Winston-Salem regenerative medicine startup Plakous Therapeutics took home first place in the NC Bioneer Venture Challenge, winning $40,000.
The challenge, an initiative of the North Carolina Biotechnology Center, launched as a statewide competition earlier this year with the goal to raise the profile, increase the volume and better the success of regional life science innovators.
Plakous was honored at the North Carolina Biotechnology Center’s Triad BioNight event last week. Along with the other statewide finalists, Plakous presented a 2-minute pitch to the nearly 400 attendees.
The regenerative medicine company has developed patented biotherapeutics to prevent necrotizing enterocolitis, a rare pediatric disease with a 30% mortality rate that causes an estimated $8 billion in overall health care costs annually. The gastrointestinal disease mainly affects premature infants, as they often lack exposure to amniotic fluid, according to Robert Boyce, CEO of Plakous.
“As a startup, we are constantly evangelizing,” Boyce said. “This is paramount as we seek investors, partners and team members. The exposure provided through the Bioneer program has already increased awarenees of Plakous both within the Triad region and statewide.
“I am confident that the increase in awareness of Plakous Therapeutics as a promising biotech with sound science and a well-defined market and clinical need will increase the rate of our success.”
The biotherapeutics developed by Plakous are an orally delivered mixture of anti-inflammatory and developmental proteins – made from the post-devilvery human placenta – that mimic amniotic fluid. Its biotherapeutics have received the orphan drug and rare pediatric disease designations from the U.S. Food and Drug Administration.
Plakous is currently raising $10 million to help the company enter into human studies in the next two years, Boyce said. The company had previously received a grant from the National Institute of health of up to $1.725 million and has a research agreement with the Mayo Clinic.
NC BIONEER awards $300,000 to biotech companies across the state
The four other statewide finalists were also awarded prize money at Triad BioNight. Green Solutions Group, from Salisbury, came in second place and was awarded $25,000. Olfax Medical, from Asheville, came in third place and won $15,000; Renaissance Fiber, from Wilmington, came in fourth place and was awarded $10,000; and BioEphX, from Greenville, came in fifth place with an award of $10,000.
A winner from each of the five regions had been decided at pitch events in late May, with a collective $40,000 being awarded in each region for a total of $200,000 across the state.
Plakous was awarded $20,000 in late May as the regional winner.
The other two regional finalists from the Piedmont Triad were Kepley BioSystems Inc. of Greensboro and TheraBionic Inc. of Winston-Salem. Both companies took home $10,000.
More than 50 companies applied for the NC Bioneer Challenge, according to Bill Bullock, senior vice president for economic development and statewide operations.
