory for students and industry professionals to give them "practical experience in creating sterile, accurately prepared products," according to the university. The company was co-founded by Purdue Associate Provost for Engagement Steve Abel and Purdue College of Pharmacy Center for Medication Safety Advancement Associate Director John Hertig.

PinpointPharma LLC is also working to commercialize a portable inkjet printer it says will produce precise, personalized medication dosages more quickly than conventional methods. Purdue says the process could improve overall drug effectiveness and decrease patient side effects.

"It is interesting to note that all three of the recipients in this round are members of the Purdue Startup Class of 2016 and Purdue Foundry, which says a lot about the Purdue startup process and progression with the support from the state’s Elevate Purdue Foundry Fund,” said John Hanak, managing director of Purdue Ventures. "More than 60 startups have now received critical investments through the black and gold awards supported through this fund. These are all companies that demonstrate a strong potential for success in moving life-changing technologies to the market."

Since the Elevate Purdue Foundry Fund was established in 2014, 60 startups have received a total of $2.18 million in investment funding. The money can be used for commercialization, market research, product development and prototype creation.

  • Perspectives

    • Cyber Security: Out of Your Control - or Not?

      Good chance YOU have been a victim of a cyber security attack!  When a company gets hacked, you and other customers become the “victims” of the breach. That puts your identity at risk!  The FTC estimates 9 million Americans are victims of identity theft each year!  What’s the greatest potential for identity theft?  On-line shopping! Yikes!

    More

Subscribe

Name:
Company Name:
Email:
Confirm Email:
HTML
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections
INPower
Subscribe
Unsubscribe

Events



  • Most Popular Stories

    • Mark Miles (left) is the CEO of Hulman & Co. (IIB Photo/Alex Brown)

      Miles: Penske "Perfect Conclusion" for IMS

      Hulman and Co. Chief Executive Officer Mark Miles says once the Hulman-George family and board of directors made the decision to pursue a sale of the Indianapolis Motor Speedway, there was interest from numerous parties, but ultimately the deal with Roger Penske represented the best possible outcome. "There are sovereign funds around the world that I know were interested and there were other major entities, terrific companies, that could transact, but Roger is the...

    • Lime is pulling its scooters and bikes from South Bend.

      Lime Bikes and Scooters Departing South Bend

      California-based Lime is pulling its lime-colored bicycles and electric scooters from the city of South Bend, according to WNDU-TV.  Lime bicycles first appeared in South Bend in 2017, followed by the addition of scooters in 2018. 

    • (image courtesy of Pixabay/.Magnascan)

      Gov. Holcomb Declares Emergency on Propane Shortage

      Citing an emergency with the state’s propane supply, Governor Eric Holcomb has signed an executive order which waives some of the time restrictions for truck drivers who haul the fuel. “The current demand for propane exceeds the locally available supply of propane,” states the executive order. Throughout the Midwest, there have been reports of propane shortages and long lines at terminals where truck drivers pick up their load of propane. The governor’s offi...

    • (photo courtesy Joseph Pete/The Times of Northwest Indiana)

      ArcelorMittal to Idle Furnace at Indiana Harbor West

      ArcelorMittal plans to idle a blast furnace at its Indiana Harbor West in East Chicago. A spokesperson tells our partners at The Times of Northwest Indiana employees will be reassigned and there will be no layoffs as a result of the move. 

    • First Merchants Bank Announces Leadership Changes

      Muncie-based First Merchants Corporation (NASDAQ - FRME) has announced a new shift in leadership. The company has elected H. Douglas Chaffin to the First Merchants Board of Directors and Tom Myers as region president for the Michigan market.