SanoGene Therapeutics Wins First Prize at the Illinois Business Plans' Competition

Advanced Diamond Technologieswas one of a number of presenting companies that drew considerable interest. Founded in 2003 to commercialize technology developed at Argonne National Laboratories, ADT develops and applies diamond films for industrial applications. The company is funded locally by Bob Geras and LaSalle Investments as well as by the Illinois Ventures and last week received a $140,000 grant from the Illinois Department of Commerce and Economic Opportunity’s (DCEO) Homeland Security Market Development (HSMD) bureau.

CEO Neil Kane, a serial entrepreneur and former executive with Microsoft and IBM, said the company hopes to raise $4 million in venture funding by early next year.

“Our company doesn’t need to raise a huge amount of capital to be successful,” Kane said.

While the majority of companies presenting were Illinois-based, a handful of companies, including Brookfield, Wis.-based Pinstripe Inc. came from out of state. Pinstripe, which in December 2005 raised $3 million from Baird Venture Partners, develops technology that helps large and medium-sized companies outsource staffing and recruiting functions. The company is in the market to raise $3 million to $5 million for its Series B round of financing.

Uber-angel investor Bob Geras of LaSalle Investments had four companies raising money, including Geneve Bio Inc., ADT, VHT and Bias Power LLC. Geneve is raising $8 million to advance and market a patent-pending technology designed to promote the repair and restoration of diseased penile and clitoral tissues.

“Our solution is curative rather than the temporary treatment of existing products,” said president Byron Miller.

Miller added that the projected market size for his technology pending FDA approval is $600 within three years.

Among the companies presenting seed stage, LiquidTalk Networks seemed to have the quickest plug and play solution.

LiquidTalk develops business applications for iPods and digital media devices and is seeking $500,000 to $1 million in an angel round. Chief executive David Peak says the company has already booked $1 million in revenue in its first two months of operations.

Seed stage educational software developer Ecto presents its plan

After a packed luncheon and networking period, several investors, entrepreneurs and attendees convened for the first annual Illinois Business Schools’ Plan Competition. The competition featured six business plan presentations from companies founded within Illinois-based business schools. A panel of several angel and venture capital investors, including Geras, Tom Churchwell of Arch Development Corporation, Keith Bank of KB Partners, Mike Hannah of Bio Angels others judged the merits of the plans, presentations and companies.

The competition was organized by Dennis Serio of the Illinois Business and Investors Forum and included a $50,000 prize from the Department of Commerce and Economic Opportunity.

SanoGene Therapeutics, which is marketing a patent-pending technology developed at the University of Illinois (Chicago) to potentially treat incurable forms of cancer won the prize.