ÃÛèÖÖ±²¥-based biotech drug startup NuvOx Pharma has won $110,000 in funding in a sports-bracket-style business-pitch competition.
NuvOx, which is commercializing an oxygen-delivery therapy to treat cancer and other diseases, won first place in the third annual Venture Madness, held March 2-4 at Talking Stick Resort in Scottsdale.
The event, presented by Invest Southwest and the ÃÛèÖÖ±²¥ Commerce Authority, pitted 64 of an initial 113 entrants against each other in a competition modeled after the “March Madness†college basketball tournament brackets.
NuvOx, led by University of ÃÛèÖÖ±²¥ radiologist and Cancer Center member Dr. Evan Unger, survived initial rounds to reach the event’s “Sweet 16,†where the remaining finalists pitched their business plans live to a panel of investors.
As champion, NuvOx received a cash prize of $60,000 plus investment commitments for $25,000 from Mario Martinez of MRTNZ Ventures and $25,000 from Grayhawk Holdings, who committed to investing in each of the top four competitors.
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NuvOx is in a clinical trial using its drug to infuse brain tumors with oxygen, making them more vulnerable to radiation therapy. The company also recently won Food and Drug Administration approval to launch a clinical trial using the oxygen-delivery therapy to treat complications of sickle cell disease.
