June 24, 2022 – The North Carolina Biotechnology Center (NCBiotech) has named Olfax Medical one of North Carolina’s top three life science technology startups. The announcement was made as part of the 2022 NC BIONEER Venture Challenge at Triad BioNight, a bi-annual celebration of the state’s life sciences community.
The BIONEER Venture Challenge is a life-sciences-based, innovation-focused venture challenge to support life sciences startup commercialization, innovators, entrepreneurs, and companies across North Carolina. In February 2022, Olfax Medical was named one of 14 regional finalists from more than fifty competing companies. Regional finalists were matched with mentors and life-science experts from NCBiotech and nonprofit partners such as WNC-based Venture Asheville and Hatch Innovation Hub. Following selection as the NC Western Region winner, Olfax Medical CEO, Jonathan Beckwith, presented the company’s vision and commercialization strategy as part of the Venture Pitch Showcase at Triad BioNight in front of more than 400 attendees who included the state’s leaders in life science academia, industry, and investment.
“The support provided by NCBiotech, Venture Asheville, and Hatch has been incredible,” said Mr. Beckwith. “Our mission is to improve the quality of life of individuals suffering from neurological conditions; however, we’re also strong proponents for the emerging life-science ecosystem in Western North Carolina. This recognition demonstrates that life-changing technologies aren’t exclusive to traditional research centers, but, rather, novel solutions to complex problems can emerge from anywhere if given sufficient community support.”
Olfax Medical will receive $35,000 in non-dilutive prize money to execute company operations while it continues development of Relaspen – a rapid, non-addictive migraine treatment for individuals of all ages. In addition to funding and mentorship, Olfax Medical was given access to private networking and educational events, industry and market research assistance from the NC Biotechnology Center Life Science Intelligence team, and an experienced pitch coach while preparing for the challenge.
“The dollars awarded by the NC Bioneer Venture Challenge were significant, as was the exposure, connectivity and guidance provided,” says Jonathan Snover, executive director of the N.C. Biotechnology Center’s western office. “We’re proud to support the Olfax Medical team and the impact their products will have on the lives of people in our community – and beyond. Their work is an excellent example of entrepreneurial excellence in our region.”
About Olfax Medical
Olfax Medical is a start-up product development and commercialization company specializing in nasally administered therapeutics. Our mission is to help patients avoid the harmful and addictive side effects of systemic pharmaceuticals by revolutionizing nasal drug delivery. Founded in 2017, our experienced team of engineers, clinical care specialists, and clinical researchers are creating novel, self-administered therapeutic treatments that utilize the nerve networks of the turbinates and the olfactory and trigeminal nerves, to absorb neurologically active medications directly from the nose to the brain, bypassing the blood-brain barrier. Further information about Olfax Medical is available at olfaxmedical.com.
About the North Carolina Biotechnology Center
The North Carolina Biotechnology Center (NCBiotech) leads life science economic development for North Carolina. NCBiotech helps advance ideas from research to marketplace, overcoming all of the challenges in between. We are transforming businesses, technologies, professionals and whole sectors related to life science. Our continued mission to support innovation, commercialization, education and business growth has made North Carolina a global life science leader. More information regarding NCBiotech and the NC Bioneer Venture Challenge can be found at: www.ncbioneer.com