Cancer researcher advances to NCBiotech Venture Challenge finals
The North Carolina Biotechnology Center, a partner of East Carolina University, held its second regional NC Biotech Venture Challenge on May 23. The semifinal pitch competition with teams representing North Carolina’s eastern region took place at the ECU Main Campus Student Center. The companies with transformative technologies vying for a chance to advance to the state competition all have ties to ECU.
Mark Phillips, vice president of statewide operations and executive director of the eastern regional office for the NC Biotechnology Center, introduces each challenger ahead of their prepared two-minute pitch. (Photo by Kim Tilghman)
The NC Biotech Venture Challenge is a statewide event that works to increase life sciences innovations and help them successfully reach the marketplace by providing guidance and funding. Each semifinalist walked away with at least $10,000 to help with the commercialization process and received two months of business, development and presentation coaching.
Representing the eastern region of the state, impressive innovations were pitched by three teams:
- Claradele Pharmaceuticals, founded by Dr. Rukiyah Van Dross-Anderson from the Brody School of Medicine, is in preclinical development for a unique immunotherapy that can destroy melanoma and potentially other cancer cells.
- Limulus Biomedical, co-founded by Payton Cottrell of Carteret Community College and ECU entrepreneurship major Tyler Hodge, is developing an aquaculture system for sustainable hemolymph collection from the Atlantic horseshoe crab – a process that is crucial to ensuring the safety of injectable medical devices like vaccines.
- MoZeek Bio, founded by Dr. Tonya Zeczycki, associate professor of biochemistry and molecular biology at ECU, is developing an at-home fecal diagnostic test to identify neurodegenerative disease risk at an earlier age.
“We had a great selection of venture applications covering a broad range of biotech-related activities in eastern North Carolina,” said Mark Phillips, vice president of statewide operations and executive director of the eastern regional office for the NC Biotechnology Center. “This provided an opportunity to showcase the innovative research activities within the university and allowed an impressive group of entrepreneurs the opportunity to further progress their biotech innovations toward commercialization.”
Judges said all three finalists impressed them with their concepts and pitches. Patent attorney and competition judge Dr. Shawna Lemon said during the question-and-answer period they were able to more deeply assess the viability of the company and its value proposition.
“We explored the strength of the company’s team, their intellectual property, stage of the company, customers and market, competitors, regulatory hurdles, use of funds and exit strategies,” she said.
Ultimately, the knowledgeable team and potential impact of the treatment gave Claradele Pharmaceuticals the advantage. They took the top prize of $20,000 and will move on to the state challenge.
“Dr. Van Dross-Anderson has assembled a very talented team at Claradele. Their innovative cancer immunotherapy and detailed understanding of the market helped put them over the top,” said Mike Harris, competition judge and interim dean of the College of Business.
Dr. Rukiyah Van Dross-Anderson pitches her melanoma therapeutic to an audience. (Photo by Kim Tilghman)
Van Dross-Anderson said, “I am honored and excited to be selected to advance to the state level NC Biotech Venture Challenge. I am looking forward to representing eastern North Carolina, and I am certain that this experience will help improve the marketability of our investigational product and the success of the company.”
Before the challenge, semifinalists received mentorship and coaching from experts in business, patents, licensing and investment. ECU services assisting with mentorship and coaching included the Small Business Technology Development Center, the Miller School of Entrepreneurship, and the Office of Licensing and Commercialization. The NC Biotechnology Center’s Life Science Intelligence Unit provided marketing research assistance.
“The resources available at ECU to assist business ventures and commercialization of innovations are just a few ways the university is making good on its mission of public service and regional transformation. NC Biotechnology Center’s work to stimulate and advance life sciences research coming out of the university makes it a truly beneficial partnership that allows us to remain future focused and innovation driven,” said Dr. Sharon Paynter, acting chief research and engagement officer at ECU.
Van Dross-Anderson said she was grateful for the resources provided to participants.
“Over the past three months, our team has worked diligently to learn more about the business side of drug development. My team member, Dr. Colin Burns, and I are academic scientists so the process of preparing and learning to deliver a pitch to potential investors was challenging and educational,” she said.
The Claradele team will continue with mentorship and training ahead of the state venture challenge, which will be June 27 in Greensboro. The winner of the state challenge will receive $40,000.
“Our ultimate goal is to make safe and effective therapeutics available to cancer patients in North Carolina and throughout the world,” said Van Dross-Anderson. “Opportunities like this really help with the expensive and often complex commercialization process.”
Claradele Pharmaceuticals plans to hold fundraising events this fall.
Dr. Rukiyah Van Dross-Anderson with her business partner, Dr. Colin Burns, challenge judges and NC Biotechnology Center representatives. (Photo by Kim Tilghman)