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For immediate release
Nov. 20, 2008
Lestoni, Inc. selected as finalist at Southeast
BIO/Plan Competition
Richmond, Va. – Virginia Biosciences Development Center tenant, Lestoni, Inc., has been selected as one of the four finalists to present at Southeast BIO’s annual BIO/Plan Competition. This yearlong program has been designed and developed by SEBIO to help foster the creation of new, venture-attractive life science companies based in the Southeast. Working closely with tech transfer offices and entrepreneurs throughout the region, the competition seeks out and pulls forward opportunities from the region’s research universities, research centers and existing entrepreneurs.
These finalists will present their opportunity to the broader life science investment community at the annual SEBIO Investor Forum. The winner of the BIO/Plan Competition will be awarded unrestricted, non-dilutive venture funds to launch the enterprise and implement their business plan.
“This is an exceptional opportunity for Lestoni to receive top-notch mentoring from industry experts and exposure to potential venture investors in the Southeastern United States. VBDC is proud to have the company as one of our many promising incubation program clients here at the Virginia Biotechnology Research Park,” said Dave Lohr, executive director of VBDC.
Lestoni, Inc., a start-up biotechnology company founded by Ray Lee, M.D., Ph.D., is based at the Virginia BioTechnology Research Park. Spun off from Virginia Commonwealth University, Lestoni is dedicated to development of new cancer therapeutics based on its platform technology in targeting tumor vessels and induction of tumor hypoxia.
For more information, contact Dave Lohr at drl@vabiotech.com.
About the Park: The Virginia BioTechnology Research Park is currently home to a unique mix of more than 55 public and private bioscience companies, research institutes affiliated with the VCU Medical Center and major state and national medical laboratories. These companies are housed in nine buildings totaling more than 1.1 million square feet of space, representing an employee base that exceeds 2,000. The Virginia Biosciences Development Center is the Research Park’s business assistance program located in its 27,000-square-foot incubator. Since opening in 1995, 67 companies have started in the Park’s incubator facility; 40 of which have graduated into larger spaces in the Park or greater Richmond community. The Park’s Commercialization Center has been created to take incubator graduates through commercialization to M&A or IPO, giving the Park’s tenants full-scale business assistance. The Commercialization Center is now the home of eight companies from the Israeli life science community and continues to expand its resource base. It has created alliances with leading incubators in Israel. To date, the Park’s incubator has graduated three companies that are now publicly traded.
Contact
Courtney Skunda
Virginia BioTechnology Research Park
Phone: (804) 827-2137
E-mail: cskunda@vabiotech.com
Web site: www.vabiotech.com
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