Purdue Research Park-based LyoGo among competitors in 10-xelerator competition
June 27, 2011
A developer of drug-delivery devices based in the Purdue Research Park is competing against nine other entrepreneurial teams in an Ohio-based summer entrepreneurship competition.
LyoGo LLC, founded in 2009 by Rush Bartlett, Arthur Chlebowski and Peter Greco, is one of 10 teams competing in the inaugural 10-xelerator program that began June 13. Each competing team received a $20,000 grant to support business and living expenses during the 11-week development program. The program concludes Sept. 1 with the New Venture Showcase during which each team will present its products and services to angel and venture capital investors.
The other teams selected for the 10-xelerator program include Acceptd, adEvo, Biena Tech, Edifuneral, Flare Code, Kout, RenterCenter, Rewardster and SampleShop.
Greco said members of the teams interact on a daily basis.
"All teams have their own space in downtown Columbus, but there is a very open layout so we can easily communicate and collaborate," he said. "LyoGo is a life sciences startup, whereas most of the teams are tech companies building Web applications and services. This allows us to see and learn from a different type of entrepreneurship model that requires different speed and capital needs."
Greco said products and services available to patients must evolve as the health-care system in the United States evolves.
"Innovation in life sciences is driven by the pressure to reduce costs while maintaining profits for health-care companies as well as improving patient care," he said. "For example, when the patent life of a drug expires, companies rely on innovations to maintain a competitive edge. Our drug-delivery device is a cost-effective solution for drug manufacturers to differentiate their products, whether it is the branded or generic drug, to gain an advantage over competitors while simultaneously improving lives."
In February, LyoGo took the $30,000 top prize in the Gold Division for graduate and undergraduate students and faculty.
Greco received a bachelor’s degree in management and an MBA from Purdue University’s Krannert School of Management. Bartlett and Chlebowski are both pursuing their doctoral degrees in biomedical engineering from Purdue.
About LyoGo LLC
LyoGo LLC was formed for the purpose of developing innovative drug-delivery systems. LyoGo is focused on engineering delivery systems which offer a superior user experience, are intuitive to use, improve safety and sterility, and substantially reduce or eliminate the need for refrigeration at room temperature, which improves drug storage and distribution. LyoGo develops systems for delivering drugs that are intentionally designed to easily fit into the established drug-filling processes of leading pharmaceutical companies.
About Purdue Research Park
The Purdue Research Park, with four locations across Indiana, has the largest university-affiliated business incubation complex in the country. The parks are home to about 200 companies that employ 4,000 people and are located in West Lafayette, Indianapolis, Merrillville and New Albany.
Purdue Research Park contact:
Steve Martin, 765-588-3342, email@example.com
- Peter Greco
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