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Even Sandy’s Fury Can’t Stop Winners Of VANJ Elevator Pitch Olympics

By Robert P. Baker
On Monday, November 12, one week after Sandy came ashore with its screaming winds and storm surges, the Venture Association New Jersey (www.vanj.com), presented its Fall Entrepreneurs Expo & Elevator Pitch Olympics at the Marriott Hanover, Whippany, NJ. For the first time, presenters included only representatives of Life Science, Healthcare and Medical Device companies, while the distinguished panel of Venture Capitalists (VC’s) and Angel Investors who served as judges also specialized in these areas. Even though two presenters from NJ had to withdraw at the last minute because of flooding or lack of power, the rest of the presenters and the panel of judges came from as far away as Utah to participate.
            The First Place Winner was ZSX Medical, Inc. of King of Prussia, PA (www.zsxmedical.com), which has developed a novel product and application technique called Zip-Stitch for sealing incisions made during laparoscopic hysterectomies, specifically closing the vaginal cuff. The Second Place Winner was Jade Therapeutics of Park City, Utah (www.jadetherapeutics.com), which focuses on the development of locally administered, sustained-release therapeutics that improve corneal healing following damage from disease or injury.
            Three companies tied for Third Place. One was AcuityBio, Inc. of Newton, MA (www.acuitybio.com), whose mission is to prevent post-surgical cancer recurrence in early stage cancer patients using localized drug delivery. The second was Wellesley Pharmaceuticals of Newtown, PA, which has developed a patented treatment for excess urination at night based on existing drugs and is ready for phase 2 FDA tests. The third was Ladybug Technologies of Amherst, NY (www.ladybugtechnologies.com), which has developed a series of breathalyzer-type tools for accurately and conveniently measuring blood alcohol levels.
From 10:00 AM to 12:00 Noon, 21 individual entrepreneurs seeking startup and growth capital showcased their companies to potential investors. At 12:00 Noon, lunch was served to an audience of 150 people as a panel of Venture Capitalists (VC’s) and Angel Investors specializing in Life Science, Healthcare and Medical Device companies, who served as Judges for the Elevator Pitch Olympics took the stage. Immediately following lunch, the 21 entrepreneurs made their 2-minute presentations, which were judged by the panel. 
An elevator pitch is a short presentation made by an entrepreneur raising money for a venture. The term describes a pitch short enough to be given during an elevator ride, which may be the entrepreneur’s only chance to talk with a potential investor. Just as in the real Olympics, the judges hold up their scores and give points ranging from one to ten in the categories of quality of presentation and business fundability.
The panel of investors was moderated by David J. Sorin, Esq., Managing Partner, SorinRand LLP (www.sorinrand.com), a law firm combining high quality lawyering with a businessperson’s practical, results-oriented sensibility to meet the needs of emerging growth and middle market enterprises.  The panelists included:
·       John K. Clarke, Managing Partner, Cardinal Partners (www.cardinalpartners.com). Princeton, NJ
·       Rajeev Dadoo, PhD, Partner, SR One (www.srone.com), Conshohocken, PA
·       Brenda Gavin, Partner, Quaker Partners (www.QuakerBio.com), Philadelphia, PA
·       Debbie Hart, President, BioNJ (www.BioNJ.org), Trenton, NJ
·       Martin Kratchman, Managing Partner & Founder, HealthPro BioVentures LLC (www.healthprobioventures.com), New York, NY
·       Noah J. Kroloff, Partner, NGN Capital (www.ngncapital.com), New York, NY
·       Zev Scherl, General Partner, NewSpring Capital (www.newspringcapital.com), Radnor, PA
First place winner ZSX Technologies uses small biodegradable plastic clips called Zip-Stitch that can be easily attached using laparoscopic techniques to seal incisions, eliminating the need for the surgeon to tie knots by remote control without the benefit of tactile feedback. Like sutures, Zip-Stitch achieves wound closure, but unlike
sutures, it does not require knot tying, provides a physical barrier to adhesions and is not a conduit for infection. The clips can also be applied in approximately 2 minutes, versus 15 minutes required for sutures, reducing both bleeding and the opportunity for infection.
Second place winner Jade Therapeutics uses key cells involved in the tissue-building process to deliver recombinant human growth hormone (rHGH), a well characterized biologic that has already been demonstrated in a wide variety of systems to have significant healing properties. Examples of ocular disorders addressed by the Company’s technology include persistent corneal epithelial defects (PCED) and various other types of corneal damage.
AcuityBio, one of the third place winners, has developed a unique and simple to use drug-eluting implant that reduces the incidence of lung cancer recurrence by locally delivering therapeutic levels of drugs to the site of disease for a period of several months.  The product is based on drug-eluting poly(glycerol monostearate-co-caprolactone) films, which have been shown to be ISO-10993 biocompatible and biodegradable.
Wellesley Pharmaceuticals, another third place winner, has successfully completed animal and informal human tests of its patented treatment for excess nocturnal urination. The company’s goal is to complete phase 2 FDA tests and then license patents to a large pharmaceutical company that will do phase 3 tests and take the product to market in 2015.
Ladybug Technologies, the final third place winner, is committed to bringing measurable change in the area of alcohol consumption, providing consumer access to technological advancements and developing an active community of practice that provides social awareness on all issues related to alcohol use.
For additional information, contact Clara Stricchiola at (973) 631-5680 or [email protected]