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Technology Industry

Seven bioscience companies receive Entrepreneurial Excellence Awards from CED

BT Catalyst, July-August, 2002

Several biotechnology companies and one contract research organization in the Research Triangle Park area were recently noticed for their achievements and technology during the Council for Entrepreneurial Development's (CED) Annual Entrepreneurial Excellence Awards Ceremony, held June 18 at the Entertainment and Sports Arena in Raleigh. Below is a list of the companies and the awards they received for their achievements, based on information published by CED.

Start-up of the year: Athenix and Cropsolution

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With an excellent funding syndicate in place, the founders of Athenix Corp. of Durham quickly launched operations in a short period of time to cultivate novel gene discovery technology for crop production and biomass conversion. The founders assembled an outstanding team, moved into state-of-the-art facilities, and achieved major milestones in order to reach their objectives.

"It has truly been a team effort to make progress as rapidly as we have and we appreciate the hard work and support from each and every person at Athenix and our investors whose efforts are reflected in this award," said Mike Koziel, the company's CEO.

Cropsolution of Morrisville has had many accomplishments in a short time period. Despite a rough financial market over the past year, the company completed a Series A financing. The talents of the management team and dedicated staff helped build the company and bring it to where it is today, revolutionizing the way agrochemicals are discovered and developed.

"This company has the best team," said Michelle Hunt, director of strategic marketing. "Not because any of the individuals are so great, although talented people abound at Cropsolution. Rather the greatness lies in the productive, disciplined, fun way in which the team works together to build a great business."

Spinout of the year

Amphora Discovery Corp. of Research Triangle Park was founded last year with an experienced management team and significant investors to exploit opportunities in chemical genomics as enabled by microfluidics.

"Clearly, we are looking to revolutionize drug discovery on a scope and scale that has never been done before," said Bill Janzen, the company's vice president of operations. "This award recognizes this ambition and characterizes the manner by which we will achieve our goals."

Life science technology of the year

In collaboration with manufacturers of automated, cell-based image analyzers, Norak Biosciences Inc. of Research Triangle Park has recently developed, automated and validated its proprietary Transfluor[TM] technology for applications in high-throughput screening and drug discovery. The technology will provide a vehicle to control and adjust responses to drugs that fight asthma, allergies and other conditions.

"We are pleased and honored to be recognized by CED for our growth and success to date," said Roger Blevins, Pharm.D., the company's president and CEO. "We thank our scientific colleagues at Duke University for their founding technologies and continuing contributions, and we thank our growing staff of dedicated employees, as we strive to discover and advance a new generation of healthcare products."

Arrived entrepreneur of the year

In April and May of 2002, Trimeris of Durham announced positive, 24-week results from two Phase III pivotal trials of T-20, which is shown to inhibit fusion of the human immunodeficiency virus (HIV) with host cells. Both studies demonstrate the substantial clinical effect of T-20 across a diverse, treatment-experienced HIV patient population. This data represents a significant milestone in Trimeris' commitment to deliver new treatment options for people living with HIV. The company has consistently met significant milestones since its initial public offering in 1997. The company's two drug candidates have received fast track designation from the U.S. Food and Drug Administration.

"When Tom Matthews [Trimeris' senior vice president] and I founded Trimeris in 1993, we knew that bringing hope to patients in need was a worthy challenge -- an important journey, said Dani Bolognesi, Ph.D., president and CEO. "We were joined by a talented team that shares our vision and is more committed than ever to achieve that goal."

Entrepreneurial excellence

This award went to W. Lowry Caudill and Al Childers, co-founders and co-presidents of Magellan Laboratories of Research Triangle Park. The company recently changed its name to Magellan Pharmaceutical Development Services.

Under the founders' leadership, the contract research organization continued its record of attaining 30-plus percent growth per year since its inception in 1991. The company's revenue was $60 million in 2001. Magellan excelled financially with no venture funding and has maintained its roots within the RTP community.

Deal of the year

The largest known transaction last year was Magellan's acquisition by Cardinal Health Inc. (NYSE: CAH) of Dublin, Ohio. Acquired in February for more than $200 million by Cardinal, a provider of products and services for the health care industry, Magellan achieved a successful exit without the benefit of venture financing. Operating as a pure stand-alone business unit, the Triangle operation displays exceptional market leadership and vision due to its unique operational structure following the transaction.

Technology Industry

Seven bioscience companies receive Entrepreneurial Excellence Awards from CED

BT Catalyst, July-August, 2002

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