April 21, 2005

QuadraSpec first Hoosier company to win life sciences biz plan contest

WEST LAFAYETTE, Ind. – QuadraSpec took first place and won $80,000 in cash and business services in the third annual Purdue University Life Sciences Business Plan Competition on Wednesday (April 20) in the Burton D. Morgan Center for Entrepreneurship in Discovery Park.

QuadraSpec's
winning presentation
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QuadraSpec claimed a cash prize of $50,000, an additional $20,000 as the top Indiana entry and $10,000 in legal, consulting and accounting services.

The Purdue Research Park company, using technology developed by two Purdue professors, measures protein interactions using a "BioCD system" that scans biological samples and tests for unique molecules that enable the inexpensive diagnosis of diseases. The BioCD technology was invented by physics professor David Nolte and Fred Regnier, distinguished professor of chemistry.

Logan Jordan, Krannert School of Management associate dean and a competition judge, said, "It was a very close call at the top, but having a working prototype gave QuadraSpec the nod over the second- and third-place teams," he said. "They also have a good CEO with business startup and corporate experience and a technology that seemed to have a defensible and unique intellectual-property position."

Chad Barden, president and CEO of QuadraSpec, said he couldn't be happier with the result.

"We're just blown away," he said. "It's a great win for us."

QuadraSpec also won this year's Burton D. Morgan Entrepreneurial Competition and the Lilly Endowment-sponsored Opportunity for Indiana Business Plan Competition.

The six other finalist teams, their university affiliations, technology and winnings were:

• Second place: Claros Diagnostic, Harvard and Massachusetts Institute of Technology, Cambridge, Mass., which has a business plan to produce an inexpensive, portable and easy-to-use system for performing blood tests to detect substances by using reactive antibodies. Claros won $20,000 in cash and $8,000 in legal, consulting and accounting services.

• Third place: Renal Diagnostics, Johns Hopkins University and Massachusetts Institute of Technology, Cambridge, Mass., which is developing a diagnostic device to enable the early detection of acute renal (kidney) failure by performing real-time urinalysis. Renal Diagnostics won $15,000 cash and $6,000 i