• Available Technologies
• Resources
  • Our Process
  • Inventors
  • Industry
  • Entrepreneurs
  • Students
  • Policies
  • Forms & Documents
  • Agreement Types
  • Glossary
  • Links
• News and Events
  • News
  • Events
  • Press Releases
  • Success Stories
  • TECHcast
  • Drug Pipeline
  • Medical Device Pipeline
• About Us
  • Contact Us
  • Staff Directory
  • Facts & Figures
  • Annual Reports

• News
• Events
• Press Releases
• Success Stories
• TECHcast
• Drug Pipeline
• Medical Device Pipeline

Home > News & Events > News Articles > Article Details

Two University of Michigan Spinout Companies Finish at Top of First Great Lakes Venture Quest

By Mark Maynard

March 29, 2001-- Osteomics, a newly formed Ann Arbor-based biotechnology company founded by University of Michigan Medical School Department of Pediatrics Doctor, Michael Long, was tonight named winner of the first Great Lakes Venture Quest business plan competition.

The contest, started by business leaders and venture capitalists in order to jumpstart technology-minded entrepreneurship in Michigan, paid out $152,500 in awards, over the course of the past six months, culminating in this awards ceremony. Osteomics, as winner of this third and final round, was awarded $50,000 while runners-up Eberwhite Data Solutions and Xoran Technologies took home $25,000 each. Osteomics focuses on therapies for bone disorders. Eberwhite's business plan focuses on wireless remote monitoring systems for industrial gas and liquid, while Xoran plans to manufacture compact, portable CAT scanners for the dental and veterinary markets, among others. (Osteomics and Eberwhite had each already won $10,000 in earlier phases of the competition.)

A spinout from the University of Michigan, Osteomics is presently seeking $2 to $4 million dollars in venture financing to commercialize its patented bone healing technologies. According to Dr. Long, Osteomics' market advantage lies in the fact that it "knows how to grow human bone outside the body" and from this can discover cures for bone disorders such as osteoporosis, bone fractures, bone cancers and other bone diseases.

Runner-up, Xoran, like Osteomics, is a spinout from the University of Michigan. According to Karen Studer-Rabeler, New Business Development Specialist in UM's Office of Technology Transfer, this speaks well for the research presently taking place on campus. According to Studer-Rabeler, "this shows us that there is definitely a value in a business plan backed up by solid, verified research like that which takes place at the University of Michigan. Venture capital firms and investors are looking for opportunities where demonstrated subject expertise meets unique market need."

"The Venture Quest provided a very valuable process for aspiring entrepreneurs like Michael (Long), Predrag (Sukovic of Xoran) and Neal (Clinthorne of Xoran). It nurtured them through the transition from idea to an emerging business that investors are excited about and willing to fund," added Studer-Rabeler.

According to Ken Nisbet, the Director of the UM Technology Transfer, events like the Great Lakes Venture Quest are especially useful for the University inventor. "These events really complement the University's efforts to transfer technology to benefit the community. By incorporating an educational component and the element of mentorship, the Great Lakes Venture Quest gave these campus inventors a healthy climate in which to learn business concepts relative to starting a company."

This sentiment is no doubt shared by Long, who, after winning $10,000 in an earlier round of the competition, noted to Crain's Detroit Business, "I was more tickled to win that $10,000 than I was to land a $1 million (National Institutes of Health) grant. And that's because I know how to do the latter but had never tried the former."

This first Great Lakes Venture Quest was organized by a coalition of venture funds, private companies and public institutions. The organizing committee consisted of McKinsey & Company, the Michigan Economic Development Corporation, Miller, Canfield, Paddock and Stone, EDF Ventures, Tullis-Dickerson & Co, Seaflower Ventures, Haas Associates, and the University of Michigan's Office of Technology Transfer and Zell-Lurie Institute for Entrepreneurial Studies.

Plans are underway of a second Great Lakes Venture Quest in 2002. For more information of the Venture Quest process or the companies participating, please see www.glventurequest.com.

The Winning Osteomics Team: GLVC coach Raili Kerppola (MEDC), Mary Ann Alger (Osteomics), Dr. Michael Long (Osteomics), GLVQ coach Karen Studer-Rabeler (UM), Jan Garfinkle (Osteomics)
Runner-Up, Eberwhite Data Solutions	Event Speaker, Dr. John Langmore (Rubicon Genomics)
Runner-Up, Xoran Technologies: Monica Spisar, Neal Clinthorne, Predrag Sukovic (not pictured: Craig Smith, Jason Neiss, Javier de Ana)