10 Jun Three Phoenix startups tapped to pitch to global venture capitalists
Three Phoenix companies were selected to pitch to global venture capitalists at the virtual BIO International Start-Up Stadium event on June 11.
In the first review, 70 global startups warranted further consideration, but that number was pared down to 16 finalists from around the world.
The opportunity to pitch to these global venture capitalists could be a huge financial springboard for these companies. BIO stands for Biotechnology Innovation Organization, which is based in Washington, D.C.
At the BIO International Start-Up Stadium in 2019, when Phoenix- based Kalos Life Sciences pitched its oncology technology to venture capitalists, it ended up with a $55 million investment from a German company and now is in hiring mode.
Dr. David Haworth, president of Vidium Animal Health, will take the virtual stage on June 11 to see if venture capitalists will invest in the Phoenix-based maker of a DNA panel for cancer in dogs.
“BIO is the big leagues,” said Haworth. “It’s attended by thousands of investors, other startups and collaborators. We’re hoping to raise some more money next year. When that time comes it will be great to have introductions to people who are interested in what we’re doing.”
Vidium is a spinout of the Translational Genomics Research Institute, a Phoenix-based nonprofit on the downtown Phoenix Biomedical Campus that has been instrumental in beefing up the bioindustry in metro Phoenix.
Vidium’s SearchLight DNA test is designed to identify any of the nearly 120 known cancer-associated genetic mutations in dogs, and use the molecular profile of misbehaving genes to help guide diagnosis and treatment.
In 2019, Haworth, a veterinarian, noticed a small lump on his dog Bridger. He ran the SearchLight DNA test on the dog’s tumor, which helped determine the best treatment course.
Today, at eight years old, Bridger is doing just fine, he said.
Emerging biotech market
The other two Phoenix startups selected to pitch at Start-Up Stadium will be Movement Interactive Inc., which created a patented wearable concussion detection sensor that fits onto a patented cooling sports headband, and Translational Sciences, which created a a monoclonal antibody to dissolve and prevent blood clots.
Being selected to present in the Start-Up Stadium at the BIO International Convention provides an opportunity for these companies to step into the spotlight on a global stage, said Joan Koerber-Walker, president of the Arizona Bioindustry Association.
“Companies from around the world compete for this coveted opportunity,” she said. “Having three finalists from Phoenix illustrates the quality of life science companies we have in Arizona. This is just one of the reasons Phoenix is considered a top emerging biotech market.”
All three of these Phoenix startups are going to make an impact within their particular niche, said Claudia Whitehead, manager of the bioscience health care program for the city of Phoenix.
As the fifth-largest city in the nation, Phoenix also is ranked No. 5 as an emerging life science market, according to a recent report by CBRE.
Phoenix’s growth in the life sciences is fueled by more than $3.25 billion in capital investment, which has led to more than 5 million square feet of new bioscience health care facilities constructed since 2019, Whitehead said.
Angela Gonzales
Senior Reporter
Phoenix Business Journal
Used with permission from Phoenix Business Journal
Original article: https://www.bizjournals.com/phoenix/news/2021/06/10/three-phoenix-startups-venture-capital-competition.html