In a celebration of innovation and entrepreneurship in the life sciences sector, the Illinois Biotechnology Innovation Organization (iBIO) has named Rheoxtech as the winner of the first-ever Timothy P. Walbert Entrepreneurship Impact Award. The announcement came during a prestigious ceremony held at Fulton Labs in Chicago on June 20, 2024, where Rheoxtech was awarded a grand prize of $50,000.

Rheoxtech, a Chicago-based cardiac medical device company housed at Portal Innovations, has been recognized for its groundbreaking work in developing treatments for Myocardial Infarction Reperfusion Injury. The company’s selection for this award underscores its commitment to pushing the boundaries of scientific discovery and its potential to make a significant impact on patient lives.

Paul Connors Center left, with John Conrad Center right and iBIO Board Members

Paul Connors MD, MBA, President and COO of Rheoxtech, expressed the company’s gratitude, stating, “We are deeply honored and humbled to receive this prestigious award. 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.”

The award ceremony featured a keynote address by John Crowley, CEO of the Biotechnology Innovation Organization (BIO), followed by pitches from six finalists. This event not only showcased Rheoxtech’s achievements but also highlighted the vibrant entrepreneurial ecosystem within Illinois’ life sciences sector.

John Conrad, President and CEO of iBIO, praised Rheoxtech’s selection, noting, “Rheoxtech embodies the essence of the Timothy P. Walbert Entrepreneurship Impact Award. Their innovative approach to Acute MI treatment and their unwavering commitment to improving patient lives make them a deserving recipient of this honor.”

Named after Timothy P. Walbert, the former Chairman, President, and CEO of Horizon Therapeutics, this award is set to become an annual competition. It aims to recognize and support outstanding entrepreneurs in Illinois’ life sciences industry, further cementing the state’s position as a hub for biotechnology innovation.

The success of Rheoxtech and the establishment of this award signal a bright future for Illinois’ life sciences community. As Dr. Connors remarked, “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.”

For those interested in learning more about iBIO and the Timothy P. Walbert Entrepreneurship Impact Award, further information can be found on the iBIO website.

This inaugural award marks a significant milestone in Illinois’ life sciences landscape, promising to inspire and support future innovations that have the potential to transform patient care and advance the life sciences industry.

This article was originally published on iBIO NewsBrief. Gain a head start on your day with iBIO NewsBrief. Subscribe to receive top industry headlines delivered straight to your inbox.