Emerging biotech companies pitch at 5th annual Biodiscovery summit

CHARLOTTESVILLE, Va. (WVIR) - Emerging companies had the chance to pitch to investors and biotech leaders at the “Spark to Scale” Biodiscovery Summit Thursday.

The event was hosted by Cvillebiohub and Cooley, and with 8 finalist companies pitching their ideas to a panel of judges and audience full of industry professionals.

Nikki Hastings, president of Cvillebiohub, said investors go through a detailed review process before making a decision.

“Investors go through a very deep diligence process where they’re reviewing all aspects of an idea,” Hastings said. “The company, the team, the technology, the traction that they’re getting in the world. And making a very intentional decision to put money behind that to get it to that next stage of growth.”

The goal of the event is to help seed-stage companies grow from the root through funding and equipment.

SonoFX is one of eight finalist companies. CEO Barrett W R Peters said that along with investments, early-stage companies also need exposure to make advancements in human health.

“There is a true patient need and there’s a gap in our system that has not been filled and that there is a group of individuals that can put together solutions that can really move the needle for human health,” Peters said.

The event also provided opportunities beyond business pitches. Adasyn Hollinger, a former intern and biomedical engineer at SonoFX, attended to learn and network.

“I really just want to learn and be able to see firsthand what’s going on, how these events work, and be able to make the connections and network,” Hollinger said.

Hastings said this year’s event marks Cvillebiohub’s 10th anniversary.

“I’m really excited about what’s going on today at our 10th year anniversary,” Hastings said. “We intentionally wanted to build this community and show the world what great technologies are here in central Virginia. And so the emotions are very high.”

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