East Carolina University
07/17/2024 | News release | Distributed by Public on 07/17/2024 08:18
ECU researcher wins state venture challenge
ECU researcher wins state venture challenge
Published Jul 17, 2024 by
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Dr. Rukiyah Van Dross-Anderson, professor in East Carolina University's Brody School of Medicine, won the second statewide NC Biotech Venture Challenge on June 27. She received $40,000 from the North Carolina Biotechnology Center in seed funding for her company, Claradele Pharmaceuticals, which is working on a patented therapeutic to treat melanoma. Van Dross-Anderson was one of five teams from across the state pitching their innovations.
"I am proud and honored to have represented eastern North Carolina and to receive first place in the statewide Venture Challenge pitch competition," said Van Dross-Anderson. "I look forward to nurturing the connections made during the event."
Claradele Pharmaceuticals is in the preclinical phase of the commercialization process, which takes an invention and moves it through various checkpoints before it's delivered to the market for public use. Claradele's team anticipates holding fundraising events in the fall to help advance the treatment through the expensive preclinical phase and to the Food and Drug Administration approval process.
"Our ultimate goal is to make safe and effective therapeutics available to cancer patients," said Van Dross-Anderson.
Dr. Sharon Paynter, chief innovation and engagement officer at ECU, said, "Researchers at ECU work tirelessly to find impactful solutions for some of our world's biggest challenges. We're excited to support Dr. Van Dross-Anderson as she and her team pursue this treatment for aggressive skin cancer and look forward to the positive effects it will have on patients in need."
Van Dross-Anderson was chosen to move on to the state finals following the eastern regional NC Biotech Venture Challenge in May. The regional challenge featured three companies led by founders or co-founders with ties to ECU.
The NC Biotech Venture Challenge is hosted by the North Carolina Biotechnology Center to increase life sciences innovations and help them successfully reach the marketplace by providing guidance and funding. Finalists receive cash awards to help with the commercialization process. Presenting teams also received several months of business guidance, product development, pitch coaching and market research assistance. Van Dross-Anderson said those resources greatly helped the team develop its presentation.
Dr. Rukiyah Van Dross-Anderson, professor in the Brody School of Medicine, received $40,000 from the NC Biotechnology Center in seed funding for her company, Claradele Pharmaceuticals, which is working on a patented therapeutic to treat melanoma. (Contributed)
"Over the past several months, our team has worked diligently to learn more about the business side of drug development. My team member, Dr. Colin Burns, and I are academic scientists so the process of preparing and learning to deliver a pitch to potential investors was challenging and educational. I have gained knowledge that will fuel the growth and development of our company," she said.
Mark Phillips, NC Biotech's vice president of statewide operations and executive director of the eastern office, said the competition provides an opportunity to showcase the innovative research activities within universities and throughout the state.
"It's allowed an impressive group of entrepreneurs the opportunity to further progress their biotech innovations. Dr. Van Dross-Anderson's team leveraged the provided resources, listened to their mentors' expertise and crafted a two-minute pitch to turn their innovation story into progress toward commercialization," he said.
The next NC Biotechnology Venture Challenge will take place in 2026.