BioCrossroads has named six finalists for its New Venture Competition. They include startups working on technology to address issues such as chronic pain and Post-Traumatic Stress Disorder.
October 8, 2014
Indianapolis, Ind. — In its third year, the BioCrossroads New Venture Competition presented by Krieg DeVault has discovered some promising life sciences companies. Six finalists have been named and winners will be recognized at the Indiana Life Sciences Summit reception on October 14, 2014.
“We've seen a consistent flow of early stage companies competing over the last few years,” said David Johnson, President and CEO of Central Indiana Corporate Partnership and BioCrossroads. “This type of activity is proof positive that the entrepreneurial activity among life sciences companies in Indiana continues to thrive. Our previous finalists and winners have gone on to secure nearly $5 million in investments, and we’re eager to see some strong results from this year’s group as well.”
The BioCrossroads New Venture Competition presented by Krieg DeVault was open to life sciences (biotechnology, pharmaceutical, medical device, diagnostic, ag-biotech) and health information technology companies holding a substantial nexus to Indiana and a high potential for attracting investment capital. Out of nearly 30 applicants, the following six finalists will compete for cash prizes:
• Anagin is currently developing novel therapeutics with limited side effect profiles to drive down escalating healthcare costs and alleviate unnecessary suffering for Post-Traumatic Stress Disorder patients and other neurological disorders.
• Drug Free Therapeutix provides intelligent medical device software and self-optimizing stimulator technology for chronic pain. Their platform, EXACT, links changes in patient-reported pain symptoms to the measured neural responses to electrical stimulation delivered by an implanted or external (noninvasive) stimulator.
• Rich Technologies is an early-stage, medical device developer focusing on an orthopedic surgical device. Their patent pending technology solves the biggest technical problem in trauma surgery – locating and drilling pilot holes for intramedullary nails.
• Sintact Medical Systems develops non-resorbable, biocompatible films which separate adjacent organs after surgery. The Sintact Film acts as an anti-scarring barrier by separating these tissue surfaces to significantly reduce the likelihood of scar tissue formation and the associated post-operative complications.
• Spero Energy has developed a one-step process for conversion of abundant non-food biomass into high value chemicals. Spero has refined this process to produce renewable chemicals currently used in the flavor/fragrance industry, as well as lignin-free carbohydrates for use in paper/pulp and biorefinery industries.
• WellPlay Health is a technology start-up focused on improving how patients participate in their rehabilitation by developing engaging, collaborative, user-centered solutions designed to improve patient compliance and to maximize recovery.
In addition to a cash prize of $25,000, the winner of the competition will have access to the Indiana Seed Fund II (ISFII) staff and the fund’s network of resources to provide business planning and early-stage strategic support. They will also have the opportunity to make a presentation to the ISFII investment committee for added exposure. Second and third place companies will be awarded cash prizes of $15,000 and $10,000 respectively and a Pre-Venture prize of $10,000 will go to a company who has a promising technology that is very early in its development.
“This competition is not only a great way for entrepreneurs to gain exposure, but also gives us an in-depth look at promising companies and an opportunity to share ideas and provide assistance to them as they build and grow their business,” said Greg Coy, Partner at Krieg DeVault and representative on the judging panel for the competition. “What's been most rewarding is watching some of the previous finalists and winners like Curvo, Diagnotes and Algaeon continue to prosper and advance their companies.”
All winners will be announced at the Indiana Life Sciences Summit Networking Reception at the JW Marriott Hotel in Indianapolis on October 14, 2014. 5AM Ventures, VisionTech Partners, LLC. and Bloomberg Government sponsored the Competition presented by Krieg DeVault.
BioCrossroads (www.biocrossroads.com) is Indiana's initiative to grow, advance and invest in the life sciences, a public-private collaboration that supports the region's existing research and corporate strengths while encouraging new business development. BioCrossroads provides money and support to life sciences businesses, launches new life sciences enterprises (Indiana Health Information Exchange, Fairbanks Institute for Healthy Communities, BioCrossroadsLINX, OrthoWorx and Datalys Center), expands collaboration and partnerships among Indiana's life science institutions, promotes science education and markets Indiana's life sciences industry.