Ceresonic, a medical device company that aims to offer a cheaper and safer way to treat Alzheimer’s disease, triumphed at the Rhode Island Elevator Pitch Contest on Thursday, taking home the $400 grand prize.
Pointz, a GPS mobile app specifically for bike and scooter riders, placed second, taking home $300 in prize funding. Five companies in total walked away with a collective $1,000 in cash prizes.
Sponsored by the Rhode Island Business Competition, the 2020 Rhode Island Elevator Pitch Contest just completed its 15th year, although this was the first time the contest ran virtually.
Each presenter had 90 seconds to pitch their company. A panel of three judges then scored each pitch based on five metrics: The problem to be solved, why the proposed solution is better than any other currently available solution, how the idea will make money, why the presenter is qualified to execute this solution and overall presentation quality.
The three judges for the event were Tuni Schartner, executive director of Venture Café and District Hall Providence; Brian Spero, president and CEO of The Beacon Mutual Insurance Co; and Annette Tonti, managing director of RIHub.
Ceresonic won for its medical device, which uses patented technology licensed from Columbia University to deliver drugs past the brain’s protective barrier and into the brain. According to Ceresonic CEO Sam Hornstein, that barrier is the major problem facing drugs currently in development for Alzheimer’s disease. Ceresonic’s technology will ideally bring the medical world closer to curing Alzheimer’s, which Hornstein said kills more people every year than breast and prostate cancer combined.
“Right now, physicians must use MRI scans to figure out where drugs must enter, a lengthy and expensive process,” said Hornstein, who is pursuing his master’s degree in biotechnology at Brown University. “Our tech uses ultrasound instead, which is both cheaper and safer.”
Hornstein said he believes Ceresonic can tap into the $3 billion brain drug delivery market, which is expected to grow at a compounded annual growth rate of more than 30 percent over the next five years. He also said the company plans to pursue a Class II 510(k) medical device exemption from the FDA to circumvent clinical trials, which would save on costs and time.
Currently, Ceresonic is looking to raise more than $180,000 in funding to manufacture five working prototypes. Hornstein hopes those prototypes will attract an industry partner looking to complement their Alzheimer’s disease pipeline.
Second-place finisher Pointz won judges over with an idea for an app that will help the more than 110 million micomobility riders in the U.S. reach their destinations with reliable routing that avoids busy streets.
Pointz co-founder Trisha Ballakur said her team will differentiate from the startup’s main competitor, Google Maps, by using routing from subject matter experts and leveraging community power from crowdsourced data. Ballakur said the company has received interest from more than 20 cities.
Judges praised Ballakur for her depiction of a problem common to cyclists: Often, cyclists follow Google Maps directions only to suddenly find themselves in heavy, mixed traffic.
The other winners in the competition were LapSnap, a product design company that creates products for individuals with disabilities; ThrombTent Innovations, which provides a rapid and sensitive way to detect blood clot formation; and AlteraGel Burn Treatment, which uses a patented hydrogel technology that can more effectively treat burn wounds.
Bram Berkowitz is a contributing writer for Rhode Island Inno.
