Grow Utah Ventures Announces Finalists in Medical Devices “Concept to Company” Contest

After two months and over 50 entries Grow Utah Ventures, Zions Bank, Utah Science Technology and Research initiative (USTAR) and the Salt Lake Community College's Miller Business Resource Center today announced the finalists in theMedical Devices and Technology "Concept to Company" Contest. The finalists are competing for $40,000 in cash and consulting services. 

This is the third contest conducted by Grow Utah Ventures in a series that are held throughout the year around the state. "The Concept to Company Contest is the only initiative in the state that awards innovators with hard cash and professional services" said T. Craig Bott, President and CEO of Grow Utah Ventures.  "We feel strongly' that our entrepreneurs and innovators need not just to be recognized but to be truly supported with funding and advisory resources to help them advance and succeed. We are proud to do so through the Concept to Company Contests." 

Finalists include: 

• ElutInc - ElutiBone: ElutiBone is a novel bone graft that improves orthopedic surgeries by preventing infection and promoting bone healing through eluting antibiotics and other drugs directly into a surgical site.
• OtoKinetics Inc. -- Fully Implantable Hearing System: A surgically implanted, totally invisible hearing device with extraordinary acoustic performance designed to enable hearing impaired persons to hear again in the same manner as individuals with normal hearing.
• People Understanding People LLC (PUP LLC) -- Post Partum Hand Held Neonatal CPAP Mask: Post Partum Hand Held Neonatal CPAP Mask is used in delivery rooms immediately after birth to eliminate the need for more intensive neonatal critical care associated with respiratory failure.
• Velosum -- vTrialsPlus powered by Velosum: vTrialsPlus leverages digital pen and paper technology with custom form and web portal development to provide clinical researchers with intuitive data acquisition and clinical sponsors with elegant data transfer and monitoring.
• Thermimage, Inc. -- ThermaFlux Scanner: A noninvasive replacement to the current invasive and traumatic procedures used to detect Vesicoureteral reflux and prevent kidney infections and damage in over 4million children every year.
• Veritract -- Veritract Smart Feeding Tube: The Smart Tube incorporates fiber optics and micro-scale steering mechanisms into medical feeding tubes, facilitating safer, more effective placement.
• Fresh Medical Laboratories, Inc. -- Transthoracic Bronchopulmonary Bioconductance Scanner (TBBS): Is an investigational device that has completed clinical trials demonstrating the non-invasive detection of lung cancer in patients who are symptomatic, but who have not been diagnosed with lung cancer.
• InVectus BioMedical -- Daisy-Clip: Daisy-Clip is the only immediate, non-surgical permanent contraception device for women. Daisy-Clip blocks the fallopian tube with an internal clip, thus immediately and permanently preventing fertilization. 

"We are pleased with all of the finalists selected in the Medical Devices "Concept to Company" Contest and feel that all of the ideas presented have the potential to become viable businesses and provide a tremendous boost to Utah's economy." said Bott "Utah has a long legacy for innovation in the medical field and these finalists demonstrate that this legacy continues today. It is going to be tough narrowing the field to just three winners." 

The winners will be announced and awards given on May 6, 2009 at a private session hosted by the Salt Lake Community College's Miller Business Resource Center. The winning entry will receive a $20,000 award, comprised of $10,000 in cash and $10,000 in services to help bring the idea to fruition. Additionally, two runners-up will receive $10,000 awards each, comprised of $5000 in cash and $5000 in services. Cash prizes will be provided by Grow Utah Ventures and Zions Bank while consulting and mentoring services will be provided by USTARand CFO Solutions. 

"We know how valuable these resources are to entrepreneurs, especially in today's economy," said Scott Anderson, President and CEO of Zions Bank. "The cash awarded, along with the consulting and mentoring services, will give these entrepreneurs the jump-start they need and help them become successful businesses." 

For more information about the "Concept to Company" competitions, including current competitions, past winners and upcoming events, please visit www.ConceptToCompany.org.