Indiana's life sciences initiative is looking for early-stage businesses for its annual New Venture Competition. BioCrossroads says the winner will receive a $25,000 cash prize and access to business planning and strategic support.

The organization says, since 2012, the competition has awarded more than $180,000 to 12 startup companies. BioCrossroads says those companies have since secured nearly $7 million in follow-up funding.

Competition organizers are looking for companies in areas including biotechnology, pharmaceuticals, medical devices, ag-biotech and health information technology. To be eligible, companies must be Indiana-based or able to prove a significant presence in the state.

Indiana University startup Anagin won last year's competition. The company is working to develop drugs to help treat post-traumatic stress disorder.

BioCrossroads will announce the winner at the Indiana Life Sciences Summit Innovation Capital Day on October 14.