Last year’s life sciences start-up award winners have secured more than $2 million since competition
INDIANAPOLIS, Ind., June 13, 2013 — The BioCrossroads New Venture Competition presented by Krieg DeVault, an early stage business competition awarding more than $60,000 in prizes to life sciences and health information technology companies, is now accepting applications at www.biocrossroads.com.
Early-stage biotechnology, pharmaceutical, medical device, diagnostic, ag-biotech and health information technology companies developing innovative products and platforms are eligible to apply for the New Venture Competition. For consideration, companies must either be Indiana-based or be able to demonstrate a significant Indiana presence.
In addition to a cash prize of $25,000, the winner of the competition will have access to the Indiana Seed Fund II 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 ILSFII investment committee.
The winner will be announced at the Indiana Life Sciences Summit Networking Reception on October 21, 2013. Second and third place companies will be awarded cash prizes of $15,000 and $10,000 respectively. There will also be a Pre-Venture prize of $10,000 for a promising technology that is very early in its development.
The competition will be comprised of an initial application process followed by ISFII staff review of all applications, interviews of semi-finalists and the selection and invitation of the top five plans to present to a panel of expert judges. A link to the application site is available at www.biocrossroads.com. Entries must be submitted by July 31, 2013. Companies invited to submit full business plans will be notified by August 10 and must do so by Friday, August 24, 2013.
Last year’s top prize winner, Diagnotes, Inc., a health IT company whose mobile clinical communications system delivers critical patient information and facilitates secure communication, recently announced the close of a $1 million Series A funding round, including an investment from the Indiana Seed Fund II and Stepstone Angels, one of the event’s sponsors.
“We gained a lot of traction and momentum after winning the New Venture Competition last year,” said David Wortman, chairman and CEO, Diagnotes. “Being recognized by BioCrossroads has given us a unique advantage, leading to new investment opportunities and connections with industry partners.”
The company’s mobile clinical communication system is now being used in the healthcare market.
Algaeon, an Indianapolis-based ag-biotech company with a patent-pending algae cultivation technology providing nutrients for human and animal health, took home second place at last year’s competition. Since then, the company has raised $1.4 million in investment capital including an investment from the Indiana Seed Fund II.
5am Ventures, CHV Capital, StepStone Business Partners, HALO Capital Group and OrthoWorx are sponsors of BioCrossroads New Venture 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.