| |
The winner of the $100,000 Big Idea Business Plan Contest – PSI Medical Catheter Care, a division of Problem Solving Innovations, LLC - was announced at a special event that featured Inc. Magazine columnist Norm Brodsky and editor-at-large, Bo Burlingham. PSI Medical's founders, Anthony Colantonio, MD, and Menno Jager, DVM, accepted the check for $100,000.
The contest which was sponsored by Ben Franklin Technology Partners of Central and Northern Pennsylvania, The Ben Franklin Venture Investment Forum, the York Keystone Innovation Zone, and the law firm of Buchanan Ingersoll and Rooney, attracted a record number of over 100 applicants.
Stephen Brawley, CEO of Ben Franklin Technology Partners/CNP, who presented the award said, "We had a tremendous response to this year's competition, and we are proud of the outstanding work done by PSI Medical as well as the second place winner, Scribe Printing Technologies, Inc. We recognize the time and energy commitment both companies made in order to participate, and it is my pleasure to congratulate them both. In fact, all of the applicants deserve a round of applause and are free to contact us with questions regarding our investment opportunities.”
From their Meadville, Pennsylvania location, Dr. Colantonio and Dr. Jager have worked for the past two years on developing solutions that make the care of intravenous catheters easier and safer. According to Dr. Colantonio, "Over 250,000 intravenous catheter infections occur in patients each year in U.S. hospitals resulting in nearly 30,000 deaths. Our goal is to make intravenous catheter care safer for all patients, eliminating the infections and deaths associated with these catheters." The company has been working toward final production of their novel devices in conjunction with Multi-Plastics Inc., a division of CORE Manufacturing based in Saegertown, Pennsylvania.
Steve Carpenter, a member of the judging panel and the Vice President of Venture Operations for the Life Sciences Greenhouse of Central Pennsylvania said, "I was impressed with all of the candidates for this year’s contest. But, PSI Medical was particularly outstanding because they articulated a compelling business plan that covered all of the critical areas for a start-up company: identifying a major problem to be addressed, providing a novel approach to solve it, recognizing other talent needed to be successful, and developing a viable financial plan to commercialize the technology."
"PSI Medical's products are innovative and they provide a practical way to reduce hospital-related infections," said Dean Bunnell, also one of the judges for the competition and the CEO of Indigo Biosciences, LLC. "They are easy to use and the company already has a prototype ready to be commercialized. These factors really set them apart from the competition."
A second place prize of $10,000 was awarded to Scribe Printing Technologies Inc. located in Cochranton, Pennsylvania. Robert Deets and his team developed a revolutionary high speed unit that prints variable, unique data on plastic parts. When used in the medical device market, the Scribe Printer creates the ability to serialize products such as syringes.
About PSI Medical, LLC
PSI Medical was founded in 2007. The company has developed innovative products to remove bacteria from the surface of intravenous catheters. Initially headquartered in Meadville, Pennsylvania, PSI Medical anticipates moving operations to the Erie Technology Incubator at Gannon University by the end of May 2009. The founders are confident this move will facilitate the company's expansion and accelerate completion of its pre-market preparations. The relocation will also advance collaboration with the Plastics Technology Center at Penn State Erie – The Behrend College, a trusted and valuable resource for PSI Medical. For more information, contact PSI Medical Catheter Care at 130 West 8th Street, Erie, PA 16501, P: 814-459-6110 or email at cathetercare[.]psipartners.com
About Scribe Printing Technologies, Inc.
Founded in 2008, Scribe Printing Technologies Inc. currently has two fully functional printers in use. The design enables the ability to print on plastic products using a digital process that is high-speed, non-contact, and full color with variable data. Robert Deets, a manufacturer of plastic components, partnered with Frank Pagano and Glenn Sahlin – experts in the development of custom software and the science of motion control – to offer the market this innovation in printing technology. For more information, contact bdeets[.]scribe.us.com or call (814) 425-3943.
About Ben Franklin Technology Partners
Ben Franklin Technology Partners/CNP (cnp.benfranklin.org), an initiative of the Pennsylvania Department of Community and Economic Development, provides funding, operational assistance, and entrepreneurial support to emerging tech-based companies and small, existing manufacturers for the purpose of creating and retaining jobs in Pennsylvania. Contact the main office of Ben Franklin in University Park at (814) 863-4559, the Harrisburg office at (717) 948-6339 or see our website.
About the Ben Franklin Venture Investment Forum
The Venture Investment Forum (VIF) provides essential management training for companies in the 32-county region served by Ben Franklin Technology Partners/CNP. VIF also creates opportunities for introductions between investors and promising early-stage companies.
Media Contact:
Elizabeth R. Wilson/Director of Marketing
Ben Franklin Technology Partners
P: 814-898-6541/814-449-7887 (cell)
E: lizwilson[.]psu.edu.
|
amanda[.]altitudemarketing.com 
