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Life Sciences Startups Land Prizes in Pitch Competition

Two Pittsburgh-based life sciences startups took home some big prizes from LifeX Labs’ recent pitch competition. The competition is similar to one that Kuzneski Insurance Group – a LifeX sponsor – hosts annually, called the Kuzneski Innovation Cup. 

“I thought everybody’s pitches were really well done, and I’m glad I don’t have to judge this one!” said Laurie Kuzneski, director of business development at KIG. 

First place went to BioCarpet, a flexible and fully biodegradable endovascular device that will provide treatment of peripheral artery disease (PAD). BioCarpet uses a blend of biocompatible materials and special thermoforming techniques that result in structural and mechanical materials over competitors’ devices. The approach minimizes stress on the vascular wall. Often very painful, PAD causes narrowing of arteries in the leg, leading to lower blood flow, which means an increased risk of amputation in a large percentage of cases. 

BioCarpet’s product is meant to be a replacement for conventional stents, which fail to treat PAD about half of the time. It can be used across the knee, which other products cannot.  

The team is made up of Dr. Jonathan Vande Geest and Dr. Ali Behrangzade. 

The first-prize package was valued at $50,000, (a $10,000 cash prize, a $10,000 legal package from Troutman Pepper, a $10,000 project with Fourth River Solutions, unlimited Pitchbook usage for six months and 40 hours of LifeX Commercialization and Domain expertise). 

Acuity Dx went home with second place. Acuity has developed a solution for better treatment of urinary bladder cancer by predicting how a patient will respond to chemotherapy. Because 30% of patients do not respond to the treatment, Acuity’s platform can alleviate months of painful side effects and save the health care industry millions of dollars. Based on early trials, it is expected that the technology will be applicable to most types of cancers. 

Acuity Dx is made up of Glenn Gershon, Dr. Syd Finkelstein, Dr. Yongxin Zhao and Feifei Fu. 

Second prize was valued at $25,000, including a $10,000 project with Fourth River Solutions, unlimited Pitchbook usage for six months and 20 hours of LifeX Commercialization and Domain expertise.  

Other startups in the competition were Advanced Optronics, Simplina and ResTec. 

Advanced Optronics is developing a cochlear implant for patients with profound hearing loss. The team: Jay Reddy, Maysam Chamanzar, Abraham Jacob, Steve Fleck and Sean McDonald. 

Simplina is working on an app that helps couples who are having trouble getting pregnant conceive without undergoing expensive IVF treatment. The team: Annina Burns, Serena Thapa, Ipsa Khadka and Maggie Kemp. 

ResTec is focusing on a disinfection process for the health care industry that is both fast and eliminates 100% of germs. Existing products are not able to do both. The team: Currie Crookston, Paul Baumgartner, Randy Eager and Jonathan Wilder. 

Judges for the competition were Illana Diamond of 412 Venture Fund; Matt Harbaugh, managing director of Mountain State Capital; and Don Morrison, executive-in-residence at the University of Pittsburgh. 

“We remain extremely grateful for all that the Kuzneski Insurance Group does for LifeX,” said Kim Magazine, director of operational excellence at LifeX Labs, a Pittsburgh-based capital growth company that de-risks time, resources and investment for life sciences companies. 

 

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