The $200K Challenge is a global competition for early-stage medical device and biotech innovations. The goal of the $200K Challenge is to identify the most promising innovations that will move the needle in healthcare.
On March 28, the finalists will make their pitches to a live audience and a panel of expert judges. Awards totaling up to $200,000 will be presented at a ceremony on April 10. Tickets for the events and a list of the finalists are available here.
As an SBIR awardee, Fairbanks Pharmaceuticals receives assistance with corporate and product development provided by National Institutes of Health. As part of this NIH-funded assistance, Foresight Science & Technology has produced an independent technology niche analysis of Fairbanks.
The service includes a market analysis. Foresight estimates that the global market for diabetes treatment is currently over $30 billion and it is expected to exceed $50 billion in the US alone by 2025. Their report said this could drive revenues of over $3.8 billion within five years.
To evaluate Fairbanks’ technology, Foresight contacted a number of clinical and research experts involved with both type 1 and 2 diabetes, including Dr. Alvin Powers, Dr. Thomas Blevins of Texas Diabetes and Endocrinology and Dr. Phil Zeitler of the Children’s Hospital of Colorado.
As summarized in the report, these experts thought that
“that there is absolutely a need for a treatment for beta cell regeneration. It would have wide spread utility.”
“there is definitely a need for a product that will lead to beta cell regeneration and natural insulin production.”
“it could be very important” because “the problem with current products on the market are only partially successful. They do not really get at the pathophysiology.”
These comments from the Foresight report indicate that Fairbanks’ technology will be a novel and effective treatment and potential cure for both type 1 and 2 diabetes. Moreover there is likely to be both patient and doctor acceptance of this new treatment that would reduce or prevent much of the long-term morbidity that consumes so many health care dollars.
Fairbanks Pharmaceuticals was selected as a finalist to compete in the RESI Boston 2017 Innovation Challenge. On September 26, Fairbanks Co-Founder and CEO Alan Schneyer presented a poster at RESI, met with potential investors and funding agencies, and networked with angel investors.
The response so far has been very encouraging and has led to a number of follow up conversations.
1. Fairbanks Pharmaceuticals was a runner-up in the MilliporeSigma Golden Ticket competition and received an in-kind award from MilliporeSigma. We thank the judges and organizers and look forward to more competitions this year.
2. Fairbanks was selected to participate in the Innovation Challenge at RESI Boston by judges at Life Science Nation. We will be presenting a poster and meeting with potential investors at the meeting in Boston on September 26th. We look forward to the opportunity to meet investors and Pharma representatives and describe our therapeutic development plan and progress.
Fairbanks Pharmaceuticals Inc was selected as a semi-finalist in the competition for MilliporeSigma’s Start-Up program at LabCentral in Cambridge MA. The winner will be awarded a “Golden Ticket” of 1 year of space at one of the country’s leading and highly desirable biotechnology incubators, a fantastic opportunity to move to an environment that fosters partnerships and collaborations that can accelerate our therapeutic development activities.
On August 1, Dr. Alan Schneyer, Fairbanks Co-Founder and CEO, presented Fairbanks’ plans and progress to a highly selective board of judges composed of MilliporeSigma scientists and Lab Central Senior Managers. Results of the judges decision will be announced in mid-August.
Fairbanks Pharmaceuticals presented its unique and innovative approach to attacking the underlying pathology of diabetes by increasing insulin production from existing beta cells and simultaneously inducing regeneration of beta cells at the MassCONNECT Final Showcase on May 18th 2017.The presentation was met with widespread interest from both pharma and private investors.
The Final Showcase was the culmination of an eight-week mentorship program with a team of biotech and pharmaceutical industry leaders to help with strategic planning, identifying potential partners and financing, and developing a slide deck.
Fairbanks Pharmaceuticals was awarded a pilot grant from the UMass Office of the President’s Science and Technology Fund to screen small molecules with the goal of identifying compounds that will promote the transdifferentiation of pancreatic alpha cells into insulin secreting beta cells.
This highly competitive funding program was created by UMass to stimulate the development of high impact therapeutic candidates. Proposals were selected based on assay feasibility, medical relevance, and commercialization potential.
Fairbanks Pharmaceuticals received a second award from the Massachusetts Life Science Center to hire a new technician intern starting in July 2016. Alyssa Berthelette, a 2016 graduate from Assumption College with a degree in Biology, was selected to replace Eddie Mesiti who departed July 31 to continue his education.Welcome Aboard Alyssa!