This Friday, twenty-three different biotech teams traveled to Rochester to compete in the sixth Walleye Tank business pitch competition. This packed house event, organized by the Mayo Clinic Office of Entrepreneurship and the Collider Foundation, not only served as a pitch contest. The event additionally brought together multiple pieces of the entrepreneurial ecosystem including venture capitalists, accelerator programs, medical experts, serial entrepreneurs, and business supportive services. In the end, Twin Cities companies NovoClade and ClinicianNexus and Mayo Clinic Florida team The QT Grid walked away as divisional winners.
Teams competed in three different divisions at Walleye Tank based on stage of business development.
The first division, the Junior Anglers, included teams in the ideation phase of development who did not yet have a prototype. Nine different teams participated as Junior Anglers at the winter Walleye Tank, the largest group in the competition.
Adjustable Fracture Nail team from Mayo Clinic Florida won second place in this division. Presented by Mayo Clinic Graduate School student Chris Mehner, Adjustable Fracture Nail targets the 15M patients suffering from long bone fractures in the US each year. These patients are typically treated by insertion of a single, non-adjustable nail into the bone to stabilize the fracture. This process, Mehner explained, it highly dependent on the surgeon’s expertise, resulting in 40% of fracture patients receiving a rotational error of the long bone. This additionally affects bone healing and may lead to joint issues. To solve this problem, the team is creating an adjustable nail containing an internal mechanism to extend the fracture line in the long bone. The nail would also utilize a laser-guided mechanism to finely adjust long bone rotation to the perfect angle. The team believes this product will produce reduced errors, lower surgical time, and decreased medical costs. They currently have a provisional patent on their design.
Winning the Junior Angler division was the Twin Cities genome editing startup NovoClade. Presented by University of Minnesota-Twin Cities Senior Research Scientist Siba Das, NovoClade is developing SMART technology to control mosquito populations. Current insect management solutions, Das explained, are toxic and not species specific. NovoClade aims to genetically edit mosquito eggs to remove disease carrying insects from the population. The team of four leading the startup include University of Minnesota researchers with over eighty years of combined expertise in genome editing.
The second category, the Mid-Level Reelers division, included startups with a prototype or minimally viable product. These companies may or may not have product sales. Eight different teams competed in this division.
Taking home second place in the Mid-Level category was Twin Cities startup Morari Medical. This startup, presented by healthcare marketing expert Jeff Bennett, addresses the number one male sexual dysfunction, premature ejaculation. Premature ejaculation affects one in three men and can negatively impact quality of life. The Morari Medical team seeks to treat this condition using neuro-modulation based devices to block or delay ejaculation. Neuromodulation is an evolving therapy that alters nerve activity, through chemical or electrical stimuli, at specific nerve sites in the body. With an estimated market size of $15M, Morari Medical is in the early feasibility prototyping stage of development.
Winning the Mid-Level Reeler division was Mayo Clinic Florida innovation The QT Grid. Presented by Postdoctoral Fellow Karim ReFaey, The QT Grid targets the 50M people across the world suffering from epilepsy. Epilepsy, a condition leading to changed electrical activity in the brain, can be caused by stroke, injury, or tumors on the brain or spinal cord, called gliomas. During surgery to remove these gliomas, surgeons also need to monitor electrical activity of the brain through recording electrodes. However, the monitoring devices currently on the market are either too expensive, too cumbersome, or lack complete functionality to perform these tasks. To solve this problem, this team has developed The QT Grid, a ring shaped, patented, and FDA cleared device that allows for 360-degree electrode recordings and readings from all desired areas of the brain simultaneously. The grid is additionally cheaper and more effective than other devices on the market, ReFaey explained.
The final division, the Professionals, were established companies making sales and may be in fundraising mode. This division had six total participants.
Earning second place in the Professional division was Rochester company Ambient Clinical Analytics. Presented by CEO Al Berning, Ambient Clinical has developed a suite of clinical support tools. These solutions address information overload and physician burnout in healthcare settings by taking digital health data, sorting the data, and providing healthcare staff with the 1-5% of the data needed to make an informed decision. These SaaS products received Class II FDA clearance from the FDA. The products are sold on a subscription basis and are in worldwide use. Since launch of the company, Ambient has raised ~$8M to fuel business growth.
Taking home the win in the Professional division was Twin Cities company ClinicianNexus. Presented by CEO Katrina Anderson, this company is targeting the >1M medical students, daily, seeking a clinical rotation experience in over 500K clinical sites in the US alone. Traditionally this matching process is driven by the medical schools using technology as simple as a crowded excel sheet. The ClinicianNexus solution, a collaborative clinical education management tool, assists healthcare sites to proactively address their capacity to teach students; this information can then be shared with medical schools and students seeking to rotate at that particular medical location.
Competing Walleye Tank teams were judged by seasoned entrepreneurs, or “Walleyes,” including: Carla Pavone, Associate Director of the Holmes Center for Entrepreneurship; Perry Hackett, CEO at Recombinetics; Julie Henry, Enterprise IP Manager at Mayo Clinic; Mark Laisure, CEO at Vortex Media; Pam York, General Partner at Capita3; Bryan Clark, Fellow, Corporate Research at Boston Scientific; Dan Cunagin, Managing Partner at Invenshure; and Fernando Bazan, biotech expert.
Rochester startup Nanodropper won the first ever Audience Favorite Award. This company, led by Mayo Clinic Medical Student Allisa Song, is developing a universal eye dropper adapter that administers the correct size of medical eye drops to reduce prescription waste.
Teams fed into Walleye Tank from four different funnels including an open application, a Mayo Clinic Florida Alligator Tank, DMC’s Assistive Tech Challenge, and a Student Entrepreneurial Showcase.
The next Walleye Tank will be held on May 3rd at the University of Minnesota-Twin Cities.