Novocor Medical Systems didn’t come home with any more cash but did raise potential investors’ interest by taking top honors last week in the Southeast BIO investor and partner forum in Richmond.
A panel of judges representing various venture capital firms named Novocor the top EARLY/Stage program winner among 15 firms that competed at the 15th annual SEBIO event in Richmond. . Four finalists were picked to participate in a “Shootout.”
The other three finalists were:
- Diagnovus from Tennessee
- Eboo Pharmaceuticals, which is based in Durham
- ViaMune from Georgia
Novocor, which recently raised $1 million in financing, is developing a device that that induces rapid chilling in the body. This therapeutic hypothermia can reduce the risk of tissue damage during periods of reduced blood flow in circumstances where patients experience cardiac arrest, traumatic brain injury, heat stroke or serious concussions. Novocor says the device would be ready on demand and could easily be stored on ambulances, fire trucks and helicopters. The technology was licensed from N.C. State University.
“I’m very excited to be taking this significant step forward in the development of our product that will aid first responders in saving the lives of thousands of cardiac arrest and stroke victims each year,” Anthony Voiers, president and CEO of Novocor said in a statement when the funding was announced in August.
Novocor’s financial support so far also includes an NC Idea Grant and a loan from the North Carolina Biotechnology Center. Novocor has also received support from N.C. State’s Fast15, UNC’s Launch the Venture, the Blackstone Entrepreneur’s Network, and HQ Raleigh.
Business Plan Winner
The winner of the BIO/Plan business plan competition did win cash – $10,000.
The top prize went to Constellation research, which is being developed at the University of Florida. It is looking to raise $1.5 million.
PleX Diagnostic at UNC-Chapel Hill was one of the four finalists. The others were Advensys from Florida International and Neoantigenics at the University of Virginia Medical School.