Purdue Research Park-Based Companies to Travel to Silicon Valley to Seek Funding

WEST LAFAYETTE, Ind. & REDWOOD CITY, Calif.--(BUSINESS WIRE)--Representatives of two Purdue Research Park-based companies launched from research developed at Purdue University will travel to California's Silicon Valley on May 18 to make formal presentations to venture capitalists.

“Venture capital firms play a very important role in commercialization of new discoveries for companies like Matrix-Bio”

The companies, Intelliphage Inc. and Matrix-Bio Inc., were selected during an economic development competition at the Company Fundraising Boot Camp held on the Purdue campus at Discovery Park's Burton D. Morgan Center for Entrepreneurship. The annual event, sponsored by Lonergan Partners, helps entrepreneurs develop fundraising strategies for their companies. Purdue Provost Randy Woodson, and Leah Jamieson, dean of the College of Engineering, will speak in California, along with Mark Lonergan, founder and managing partner of Lonergan Partners.

Intelliphage, founded by Purdue food sciences professor Bruce M. Applegate, has created a method to detect and capture foodborne bacteria such as E. coli faster and less expensively than technology currently used. A modified virus identifies a bacterium's presence by turning it red or making it luminescent, allowing food companies to detect potentially contaminated food before it goes to market.

"Venture capital provides biotechnology startups the time they need to turn discoveries in the lab into products that save lives," said Brian P. Phillips, CEO of Intelliphage. "The venture capitalists who fund Intelliphage will be invaluable partners in accelerating the company's efforts to meet the urgent market need for safer food and water through our breakthrough, simple-to-use, quick and cost-effective pathogen detection technologies."

Matrix-Bio, founded by Purdue chemistry professor Daniel Raftery, has developed "metabolite profiling" technology that can help improve early cancer diagnosis. Researchers analyze multiple metabolite biomarkers present in blood and urine. By detecting cancer at earlier stages, more treatment options can be considered, thus increasing the probability of successful interventions.

"Venture capital firms play a very important role in commercialization of new discoveries for companies like Matrix-Bio," said CEO Oscar Moralez. "A solid venture capital firm will bring capital, industry and management experience, and strategic relationships. They will be actively engaged with the company throughout its continued development. These are invaluable resources that will significantly improve the chance of success for Matrix-Bio."