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February 29, 2008
Indy's FAST Diagnostics takes first in Purdue life sciences competition
WEST LAFAYETTE, Ind. - |
Indianapolis-based FAST Diagnostics took top honors and $50,000 in cash and services on Thursday (Feb. 28) in Purdue University's Life Sciences Business Plan Competition.
The competition, now in its fifth year, attracted 42 entrants. Judges advanced 21 of those to the business plan phase in which firms provided detailed roadmaps for moving products and technologies from concept and prototype stage to commercialization. Lilly Endowment was the lead sponsor for the event, which was coordinated by Purdue's Burton D. Morgan Center for Entrepreneurship.
FAST Diagnostics is commercializing a kidney diagnostic test that will fill a need in the diagnosis and treatment of kidney injury and disease. FAST stands for Filtration Assessment and Surveillance Technology. Joe Muldoon, the company's CEO, gave the winning presentation.
The $50,000 first prize was awarded in memory of Don Blewett, former associate director of the Burton D. Morgan Center for Entrepreneurship who died on Jan. 15, 2007. In addition, FAST Diagnostics will receive $10,000 in legal and consulting services from sponsors B&D Consulting and Ernst & Young. The company also was awarded $10,000 for the best plan and presentation by an Indiana-based team from BioCrossroads, an organization focuses on growing Indiana's life sciences industry.
"This year's competition was very competitive," said Kenneth Kahn, director of the Burton Morgan Center. "In fact, the judges indicated that this was the most difficult year to pick a winner."
The second-place finisher was MatrixBio of West Lafayette, which developed advanced "metabolite profiling" technology that provides highly accurate tests for early cancer diagnosis and for following the effects of drug therapy. MatrixBio received $35,000, plus $8,000 in legal and business services.
Third prize went to SperoSense Technologies of Bloomington, Ind., which received $25,000, plus $6,000 in legal and business services.
Fourth prize of $20,000 went to Renaissance Scientific of Philadelphia, fifth prize of $10,000 went to MetaMol Theranostics of Cincinnati, sixth prize of $5,000 went to Encore Path of Baltimore, seventh prize of $3,000 went to Etoh Pharmaceuticals of Chicago, and eighth prize of $2,000 went to Locomotion of Louisville, Colo.
NeuroLife Noninvasive Solutions, from Pittsburgh, took top honors in September 2006, the last time the Life Sciences Business Plan Competition took place.Source: Ken Kahn, (765) 496-3223, kbkahn.1@purdue.edu
Joe Muldoon, (866) 700-7310
Purdue News Service: (765) 494-2096; purduenews@purdue.edu
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