FOR IMMEDIATE RELEASE
Contact: Jeff Fishburn
OnPR for Oregon Entrepreneurs Network
503-802-4408
jefff@onpr.com
@jefffishburn
DesignMedix Selected Winner of Oregon Entrepreneurs Network Angel Oregon 2009 Investment Competition
DesignMedix to Receive $150,000 Investment Award;
WeoGeo Wins $75,000 as Runner Up
PORTLAND, Ore. – March 12, 2009 — The Oregon Entrepreneurs Network (OEN) today announced that DesignMedix was selected as the overall winner of OEN’s Angel Oregon 2009 investment competition, held today, in Portland. DesignMedix, a maker of drugs to combat drug resistance in multiple diseases, will receive the $150,000 angel award investment as the overall winner.
WeoGeo, a Software-as-a-Service file management system and library of survey, engineering, mapping, and architectural content received an $80,000 investment award for being selected as another outstanding company the investors chose to receive an award among the six companies presenting at OEN’s Angel Oregon 2009 today.
“Despite the difficult economy, OEN’s Angel Oregon is a bright spot that demonstrates the commitment that the angel investor community has to supporting emerging growth companies,” said Jon Summers, partner at White & Lee LLP and Chairman of OEN’s Angel Oregon 2009. “The fact that we did not have a sharp drop-off in support is a testament to the high level of angel investor interest and fortitude. OEN’s Angel Oregon channels that energy to companies that require precious startup capital.”
This year’s finalist companies were selected from nearly 50 companies based throughout Oregon and Southwest Washington that applied to compete at OEN’s Angel Oregon 2009. A rigorous selection process was undertaken by the 46-member panel of active angel investors to select the companies chosen as the overall and runner-up winners. Each investor staked $5,000 to create the $230,000 investment award for this year’s event.
OEN’s Angel Oregon is the Northwest’s premier deal flow and networking event for Oregon and SW Washington-based angel investors and early-stage entrepreneurs. The competition has real economic impact for Oregon. The 26 companies that have presented at OEN’s Angel Oregon since 2003, have more than $66 million in combined revenues (up 43% from 2007) and employ more than 478 people. This year’s event drew an audience of nearly 300 angels, potential angels, entrepreneurs and OEN members and supporters.
About Oregon Entrepreneurs Network
Founded in 1991, the Oregon Entrepreneurs Network is a not-for-profit corporation dedicated to providing opportunities for Oregon entrepreneurs and improving the business climate for emerging, growth-oriented companies statewide. The organization has members throughout Oregon and Southwest Washington. For more information about the OEN, visit its website at www.oen.org.
Finalists for the 2009 OEN Angel Oregon
2009 CleanTech/ Biotech Track Companies
DesignMedix - DesignMedix develops drugs to combat drug resistance in multiple diseases. Effective inexpensive malaria drugs will enter human trials in two years mainly funded by grants.
Tau Science Corporation - Tau Science designs and manufactures diagnostic tools that accelerate process development and increase manufacturing yield in the photovoltaic (PV) solar manufacturing industry.
2009 Consumer Track Companies
GlideCycle - The GlideCycle is a revolutionary new mobility device that helps people run. By virtually eliminating the impact of running, people who never expected to run again can, including those with painful joints, permanent disabilities, temporary injuries or excess body weight.
Wicked Quick - Wicked Quick is a premium clothing and accessories brand rooted in the world of speed, rebellion and attitude. Wicked Quick currently offers lifestyle product at Nordstrom, Metropark, select Harley Davidson Dealership's and others, and produces performance gear for professional teams including three-time NASCAR champion team Joe Gibbs Racing.
2009 Technology Track Companies
GadgetTrak - GadgetTrak develops and sells theft-recovery software to help protect today's most popular mobile devices against theft or loss. GadgetTrak uses the latest in wi-fi position technology along with its patented technology to protect Apple's mobile product line: MacNotebooks, iPhones & iPods.
WeoGeo - WeoGeo is building the world's richest and most accessible library of survey, engineering, mapping, and architectural content. WeoGeo’s platform provides a Software-as-a-Service file management system that dramatically reduces customer storage and hosting costs, while at the same time providing a professional B2B marketplace for new revenue opportunities. WeoGeo was the winner of OEN Seed Oregon.
• Fourteen additional companies delivered a 1-minute elevator pitch for a chance at investment and further exposure.