The INOV8 blog tracks the latest news and trends in technology and innovation throughout the world
The BioVentures initiative at UAMS held its fourth-annual Private Equity Roundtable May 13-14 in Little Rock. The forum allowed BioVenture’s biotech startups to pitch their technologies and services to national venture capitalists.
INOV8 was there, and chronicled sessions 1 and 2 of the forum here and here. And now, round 3, which featured presentations from Balm Innovations, Infinite Enzymes, InterveXion Therapeutics, BiologicsMD and RxResults…
Balm Innovations
Not your typical startup, IA client Balm Innovations produces Omnibalm, a tea tree oil-based topical skin cream that works on everything from sunburn to dry skin. Omnibalm has gone semi-national, picked up by regional drug-store chains USA Drug (based in Arkansas) and North Carolina-based Kerr Drug. It recently was added to the inventory of Duane Reade, Manhattan’s premier drug-store chain.
CEO Lydia Carson told investors that Ominbalm will go national in the next year (think Wal-Mart, Walgreens), and that Balm was seeking about $2 million in capital to boost that launch.
Infinite Enzymes
IE, based in Jonesboro and an IA client, has developed alternate tech that enables it to produce a number of highly specific enzymes for a variety of industrial applications, including the biofuel industry, the breaking down of petroleum-based products and the production of sugars for bio-based products.
CEO Elizabeth Hood, recently granted Fellow status by the American Society of Plant Biologists, said IE seeks $2-3 million for its first product launch, and expects positive cash flow within five years.
InterveXion Therapeutics
Dr. Brooks Gentry presented his method of treating methamphetamine addiction through the use of specific antibodies. InterveXion, an IA client, has received a $4 million grant from the National Institute on Drug Abuse which will cover preclinical testing. While not asking for a specific amount, Gentry pitched for capital to help him launch a marketing study.
Treatments would be delivered through IV about once a month, Gentry said, addding that no other addiction treatments have been approved for a specific drug.
BiologicsMD
If there’s a “hot” startup in town right now, BiologicsMD is it. A UofA startup, winner of the prestigious Rice University business-plan competition (for which it was featured in Fortune), and second-place winner at the DWR Tri-State Governor’s Cup in Las Vegas last week, BiologicsMD (another IA client) has developed an innovative treatment for osteoporosis that binds to the bone and stimulates new growth.
Treatment would entail one annual injection, according to presenter and chief scientific officer Robin Goforth, compared to daily injections needed through competing treatments. Goforth said she expects to receive about $1.25 million in federal grant, but the firm is seeking $5.3 million in capital to get it through phase 1 clinical trials.
RxResults
RxResults provides pharmacy management benefits to large, insured groups.
CEO Tery Baskin said 91 percent of all pharmacy claims are processed through PBMs. Rx is building a PBM model, he said, to sell to others. A future product planned by Rx (profiled recently here in Arkansas Business) is a fully insured prescription drug benefit to be distributed through a national network of brokers.
Rx (an IA client) wrapped up the final session, and the forum came to a close with VCs and entrepreneurs engaged in discussion. Which, BioVentures director Mike Douglas said, is what it’s all about.
“This is all about communication,” he said. “There’s some great communication happening between investors and entrepreneurs. If we can get some deals flowing and keep the quality of the companies high, the investors will keep coming.”
Douglas said he expects at least a couple of startups to get some sort of funding deal as a result of the forum.
For more information on the BioVentures biotech incubator, visit its website.
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