DeNovo Sciences Wins Accelerate Michigan’s $500K Grand Prize

11/18/11Follow @XconomyDET

Fifty-three companies and 42 angel and investment groups participated in this year’s Accelerate Michigan business plan competition, which just wrapped up Thursday evening with the announcement of contest winners. At stake, according to event organizers, was more than $1 million in cash and prizes. Participants competed for prizes ranging from $10,000 to $500,000 over three days, with panel discussions and networking sessions  folded into the agenda between pitch sessions.

Ypsilanti, MI-based DeNovo Sciences won the grand prize of $500,000. DeNovo beat nine other finalists on the last day of the competition with its microfluidic-based platform technology that can detect circulating tumor cells earlier and with greater sensitivity than standard biopsy approaches. Winning a runner-up prize of $150,000 was Fusion Coolant Systems, a University of Michigan spin-out that makes an advanced coolant and lubri­ca­tion sys­tem for use in man­u­fac­tur­ing.

Winning $25,000 sector awards were:

  • Ocusciences, a medical diagnostic device company commercializing a rapid, non-invasive test for early detection of retinal disease
  • Advanced Cooling Therapy, a company developing improved methods to control patient temperature in order to more effectively implement mild therapeutic hypothermia and treat fever
  • InfiChem Polymers, a company formed to commercialize its proprietary chemical process for recycling of polyurethane scrap destined for landfills
  • ePack, a company developing advanced packaging materials for electronic sensors intended for harsh environments
  • Grid Logic, a company producing a small, low-cost magnets for wind power applications
  • ENRG Power Systems, a company established to manufacture an easy-to-install ignition coil system to improve spark ignition engine fuel economy
  • H3D, which is commercializing a new, handheld three-dimensional radiation imaging technology developed at the U-M’s Department of Nuclear Engineering and Radiological Sciences
  • I3D Technologies, a software company that provides clean water management tools
  • Llamasoft, a supply-chain management software developer.

The $10,000 People’s Choice award went to Shoulder Innovations, a design and development company focused on providing shoulder replacement implants with that last longer and are easier for surgeons to implant. The $25,000 AARP-sponsored Encore Award for the best startup by someone over 50 years of age went toNextGen Metabolomics, which is developing new technology to automate the measurement of metabolites from samples such as cells, biopsies, urine, or blood.

Out of the 53 finalists, 22 companies were in the biotech sector, something that Stephen Rapundalo, president and CEO of MichBio, said shouldn’t be a surprise.

“We’ve had some very successful exits in the past few years, and success tends to breed success,” Rapundalo said. “The coastal VCs have woken up to the fact that there are really good opportunities in Michigan that offer a great return on investment. It’s a bargain.”

Rapundalo says that Michigan’s startups aren’t immune to the current trend that has investors shying away from biotech firms, but, in general, he feels “pretty upbeat” about the prospects for the industry’s growth.

“People are almost bullish about it,” Rapundalo says. “If anything, we don’t toot our own horn enough. This is the third year in a row that the bio sector was very well represented [at Accelerate Michigan]. I think that speaks volumes about what the industry means to the state of Michigan.”

Sarah Schmid is the editor of Xconomy Detroit. You can reach her at 313-570-9823 or sschmid@xconomy.com. Follow @XconomyDET

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