TruMada Initiative Hosts Entrepreneurs And Prospective Investors For "Shark Tank" Inspired Event
Featured Presentations from Cutting-Edge Israeli Biomedical Startups POP Medical Solutions, Magenta Medical and ViruCure Therapeutics
Jennifer Riekert, M.B.A.
Vice President of Communications
New York Medical College
We are seeing tremendous medical innovation come out of Israel, but many of these companies lack the knowledge and experience to successfully expand in the U.S.
Valhalla, NY – February 8, 2018 – On Tuesday, January 30th, the Touro College and University System’s TruMada Initiative held an investor event inspired by the hit TV show “Shark Tank.” Select Israeli startups had the opportunity to pitch their solutions to an exclusive group of invited U.S. investors who have shown interest in helping Touro and New York Medical College expand their presence in biomedical research. The TruMada Initiative helps post-incubated Israeli biomedical startups establish their companies in the U.S. market and helps them commercialize their unique offerings. In addition to the business development and laboratory services provided through BioInc@NYMC, companies receive the additional support of investor events and capital access through the TruMada Management Company.
Three biomedical startups presented at last week’s event:
- POP Medical Solutions: developer of the NeuGuide, a FDA-cleared, minimally-invasive surgical system for treating Pelvic Organ Prolapse (POP), a condition that affects 3 out of 10 women.
- Magenta Medical: clinical-stage company dedicated to catheter-based solutions for the treatment of Acute Heart Failure. Its products include a temporary axial-flow pump placed in the renal veins of hospital-admitted patients with Acute Decompensated Heart Failure (ADHF) and a percutaneous left ventricular assist device (pLVAD), a temporary catheter placed in the left ventricle of an acutely failing heart to provide mechanical support for several days to weeks.
- ViruCure Therapeutics: developing a novel biological pharmaceutical platform for targeted treatment of a wide range of cancers based on proprietary strains of the Newcastle Disease Virus (NDV), an oncolytic virus.
Following the presentations, attendees expressed interest in investing in each startup. TruMada Management Company will facilitate the dialogue between investors and presenting companies. The event was the first in an on-going series aimed at connecting Israeli candidate companies with the investing community.
“With access to business development services, scientists with FDA experience and lab space, we think there is tremendous synergy between services available at New York Medical College and what biotechnology startups require,” said Dr. Alan Kadish, president of the Touro College and University System. “Fostering this collaboration allows the facilitation of scientific research, nurtures a growing community of scientists and will help companies catalyze science into clinical and commercial development. Combined with the support of the TruMada Investor Club, all of this will hopefully translate into a higher degree of success compared to companies that try to go it alone.”
“Touro/NYMC wishes to enhance its reputation as an innovative, prominent healthcare research institution, and attracting cutting-edge, Israeli biotech companies to its NYMC campus is one part of a plan to do that,” said David Raab, Executive Vice President of Touro College and University System. “As those companies succeed, we hope that their reputational and financial success will accrue in part to Touro, NYMC, and BioInc.”
“We had significant interest expressed in the three companies by the potential investors who attended the shark tank. We are following up with them and believe that at least one financing deal will be forthcoming,” said Lawrence Krule, CEO of TruMada Management Company, LLC. “This shark tank was the first in an ongoing series and we will continue to host and provide additional opportunities for investors to meet with leading companies coming out of Israeli’s startup community.”
"The three companies that presented reflect some of the great innovations happening in the Israeli healthcare space," said Dr. Salomon Amar, Provost for Biomedical Research and Chief Biomedical Research Officer Touro College and University System. "With the TruMada Initiative, we will help bring these pioneering ideas to a global audience."
“We are seeing tremendous medical innovation come out of Israel, but many of these companies lack the knowledge and experience to successfully expand in the U.S. That’s the gap we are trying to bridge with the TruMada Initiative, by providing these companies with a home, with business-development services, and access to capital,” said Deborah Novick, the director of BioInc@NYMC and the TruMada Initiative.
The TruMada Initiative, through BioInc@NYMC and the TruMada Management Company, helps post-incubated Israeli biomedical startups commercialize and establish their company in the U.S. market. BioInc@NYMC is the Hudson Valley’s only biotechnology incubator offering shared resources, turn-key wet lab space, and sponsored professional services to promising, high-potential entrepreneurs and start-ups. In addition to providing best-in-class infrastructure and operational services, BioInc@NYMC assists its members in refining their business strategies, conserving capital, building strong teams, and achieving development and funding milestones. TruMada Management Company, LLC facilitates investment in companies screened by BioInc@NYMC.
The Touro College and University System
Touro is a system of non-profit institutions of higher and professional education. Touro College was chartered in 1970 primarily to enrich the Jewish heritage, and to serve the larger American and global community. Approximately 18,000 students are currently enrolled in its various schools and divisions. Touro College has 29 branch campuses, locations and instructional sites in the New York area, as well as branch campuses and programs in Berlin, Jerusalem and Moscow. New York Medical College; Touro University California and its Nevada branch campus; Touro University Worldwide and its Touro College Los Angeles division; as well as Hebrew Theological College in Skokie, Ill. are separately accredited institutions within the Touro College and University System. For further information on Touro College, please go to: http://www.touro.edu/news/.
New York Medical College
Founded in 1860, New York Medical College (NYMC) is one of the oldest and largest health sciences colleges in the country with more than 1,400 students, 1,300 residents and clinical fellows, nearly 3,000 faculty members, and 16,000 living alumni. The College, which joined the Touro College and University System in 2011, is located in Westchester County, New York, and offers advanced degrees from the School of Medicine, the Graduate School of Basic Medical Sciences, and the School of Health Sciences and Practice. The College manages more than $32.6 million in research and other sponsored programs, notably in the areas of cancer, cardiovascular disease, infectious diseases, kidney disease, the neurosciences, disaster medicine, and vaccine development. With a network of affiliated hospitals that includes large urban medical centers, small suburban clinics and high-tech regional tertiary care facilities, NYMC provides a wide variety of clinical training opportunities throughout the tristate region for medical students, residents, and other health providers.