May 24, 2002
Graduate students win $30,000 to start company to make cancer-fighting drug
A team of University of Washington graduate students have won $30,000 to finance a company that would provide a less-invasive radiation therapy to cancer patients.
Team members David Craig, Mark Laliberte, Dennis Luo and Paul Mathew laid out their award-winning plan to judges during the UW Business School’s annual Center for Technology Entrepreneurship Business Plan Competition, which was completed on Tuesday, May 21. If successfully taken to the market, their company, Cogelix, would distribute a low-cost and highly localized radiation treatment, called Radiogel. The technology, patented by the Pacific Northwest National Laboratory and Battelle Memorial Institute, treats cancer with high doses of radiation without damaging healthy surrounding tissue.
The Cogelix team won the $25,000 grand prize and a $5,000 prize for having the best technology idea.
“They did a good job of quickly bringing us up to speed on a highly technical company that would have to overcome a lot of hurdles including a required FDA approval process,” said judge Wayne Perry, chief executive officer of Edge Wireless Partners based in Bend, Ore.
The competition included students from UW, Gonzaga University, Pacific Lutheran University, Seattle University and UW Bothell.
Three finalists each won $10,000. Also representing UW were the Q Beverage Co., makers of an herb-enhanced malt drink alternative, MicroGREEN Polymers, distributors of an environmentally-friendly foam; and Mount Si Designs, makers of a light-weight, crush-resistant, waterproof and collapsible food container.
Prizes of $5,000 each were awarded in other categories. The UW’s Gostnet Internet Services, providers of Internet access to rural communities won for best e-business idea; UW’s Icosa Village, builders of inexpensive, portable “pod” shelters, or temporary housing, won best idea for an international business; and MicroGREEN Polymers also won best sustainable business idea.
Major sponsors were WRF Capital, Bay Partners, the Herbert B. Jones Foundation, Microsoft Corp. SMB Group, and the UW E-Business Program. Additional sponsors were CarToys, Hyogo Business and Cultural Center, Mohr Davidow Ventures, the Seed Intellectual Property Law Group and Orrick, Herrington and Sutcliffe Partners.
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For more information, contact Luo at (206) 529-0665 or luo@u.washington.edu; or Teri Snyder, the center’s assistant director, at (206) 685-3813 or teris@u.washington.edu.
