Team Developing R&D Software Wins Panasci TEC Competition

BUFFALO, N.Y. - - Providing products and services to biotechnology firms was the common denominator for the two teams that won more than $60,000 in cash and services in the University at Buffalo's annual Henry A. Panasci Jr. Technology Entrepreneurship Competition (Panasci TEC).

Panasci TEC awards seed money and business services to the teams that present the best plan for launch of a viable new business.

Two UB students comprised the first-place team. Justin Call of Amherst is in the JD/MBA (law/management) program, and Alfonzo Cutaia of Clarence is a law student. Together with Yaoqi Zhou, associate professor in the UB departments of Physiology and Biophysics and Chemical and Biological Engineering; Alan Walczak, a research assistant in the Toshiba Stroke Research Center, and Taher Hegab, a doctoral candidate in UB's Chemistry Department, they will launch their proposed venture, BioHammer, which is developing software to help biotech companies and pharmaceutical firms be more efficient in their research and development processes.

"We are very confident in our business model and our product, but we were still somewhat surprised to win after seeing the great business plans and presentations of our competitors," said Call.

His teammate, Cutaia, was pleased with the results and with the process.

"Preparing for the competition really helped us move the company along. We met with leaders of Fortune 500 companies and smaller firms and made some great connections for when we are ready to move into the sales phase," he said.

The first-prize package, valued at more than $50,000, includes $25,000 in seed funding, one year of office space from North Forest Development and one year of legal services from Jaeckle Fleischmann and Mugel.

The second-place prize of $10,000 in start-up funding went to KbTwist Inc., which will develop unique probes for atomic force microscopes that will help make them suitable for routine screening of drugs.

The team was made up of UB JD/MBA students Jason Lee of Jericho, N.Y., and Karin Abu-Middain of Amherst, UB medical student Arthur Beyder of Kenmore and two additional members, Buffalo resident Chiara Spagnoli and Jordan Lema of East Amherst.

Twelve teams participated in this year's competition, and five teams of finalists presented their business plans publicly in the competition's final round on April 26 at the Jacobs Executive Development Center.

The other finalists presented a variety of new venture ideas, including a line of bone regeneration products for the dental and orthopedic markets; an investment research firm that would use computer technology to help investors and analysts make investment decisions, and a company that would provide colleges and universities with a software tool to help student groups.

Serving as judges for the event were Robert H. Fritzinger, CEO, Zenhire; Thaddeus H. Grasela Jr., president and CEO, Cognigen Corp.; James Hengst, president and CEO, ZeptoMetrix; Marnie LaVigne, director of business development, UB's New York State Center of Excellence in Bioinformatics and Life Sciences; and Brian Pearson, president, Valuation Advisors, LLC.

Panasci TEC was created by the University at Buffalo School of Management and the UB Office of Science, Technology Transfer and Economic Outreach, and is funded with a $1 million endowment from the late Henry A. Panasci Jr. to facilitate and promote the commercialization of UB-generated technologies. It also is designed to provide a mechanism for bringing students from science and technology disciplines together with students from the School of Management to maximize their business and scientific potential and create viable businesses in Western New York.