COLLEGE PARK, Md., Nov. 25 /PRNewswire-USNewswire/ -- Remedium Technologies Inc., a company developing a shaving cream-like foam that stops severe bleeding, won first prize and $10,000 in the Most Promising Security Idea category of the Global Security Challenge 2009, company officials announce today.
Selected from more than 100 entries from around the world, Remedium's team pitched their invention at the GSC Security Summit conference held at the London School of Business.
Remedium (www.remediumtechnologies.com) is developing a high-pressure foam that can be sprayed into an injured body cavity, adhering to tissue and rapidly stopping bleeding as it expands.
"The summit was an outstanding event and an invaluable opportunity for us," says Matt Dowling, CEO of Remedium Technologies and a doctoral student in the Fischell Department of Bioengineering. "We are truly honored to have won our category and are more determined to turn our idea into a commercial reality as quickly as possible. We truly believe our sprayable hemostatic foam will have an enormous impact on global security and will save many lives in the future."
Remedium's hemostatic (blood-clotting) foam is a new product for the company, which is also developing a patent-pending, Velcro-like sponge and a spray, both of which stop hemorrhaging. Pre-clinical testing is underway for both products.
"Our new product is similar to a can of shaving cream -- you spray it into a wound, it becomes an expandable foam, fills the space, and stops the bleeding without using any pressure," says Dowling. "It doesn't require any special training to use, so it can be distributed to soldiers, paramedics, or civilians for emergency or mass-casualty situations. There are currently no products available to effectively treat non-compressible injuries."
Remedium's team includes CTO and bioengineering doctoral student Peter Thomas, who joined Dowling in London, and scientific co-founder Srinivasa Raghavan, an associate professor in the Department of Chemical and Biomolecular Engineering.
The GSC caps off a string of competitions for the company. In 2007, Remedium won second place and $8K in the faculty and graduate student division of the University of Maryland $50K Business Plan Competition. After that, company team members entered the Rice Business Plan Competition, won the University of Nebraska's New Ventures World Competition, and competed in the University of Texas at Austin's Moot Corp. Competition. Matt Dowling was selected as a 2009 Maryland Inventor of the Year by the Daily Record.
Remedium received $104K in Maryland Industrial Partnerships (MIPS) funding in August, 2008, and $50K from the Maryland Technology Development Corporation (TEDCO) University Technology Transfer Fund in March, 2009.
The company joined the Maryland Technology Enterprise Institute (Mtech) VentureAccelerator Program in May 2009, which assists ventures formed around University of Maryland inventions with a range of new business processes, including business planning; understanding markets, fundraising and recruiting.
"It's quite an accomplishment for Remedium to win this award, considering the stiff international competition," says VentureAccelerator Director Jim Chung. "This, coupled with the fact that another of our former portfolio companies, TRX Systems, won the $500K 'best security startup' award at the GSC last year, really shows how effective Mtech's programs have been in helping our companies position themselves for success."
Winners were chosen by an independent judging panel from industry, government and the investor community. Accenture sponsored the $10K grant award.
The Global Security Challenge LLP (www.globalsecuritychallenge.com) is a forum for security innovators, start-ups and investors. It provides a valuable launching pad for security innovation and each year over $500,000 is awarded in its world-leading competitions to entrepreneurs and researchers within the security technology field. The mission of the GSC is to stimulate technological innovations that make airports, cities and enterprises safer without encroaching on civil liberties.
About the VentureAccelerator Program (www.va.umd.edu)
VentureAccelerator helps university faculty and students launch successful ventures from their inventions. Our experienced team of business professionals enables you to maintain your academic responsibilities as faculty, research staff, or student, while also furthering the development of your startup. We speed the process of venture creation by systematically guiding and coaching inventors through new business processes such as: sound business planning; understanding customers and markets; setting goals and priorities; acquiring skills and recruiting talent; and raising capital.
SOURCE Maryland Technology Enterprise Institute