Venture capital
 Start-up success

Title: Commercialization Council venture news
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Permanent Link: http://ufdc.ufl.edu/UF00088889/00008
 Material Information
Title: Commercialization Council venture news
Series Title: Commercialization Council venture news
Physical Description: Serial
Creator: University of Florida Commercialization Council
Publisher: University of Florida Commercialization Council
Publication Date: Summer 2005
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Bibliographic ID: UF00088889
Volume ID: VID00008
Source Institution: University of Florida
Rights Management: All rights reserved by the source institution and holding location.


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Table of Contents
    Venture capital
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        Page 2
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        Page 5
    Start-up success
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Full Text
Venture Newsletter

Commercialization Council

Summer 2005

1 Vj,1 tLI 4W3 [-' i

Members of the
Commercialization Council

Office of Technology Licensing
David Day Director
Jane Muir Associate Director

Univ. of Florida Foundation
Christopher Needles
Assistant VP/Development

Sid Martin Biotechnology
Development Incubator
Patti Breedlove Incubator Mgr.

Investors are continuing to take notice of the dynamic start-up
community at the University of Florida. This issue details a number
of new deals with various venture capital firms and angel funds.
One of the keys to our success is an active network that brings to
the table world-class technology, experienced business leaders,
knowledgeable investors, and support systems such as business
incubators, training for entrepreneurial faculty, and now the
opportunities presented by membership in the Florida High Tech
Corridor Council. This is an exciting time to be involved in
technology commercialization in Florida!


Matching Funds Research Program to Leverage UF/Industry

In an effort to further advance the development of Florida industry
and UF's role in that development, the university has established
the Matching Funds Research Program (MFRP) in concert with our
new membership in the Florida High-Tech Corridor Council. The
program represents an investment of $120 million to date and is
comprised of 215 company partners, 550 research projects, 300
faculty members, and 1,000 students and research assistants.

The goals of the MFRP are to:
* promote economic impact by attracting, retaining, and growing
companies in the 23-county Florida High Tech Corridor
* build university-industry research teams capable of making
national industry impact
* increase the number of Florida students entering and being
retained in Florida high tech industry

Through this initiative, Florida industry stands to benefit from the
$475 million of cutting edge research available at UF. The MFRP will
also lead to world-class R&D teams with access to unique, state-of-
the-art research equipment. Another result will be a growing pool
of top-notch students with industrial experience, available for
recruitment into Florida's growing high-tech industries.

Companies interested in participating in the MFRP should:

* Identify research collaborations and UF collaborators of interest
* Design a scope of work that shares investments
* Establish contract terms with the UF Division of Sponsored


Page 1 of 9


Venture Newsletter Page 2 of 9

The Commercialization Council
is funded by the

Office of the Vice President for

Dr. Winfred M. Phillips
Vice President for Research

PO Box 115500
(352) 392-1582

The UFCC Venture e-newsletter is
sent to you by the University of
Florida Commercialization Council.

To be removed from the UFCC
Venture mailing list, please email

The information contained in UFCC
Venture may not be reproduced
without the permission of the
University of Florida
Commercialization Council.

* Apply for the FHTCC Matching Funds Program by contacting:

Erik Sander, Director of Industry Programs
UF College of Engineering
300 Weil Hall, PO Box 116550
Gainesville, FL 32611-6550
Phone (352) 392-6000

For more information, visit the MFRP website at

Southeast VC Firm Funds Another UF-Related Start-Up:

University of Florida spin-off companies continue to draw interest
from investors. InterSouth Partners, one of the most active and
experienced early-stage venture capital firms in the Southeast,
recently committed $4 million to NovaMin Technology, Inc., a UF
start-up that produces NovaMin, a powerful discovery that offers
consumers whiter, less sensitive teeth while protecting them from
tooth decay.

Leveraging over ten years of research experience in tooth and bone
mineralization and repair from its parent company (USBiomaterials
Corp.), NovaMin Technology Inc. (NTI) is positioning NovaMin to
be used as an additive to existing oral healthcare products or to
serve as a basis for new products in the $20 billion oral care

According to NTI CEO Randy Scott, "The UF community has great
momentum and a terrific support network for start-up companies
like NTI. We are thrilled with the way the incubator, the tech
transfer office, and others have come to bat for us to help connect
us with key ingredients to help us move our technology to market."

"This company is a tremendous example of the success that can
happen when solid technological innovation meets experienced
management," said David Day, Director of UF's Office of
Technology Licensing and the Sid Martin Biotechnology
Development Incubator. "This is the combination investors get
excited about, and this is what we are trying to facilitate."

For more information about NovaMin, visit the company website
at www.novamin.com. For more information about this and other
UF start-up companies, visit the OTL website at www.otl.ufl.edu
and click on Start-Up Companies.

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UF Medical Technology Summit Attracts Top Executives,



Venture Newsletter Page 3 of 9


Nearly 200 executives and prospective investors gathered at the
University of Florida Hotel and Conference Center in May for the
2005 University of Florida Corporate Leaders Summit. The theme of
this year's event was "Medical Technology Innovation at UF:
Emerging Business Opportunities."

The event featured leading-edge medical device research being
carried out in UF laboratories, and included presentations from
faculty innovators in areas such as biomedical engineering,
orthopedics, materials science, neurosurgery, anesthesiology, and
chemistry. Participants were also introduced to a number of new
products and start-up companies.

John W. Brown, longtime Chairman and CEO of Stryker Corp.,
based in Kalamazoo, Michigan, delivered the keynote address. Mr.
Brown is well known for transforming Stryker into one of the most
successful orthopedic medical device companies in the nation.

During lunch the audience heard from David P. Holveck, Vice
President of Corporate Development for Johnson & Johnson and
President of Johnson & Johnson Development Corp, the company's
venture capital subsidiary. Mr. Holveck works with early-stage
health care companies in the fields of pharmaceuticals,
biotechnology, medical devices, diagnostics, and consumer

Other industry participants in the Summit included:

UF alumnus Jeffrey G. Gold, President and CEO of
Cryovascular Systems, Inc. and co-founder of Cordis
Endovascular Systems
UF alumna Reggie Groves, Vice President, Patient
Management and Cardiac Rhythm Management for Medtronic
Inc. in Minneapolis
Richard R. Tarr, Vice President for Worldwide Research and
Emerging Technologies at DePuy, a Johnson & Johnson
orthopedic device company based in Warsaw, Indiana

Four UF Technology Start-Ups Win Big in Business Plan

The University of Florida Office of Technology Licensing (OTL) and
its business creation arm, the UF EDA University Center, matched
experienced business leaders with technologies developed at UF, to
present an opportunity for four teams of UF students to gain first-
hand experience with a start-up company. All four of these
companies won prizes in this year's Howard J. Leonhardt Business
Plan Competition, presented by the Center for Entrepreneurship
and Innovation.

Two of the winning business plans were the result of the Integrated
Technology Venture (ITV) program, a partnership between the
Center for Entrepreneurship and Innovation, the Office of
Technology Licensing, and the College of Engineering:



Venture Newsletter Page 4 of 9

Safe Drive Technologies won first prize in the graduate category,
taking home a $9,000 award. Serial entrepreneur Jim Carnall
guided UF students Beth Barja, Georgios Gatos, and Matt Glick to
write the winning business plan. The company's goal is to
commercialize a roadside warning beacon that would reduce traffic
accidents, a technology developed by Associate Professor David
Bloomquist and Professor Michael McVay of UF's Civil and Coastal
Engineering Department, Dr. Erik Larsson, a former Electrical
Engineering professor, and Chris Dumas of Driven Technologies,

Vivicor received the $5,000 second prize in the graduate category.
Under the watchful eye of industry veteran G. Martin Wynkoop, UF
students Charlie Farhoodi, Christian Probst, Sapna Patni, and Bo
Zhang put together a business proposal to commercialize a
heartpump to be used as a bridging technology between
cardiovascular procedures. The technology was developed by
Mattias Stenberg and Drs. Roger Tran-Son-Tay and Charles Klodell.

The other two winning business plans were projects undertaken
within UF's New Venture Creation class, a partnership between the
Center for Entrepreneurship and Innovation and the Office of
Technology Licensing:

Hortigen won first prize in the undergraduate category, and prize
money in the amount of $6,000, with its plan to commercialize a
portfolio of genetically engineered plants, including a tomato that is
resistant to the tomato yellow leaf curl (TYLC) begomovirus. The
students were mentored by experienced CEO Jim White. This plan
involved a number of technologies developed primarily in UF's
Institute of Food and Agricultural Sciences. A team of students,
including Jonathan Bedford, Kari Donaldson, Gere Gervis, Jessica
Lambrecht, and Matt Smith wrote the plan. OTL is currently seeking
experienced entrepreneurs who are interested in helping take these
products to market.

Icarus took home a $1,000 third prize award in the undergraduate
category. Students David Axinn, Justin Kenney, Pablo Solano, and
David Tischler were coached by local venture capitalist Dan Rua to
write the plan to commercialize a software product that would
prevent P2P file sharing among internet users. This software, which
has already been in use at UF since 2002 and is internationally
known as the first solution to illegal file sharing, was developed by
Robert Bird and William Saxon, senior systems programmers with
the UF Department of Housing. The inventors are making plans to
start a company to commercialize this technology and are actively
seeking strategic partners for this endeavor.

"This competition was an exciting opportunity to see many of the
goals of the university come to fruition," said Jane Muir, OTL's
Associate Director. "We have students learning real-world skills,
working together with experienced business leaders from the
community and beyond to commercialize cutting-edge technologies
developed in UF laboratories. This is a win-win-win situation for UF
and for the community. As these start-up companies are created
and grow, they will provide good jobs in Alachua County."

For more information about UF's growing number of start-up
companies, visit OTL's website at www.otl.ufl.edu and click on



Venture Newsletter Page 5 of 9

the "Start-Up Companies" link.

Return to top


Latest Early Stage Series Reaches Entrepreneurial Faculty

Presented by the UF Commercialization Council, Gainesville Area
Innovation Network (GAIN), OTL, and the UF/EDA University
Center, this year's Early Stage Series was filled with practical
guidance for entrepreneurial faculty. The first event of the three-
part Early-Stage Series, "Starting a Technology-Based Company,"
was a resounding success with over 40 in attendance to hear Dan
Rua discuss the many aspects of starting a technology-based

"Funding for Researchers and Start-Up Companies" featured
national experts Jim and Gail Greenwood sharing tips for achieving
success in applying for funds through the Small Business
Innovation Research (SBIR) program. This was the Greenwoods'
fourth trip to UF in two years. "We keep bringing them back," said
Terry Lemesh, UF/Economic Development Administration (EDA)
University Center Coordinator, "because they deliver practical,
hands-on instruction for inventors in search of funding, detailing
how to access millions of federal dollars available each year for
technology businesses funds that do not have to be paid back."

The final event of the series, "Where Do I Go From Here?"
introduced attendees to a number of local resources, including the
Sid Martin Biotechnology Development Incubator, Gainesville
Technology Enterprise Center, UF/EDA University Center, and Office
of Technology Licensing. Lee May, of Gainesville's Emergent Growth
Fund, LLC, also introduced attendees to this angel group.

GTEC to Host Funding 101, Sept. 8

The Gainesville Technology Enterprise Center (GTEC) will host a
training opportunity for area entrepreneurs entitled "Funding 101."
The session will be geard toward anyone interested in learning
more about the process and current state of the venture capital

2nd Annual Florida Tech Transfer Conference Solid Success

More than 300 industry and university professionals, investors,
service providers and economic development officials gathered at
Orlando 's Hilton Walt Disney World in May to share ideas and
make connections.

Some of the state's most promising university start-up companies
seeking investment gave presentations. UF was well represented;
the Office of Technology Licensing hosted a booth, and a number of
faculty inventors attended.



Venture Newsletter Page 6 of 9

For more information about the event, as well as other
opportunities, visit the website at www.flatechtransfer.org.

Return to top


UF Medical Device Invention Goes to Market

More than 30 million patients receive anesthesia each year, and are
monitored by a device called a pulse oximeter and sensors worn on
their fingers or toes. The pulse oximeter measures the amount of
oxygen in the patient's blood. Researchers at the University of
Florida have invented a new pulse oximeter sensor that can be
placed on the nose or cheek and in certain configurations combines
pulse oximetry with capnography, the measurement of exhaled
carbon dioxide. The new sensors provide better signals, allow for
more precise measurement of a number of cardiovascular and
respiratory parameters, and can be used to evaluate a patient's
blood volume.

Developed in collaboration with (and now manufactured and
marketed by) Beta Biomed Services, Inc., UF's sensors can
consolidate the number of devices commonly used on a patient,
thus decreasing patient discomfort and hospital costs. The sensors
received regulatory clearance in Europe recently and U.S. sales are
expected to begin this summer after FDA clearance. Other planned
applications for this innovative device include non-invasive
measurement of cerebral blood flow, measurement of local venous
capacitance and blood flow, as well as improved monitoring of a
range of respiratory diseases.

"Outstanding technologies and university-industry partnerships like
this are the keys to our ability to deliver improved healthcare
services today," said Anthony Palmieri, the licensing officer at the
UF Office of Technology Licensing responsible for executing the
agreement with Beta Biomed. "This product, which will make a
tremendous difference in the lives of people around the world, is
the result of top-notch research and a dedication on the part of the
inventors and our commercial partner to seeing that research reach
the marketplace."

The team of University of Florida researchers includes Richard 3.
Melker, M.D., Ph.D., Professor of Anesthesiology, Pediatrics and
Biomedical Engineering, Joseph A. Layon, Professor of
Anesthesiology and Surgery, Robert Nappo, a nurse in the Burn
Unit at Shands Hospital and Brian Fuehrlein, an M.D., Ph.D. student
working on his doctorate degree in Biomedical Engineering. Mr.
George Worley, President and CEO of Beta Biomed, is also an
important collaborator in development of the technology, as is Neil
Euliano, Ph.D., President of Gainesville-based Convergent

For more information on other UF-developed technologies in the
marketplace, visit OTL's website at www.otl.ufl.edu and click on



Venture Newsletter Page 7 of 9

Success Stories. For more information about Beta Biomed and its
novel sensor, go to www.betabiomed.com.

UF Start-Up Oragenics to Obtain Up to $9M in Equity

Chicago-based institutional investor Fusion Capital Fund II, LLC has
agreed to purchase up to $9 million of newly issued Oragenics
stock over a period of up to 30 months. Under the agreement
announced in late May, Oragenics has the right to control the
timing and the amount of stock sold, if any, to Fusion Capital.

"Overall, this financing commitment adds flexibility and gives
Oragenics the financial resources to fund the initial clinical
development of Replacement TherapyTM, our investigational
treatment against dental decay, currently undergoing Phase I
clinical trials," said Chuck Soponis, Oragenics president and chief
executive officer.

"It will also support the ongoing preclinical development of our
novel antibiotic, Mutacin 1140," said Soponis. Oragenics recently
solved a major production challenge that will enable it to produce
sufficient quantities of Mutacin 1140 to conduct the preclinical
studies needed before filing an Investigational New Drug (IND)
application for that compound.

Oragenics, a graduate of the Sid Martin Biotechnology Development
Incubator, is one example of the outstanding UF start-up
companies that boast superb technology and experienced
management. To read more about Oragenics, visit the company
website at www.oragenics.com For more information about this
and other UF start-up companies, go to the Start-Up Companies
page at www.otl.ufl.edu.

UF Start-Up Nanotherapeutics Gets Part of 1st $9M of
BioShield Funding

The National Institute of Allergy and Infectious Diseases (NIAID),
part of the National Institutes of Health (NIH), recently announced
an $800,000 BioShield award to UF start-up Nanotherapeutics.

Project BioShield, signed into law in July 2004, gives federal
agencies new tools to accelerate research on medical
countermeasures to safeguard Americans against chemical,
biological, radiological or nuclear attack. Nanotherapeutics' award is
for research into single-dose disposable inhalers of two antibiotics
for immediate, post-exposure protection against pneumonic plague
and tularemia.

This award is part of the first BioShield money to be distributed, 10
grants and 2 contracts totaling approximately $9 million to fund
development of new therapeutics and vaccines against some of the
most deadly agents of bioterrorism.

"Project Bioshield enables us to expedite research and development
of critical medical countermeasures based on promising recent
scientific discoveries," said Anthony S. Fauci, M.D., director of
NIAID. "These product development awards, focused on the most



Venture Newsletter Page 8 of 9

serious potential agents of bioterror, will help to rapidly translate
laboratory findings into new therapies."

"Nanotherapeutics is in pretty exciting company," said Patti
Breedlove, manager of the Sid Martin Biotechnology Development
Incubator of which Nanotherapeutics is a resident. Scripps,
University of Chicago, and Xoma also received funding.

For more information on Project Bioshield, visit
For more information on Nanotherapeutics, visit the company
website at www.nanotherapeutics.com, or the Start-Up page at

Another UF Start-Up Receives Venture Funding Clinipace,

Clinipace, Inc., a UF-start-up software company focused on late-
stage clinical research studies and registries, announced its first
round of angel funding from Gainesville 's Emergent Growth Fund.
Clinipace will use the undisclosed amount of capital to fund product
development and boost sales and marketing efforts.

The company's flagship product, TempoTM, is a web-based software
solution that enables collection and management of clinical
research data, and manages project logistics on one unified and
extensible technology platform.

"As we've seen in the market recently with the Vioxx and Celebrex
incidents, there is an incredible need to learn as much as possible
about drug safety even after the drug has been approved for sale
by the FDA," comments Jeff Williams, co-founder and CEO of
Clinipace. "The post-marketing studies that Clinipace conducts for
our pharmaceutical clients are an essential and growing part of
making sure approved drugs are safe."

"We work closely with the University of Florida Office of Technology
Licensing to identify opportunities with great commercial potential,"
said Lee May, Co-chair of the Emergent Growth Fund, of her
group's decision to invest. "In addition to the tech transfer office's
strong support of Clinipace and its technology, the principal factors
driving our decision to back this company were the deep industry
experience of the management team and their proven ability to
generate customer traction across their target segments."

David Day, Director of the Office of Technology Licensing at the
University of Florida added, "We supported Clinipace in the process
with Emergent because of our strong belief that this team has the
experience and ability to create a market leading product for
clinical research."

For more information on Clinipace, please visit:
www.clinipace.com. To learn more about other UF start-up
companies, go to the Start-Up Companies page at

Return to top



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