Three Purdue University-affiliated startups among finalists at annual BioCrossroads New Venture Competition

WEST LAFAYETTE, Ind. – Three Purdue University-affiliated startups – Novosteo, OmniVis and Predictive Wear – are among five finalists for the BioCrossroads New Venture Competition with awards of $60,000 to the three winning companies.

The mission of BioCrossroads, based in Indianapolis, is to serve as a catalyst for the continued growth of Indiana’s life science industry. Through BioCrossroads' annual New Venture Competition, entrepreneurs are able to showcase their innovative work to the Indiana Seed Fund committee for a chance to be awarded a cash prize to help advance their research.

Novosteo is developing and commercializing an innovative new targeted drug to assist in the acceleration of healing bone fractures. For many, especially the elderly, dealing with bone fractures is extremely challenging. The new injectable drug is designed to target the compromised area of the bone, accelerate the healing process and significantly cut recovery costs.

OmniVis is developing a technology aimed at transforming the way biomolecular solutions are analyzed. The technology uses an inexpensive handheld smartphone device to rapidly detect the cholera pathogen in water. Current methods take three to five days, but this new technology can detect cholera in less than 30 minutes.

Predictive Wear is developing a way doctors can quantitatively monitor a disease called chronic venous insufficiency, which causes swelling in the legs because of improper functioning of veins. Currently patients of CVI are at risk of developing multiple complications mainly because physicians do not have a method to monitor the disease. The technology that Predictive Wear is introducing is embedded in the treatment; compression socks. By placing sensors in the compression socks, Predictive Wear’s technology will assist in the monitoring of the disease.

About Purdue Research Foundation

The Purdue Research Foundation is a private, nonprofit foundation created to advance the mission of Purdue University. Established in 1930, the foundation accepts gifts; administers trusts; funds scholarships and grants; acquires property; protects Purdue’s intellectual property; and promotes entrepreneurial activities on behalf of Purdue. The foundation manages the Purdue Foundry, Purdue Office of Technology and Commercialization, Purdue Research Park and Purdue Technology Centers. The foundation received the 2016 Innovation and Economic Prosperity Universities Award for Innovation from the Association of Public and Land-grant Universities. For more information about funding and investment opportunities in startups based on a Purdue innovation, contact the Purdue Foundry at foundary@prf.org.

Writer: Zeina Kayyali, zmkayyali@prf.org

Purdue Research Foundation contact: Tom Coyne, 765-588-3341, tjcoyne@prf.org