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For immediate Release
May 18, 2004
Hemodyne, Inc. places first in early-stage
venture competition
Richmond, VA – Hemodyne, Inc. has been recognized as
one of the most promising early-stage companies in the biosciences
and health care industries by placing first in the ASM Resources,
Inc. annual Early-Stage Venture Competition.
This competition recognizes start-up companies for their
innovation and business viability and was held this year on
May 6 in Washington, D.C.
“This is exciting because it’s our first public
exposure as we begin a capital raise of $5 million, and it
helps validate our strategy of building value into the company
before seeking outside organized capital,” said Devinder
Bawa, president and CEO of Hemodyne, Inc.
ASMR selected 21 start-up companies from across the United
States on the basis of innovation and business viability to
take part in the competition. A panel of judges, comprised
of venture capitalists, leading entrepreneurs and executives
from the state of Maryland venture fund, selected the winner
based on market readiness, market potential and management
team.
As a result of the win, ASMR will co-invest a minimum of
$100,000 in Hemodyne’s next financing round, in concert
with a lead venture investor. Hemodyne also will receive complimentary
mentoring and expert service from ASMR’s seasoned industry
of professionals, and a scientific due diligence analysis
from the organization.
Hemodyne, Inc. is headquartered in the Virginia BioTechnology
Research Park and was founded by Virginia Commonwealth University’s
internationally recognized hematologist Marcus E. Carr Jr.,
M.D., Ph.D.
Hemodyne, Inc. has developed the Hemostasis Analysis System,
a state-of-the-art rapid blood test that is unique in its
ability to directly assess platelet health. HAS offers critical
new information for physicians to better manage drug therapies
for heart patients and hemophiliacs and to improve assessment
and management of bleeding risk related to surgery, trauma
and blood disorders. HAS also allows blood banks, for the
first time, to economically gauge platelet viability. Recently
launched in Europe for clinical and research customers, the
system is now available in the United States for research
use.
ASMR is the for-profit venture arm of the American Society
for Microbiology and focuses on providing seed capital and
expertise in financing and business development to support
early-stage bioventures, as well as help in planning for growth.
Contact:
Nicky Colomb
Virginia BioTechnology Research Park
Phone: (804) 828-6884
E-mail: ncolomb@vabiotech.com
Web site: http://www.vabiotech.com
Devinder Bawa
Hemodyne, Inc.
Phone: (240) 350-1110
E-mail: devinder@Hemodyne.com
Web site: http://www.hemodyne.com
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