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Print Edition StoriesThursday, June 4, 2009
VasoTech takes top spot in NECINA biz plan contest
By Mass High Tech Staff
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The New England Chinese Information and Networking Association named VasoTech Inc. as the top prize winner in the 5th NECINA Brown Rudnick Business Plan Contest.
VasoTech, based in Lowell, will take away $30,000 of the $50,000 in prize money for nabbing the top honors. The company makes a medical device called the PowerStent, which has a cobalt base and is coated in a special inflammatory-free biodegradable polymer called BioDe. The PowerStent also has a drug-delivery capability and its own drug formula designed to prevent restenosis, or the re-closing of a coronary artery already treated with a stent.
Entrepreneur and inventor Tim Wu launched VasoTech in 2007. The company occupies space at the Massachusetts Medical Device Development Center (M2D2) at the University of Massachusetts Lowell. Wu said in a previous interview he would like to raise about $3 million to create a clean room for the pilot manufacturing processes there. Then, he hopes to launch a company branch in his native China.
NetVirta LLC, a company that makes 3-D models online that shoppers can use to try on clothing, was the first runner up, winning $5,000 in cash and $5,000 worth of in-kind services. NetVirta was also a finalist in the MIT $100K Entrepreneurship Contest this year.
Taking the second runner-up spot, and also winning $5,000 in cash and $5,000 worth of in-kind services, was FenSiZu Fan Club, also a finalist in the MIT $100K. FenSiZu has developed a membership-based aggregator of the fan clubs of Chinese celebrities. The site’s features include video interactivity between the celebrities and their fans.
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