Plumb Pharmaceuticals, the Madison-based startup that developed a drug delivery technology for extended-release medications for opioid addiction, won the grand prize at the 17th annual Wisconsin Governor’s Business Plan Contest.
The competition was part of the Wisconsin Technology Council’s annual Entrepreneurship Conference.
Plumb Pharmaceuticals beat out a pool of more than 200 entries, including 11 other companies that made the finals. The company will receive cash and other services, as well as office space, as part of its prize. The competition was based on scores by a panel of about 90 judges.
“Conventional therapies help suppress cravings by blocking opioid receptors. However, relapse can occur between doses. What Plumb Pharma has done is create a way to help reduce relapses,” said Tom Still, the president of the Wisconsin Technology Council, in a statement. “Plumb Pharma’s technology can reduce costs for patients and providers alike, with potential to move beyond opioid abuse.”
Entries were submitted in four categories: Advanced manufacturing, business services, information technology and life sciences. Plumb won the life sciences category.
Advanced Ionics, a Milwaukee company developing a hydrogen production system for industrial consumers, won the advanced manufacturing category; Milwaukee’s Last Lock, a maker of a self-powered smart lock cylinder, won the business services category; and MyGenomeRX from Wisconsin Dells, which developed an online portal that identifies potential gene-drug interactions, won the IT category.
