NEW YORK, June 29, 2016 (GLOBE NEWSWIRE) -- Mid-Atlantic Bio Angels (MABA) announces today that, for the first time in the three year history of its 1st Pitch Life Science competition, two companies tied in the voting for “Best in Show”: RiverTown Therapeutics, a clinical stage company developing a topical treatment for androgenic alopecia (a common form of hair loss in both men and women) and 6Degrees, developers of a device which enables amputees and others whose use of their hands is compromised to use computers and mobile devices via Bluetooth technology. The 1st Pitch Life Science competition was held on June 14, 2016 at Medidata in New York City.
“After the two companies presented, I thought that it would be a close vote,” said Stephen Goodman, a co-founder of MABA and a partner at the law firm of Pryor Cashman LLP. “Each of them described a compelling need and a unique solution. With a carefully thought out development and commercialization plan, each has the potential to generate significant returns for investors.”
RiverTown Therapeutics is developing a novel, topically applied prescription product that rejuvenates existing hair follicles that have become dormant in humans with androgenic alopecia. Its lead compound, RT1640, is a combination of three agents that together have thousands of people/years exposure in humans with excellent safety profiles. When applied to areas of hair loss (e.g., scalp, eyebrows, beard), RT1640 promotes the reanimation of hair follicles through the recruitment and differentiation of follicular stem cells, including melanocyte stem cells. As a result of these events, new hair grows in the bald areas.
“Hair regeneration and maintenance are complex processes that involve multiple pathways. The components in RT1640 restart the hair growth process and support the nascent and mature hair. The net result is the growth of new hair, even after decades of baldness,” said David E. Weinstein, MD, Ph.D., co-founder, CSO and CMO of RiverTown Therapeutics. “We are grateful for the recognition that Mid Atlantic Bio Angels gave to RiverTown. The panel’s feedback provided helpful confirmation of our business approach.”
6Degrees promotes access to technology for the disabled. Its first product, the Crescent armband, is a small, battery-operated device worn on the upper arm, which enables people with limited use of their hands to manipulate the virtual keyboard and other features of any Bluetooth-enabled device with precision through the natural movements of their upper arms. Although the Crescent armband is designed with the disabled market in mind, anyone can use it.
“It was very exciting to have the opportunity to present during the 1st Pitch Life Science competition and to receive this recognition from the panel,” said Aryeh Katz, CTO of 6Degrees. “We believe that our technology platform will provide important opportunities for the disabled, including amputees, to expand their worlds by providing access to the technology that most of us enjoy on a daily basis.”
“The 1st Pitch winning start-ups have the potential to address major unmet needs with proprietary technologies and with a reasonable risk profile, offering attractive entry points for early stage investors,” said Gad Berdugo, managing partner at Explorium Capital LLC and member of the 1st Pitch Life Sciences event panel.
About 1st Pitch Life Science
At a 1st Pitch event (http://www.1stpitchlifescience.com), early stage life sciences and healthcare companies make a 15-minute presentation to a panel of experienced life science investors and consultants, followed by a 15-minute audience Q&A. However, where actual investors would then ask the presenting company to leave the room during their subsequent discussion, presenting companies at 1st Pitch are invited to hear the panel constructively critique the company's presentation, business model and perceived viability in the market.
Mid Atlantic Bio Angels (http://bioangels.net) is a group of active angel investors, which meets in New York City monthly (except July and August) solely to hear from pre-screened early-stage life science companies. MABA members consist of individuals from Delaware to Massachusetts with significant expertise and experience in the biotechnology, pharmaceutical and healthcare industries, including former and current corporate executives, doctors and Ph.D. scientists with product development backgrounds, successful medical entrepreneurs and analyst/investors focused on life sciences. MABA's goal is to create an environment where the depth of investors' knowledge coupled with the pre-screening of presenting companies enhances the potential for meaningful investment.
Contact: Jules Abraham JQA Partners, Inc. 917-885-7378 firstname.lastname@example.org
Source: Mid Atlantic Bio Angels