INDIANAPOLIS, Ind., Oct. 12, 2015 — The BioCrossroads New Venture Competition, an early-stage business contest, has uncovered several promising life sciences companies over the past three years. This year, six finalists will compete for cash prizes and in-kind services during the 2015 Indiana Life Sciences Summit. To date, the competition has awarded more than $180,000 to twelve start-up companies, which have secured over $7 million in follow-on funding.
“This competition is a great way for us to gage the entrepreneurial activity among life sciences and health information technology companies in Indiana and to uncover some novel ideas and innovative talent,” said David L. Johnson, President and CEO of BioCrossroads. “In its fourth year, the competition continues to provide proof of a flourishing start-up environment, especially within our academic institutions.”
The BioCrossroads New Venture Competition accepted submissions for 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 additional investment capital. Out of 30 applicants, the following six finalists will compete for cash prizes:
- Animated Dynamics: provides clinical laboratory services for personalized cancer therapy selection. AniDyn’s biodynamic imaging technology measures the efficacy of cancer drugs inside living 3D tissue and provides predictors, within 48 hours of a cancer biopsy, that indicate how a patient may respond to their prescribed therapy.
- Arrhythmotech: leveraging a breakthrough in the detection and analysis of sympathetic nerve activity. They are developing a series of novel devices, algorithms, and services to enable skin-based sympathetic nerve activity measurement and analysis, simultaneous with electrocardiogram measurement, using the neuECG™ device.
- Auricyte: developing a first of its kind therapy for hearing loss. Their platform is a regenerative technology that guides human stem cells into functional hearing cells. The stem cell-derived hearing cells are structurally and functionally indistinguishable from human hearing cells and can be applied as a new regenerative therapy for hearing loss.
- Phytoption: transforms high value, insoluble ingredients into soluble solutions for food, supplement, cosmetics, and pharmaceutical uses. Their formulations effectively deliver poorly water-soluble actives, such as antioxidants and anti-cancer drugs, in cold water soluble formats.
- Ossa Biomedical: develops novel therapeutics for bone disorders and is currently focused on the treatment of Osteogenesis Imperfecta through the commercialization of Salubrinal.
- SPEAK MODalities: provides evidence-based methods and learning aids to improve the quality of communication for Autistic individuals and those impacted by language disabilities or delayed speech development. Their work has integrated leading science with tablet technology to provide individuals a program with demonstrated outcomes.
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.
All winners will be announced at the Indiana Life Sciences Summit at the JW Marriott Hotel in Indianapolis on October 14, 2015. Taft Stettinius & Hollister LLP, 5AM Ventures, VisionTech Partners, LLC, MED Institute, HALO Capital Group and DeveloperTown sponsored the Competition.
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.