Illinois Biotechnology Innovation Organization Announces Rheoxtech as Winner of Inaugural Timothy P. Walbert Entrepreneurship Impact Award

CHICAGO, IL (June 21, 2024) – The Illinois Biotechnology Innovation Organization (iBIO) is pleased to announce that Rheoxtech has been selected as the winner of the inaugural Timothy P. Walbert Entrepreneurship Impact Award. The $50,000 grand prize was announced at an award ceremony held at Fulton Labs in Chicago on June 20th, 2024.

Rheoxtech, is a cardiac medical device company focused on groundbreaking treatments for Myocardial Infarction Reperfusion Injury located in Chicago at Portal Innovations. The company’s cutting-edge research and dedication to improving patient lives exemplify the spirit of innovation and leadership that the Timothy P. Walbert Entrepreneurship Impact Award aims to celebrate.

“We are deeply honored and humbled to receive this prestigious award,” said Paul Connors MD, MBA, President and COO. “This recognition is a testament to the hard work and dedication of our entire team, who are committed to pushing the boundaries of scientific discovery to save and improve the lives of the ~ 800,000 Americans who experience an Acute-MI annually. We firmly believe that Illinois can become the next center of life science innovation and organizations like iBIO are bringing us closer to that reality every day. We are grateful to iBIO for their support and for providing a platform to showcase the incredible innovations happening in the Illinois life sciences community and look forward to continued success as a company.”

The award ceremony featured a keynote address by John Crowley, CEO of the Biotechnology Innovation Organization (BIO), followed by company pitches from the six finalists. The event highlighted the vibrant entrepreneurial ecosystem in Illinois and the transformative potential of the life sciences industry.

“Rheoxtech embodies the essence of the Timothy P. Walbert Entrepreneurship Impact Award,” said John Conrad, President and CEO of iBIO. “Their innovative approach to Acute MI treatment and their unwavering commitment to improving patient lives make them a deserving recipient of this honor. We are thrilled to support their continued growth and success as part of Illinois’ thriving life sciences community.”

The Timothy P. Walbert Entrepreneurship Impact Award, named after the visionary entrepreneur and former Chairman, President, and CEO of Horizon Therapeutics, will be an annual competition to recognize and support outstanding Illinois entrepreneurs in the life sciences industry.

For more information about iBIO and the Timothy P. Walbert Entrepreneurship Impact Award, please visit

About iBIO

The Illinois Biotechnology Innovation Organization (iBIO) is a life sciences industry association that represents the 91,000 life sciences employees in Illinois. iBIO promotes the industry’s value to the public and policymakers; connects innovators to investment and talent; stimulates collaboration and fosters the next generation of innovators and entrepreneurs to transform patient lives through groundbreaking research and works to grow the Illinois economy. To learn more about iBIO and its programs, visit