The Pennsylvania Biotechnology Center of Bucks County is adding a new twist to its annual entrepreneur spotlight for the event's 10th anniversary next month.

The winner of this year's pitch competition, scheduled for July 18 in Doylestown, will receive a $250,000 investment from the Hatch BioFund.

“The spotlight [event] has always attracted an impressive crowd of people from a variety of industries, but we wanted to take it to a new level this year,” said Louis P. Kassa, CEO of the Biotech Center and co-founder of the $50 million Hatch BioFund.

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PENNSYLVANIA BIOTECHNOLOGY CENTER

Kassa said three "high-potential" life sciences companies will be selected from the pool of applications to vie for the top prize.

The companies that finish second and third in the competition will receive one-year memberships at the Biotech Center and related business development opportunities.

Kassa said this is the first time that the Biotech Center has offered a financial prize at the spotlight event.

Formed in 2023, the Hatch BioFund provides capital to promising early stage life science companies along with access to deep industry expertise and physical platforms to help them realize their missions.

"Our region has a rich history of innovation in the life sciences, and we’ve seen many great ideas," said Lorenzo Pellegrini, managing partner of Hatch BioFund.

Speaking at a recent Philadelphia Business Journal panel discussion on the future of the local life sciences industry, Pellegrini said the Hatch BioFund has made its first two investments. The identities of the companies have not been disclosed, but Pellegrini said one is a cell therapy developer spun out of the University of Pennsylvania and the other is a cell therapy developer spun out of Children's Hospital of Philadelphia. Each received an initial investment between $1 million and $2 million, he said.

The fund is only investing in companies based in the Philadelphia region or with a meaningful presence here. “That was a conscious, disciplined decision that we made,” Pelligrini said.

Hatch partners include Brandywine Realty Trusty, Daiichi Sankyo, the Hepatitis B Foundation, the Baruch S. Blumberg Institute, the Pennsylvania Biotechnology Center and B+labs at Cira Centre.

The Hepatitis B. Foundation and its research arm, the Blumberg Institute, are both based at the Biotech Center, which manages B+labs in University City. The Biotech Center operates as a nonprofit life sciences incubator and accelerator that provides laboratory and office space to nearly 70 early stage biotech companies at its two locations.

Applications to compete in the pitch competition are now being accepted.

A panel of experts from the biotech and financial industries will question the companies’ presenters during the competition. The audience also will be invited to ask questions. Then, the panelists and audience will vote to rank the companies using a digital app.

Source: John George - Senior Reporter, Philadelphia Business Journal

Link to article: https://www.bizjournals.com/philadelphia/news/2024/06/11/pa-biotech-center-hatch-biofund-doylestown-pitch.html?ana=brss_3970