Newswise — Deerfield, IL — The creation, care and nurturing of academic startups is a high profile aspect of what technology transfer offices do. The Association of University Technology Managers (AUTM), took a bold step forward to highlight this important aspect of the profession by hosting its first Venture Pitch Competition during the AUTM 2011 Annual Meeting held Feb. 27-March 2 in Las Vegas, Nev. Four startup companies founded based on university technologies competed before a panel of venture capitalists for the $10,000 prize, which was awarded to EndoLumina, a startup medical device company out of Harvard University developing internal biosensor products with an initial focus on real-time detection of gastrointestinal (GI) bleeding. GI bleeding is a common and costly medical condition; there is an at-risk population of several million U.S. patients per year (patients on chronic blood-thinners or non-steroidal anti-inflammatory medications) and over 500,000 annual hospital admissions with an overall 10 percent mortality rate. There is currently no reliable non-invasive method for early detection of GI bleeding or surveillance for re-bleeding after endoscopic treatment. EndoLumina’s device can be swallowed in the field or emergency room (as in the lead indication triage pill for ER visits with suspected GI bleeding) or temporarily sutured or clipped in the GI tract during endoscopy and is passed spontaneously after an appropriate period of time.
“We were absolutely thrilled with the quality of companies represented in this year’s competition and we hope to expand the Venture Pitch Competition in years to come” says Alan Bentley, AUTM Vice President for Annual Meeting. “The AUTM Annual Meeting is the largest gathering of academic technology commercialization professionals under one roof, and is a unique opportunity for venture capitalists to access the latest academic breakthroughs ripe for investment " adds Bentley.
The Venture Pitch Competition will be offered again next year, at the AUTM 2012 Annual Meeting, March 14-17 in Anaheim, Calif.
For more information or to arrange an interview with AUTM, contact Jodi Talley at +1-847-559-0846 or jtalley@autm.net.
About AUTM
The Association of University Technology Managers is a nonprofit organization with an international membership of more than 3,000 technology managers and business executives. AUTM members — managers of intellectual property, one of the most active growth sectors of the global economy —come from more than 300 universities, research institutions and teaching hospitals as well as numerous businesses and government organizations.
