Victory in Business Plan Contest goes a long way

It's been nearly six months since Mithridion Inc., a Madison company developing drugs to treat Alzheimer's disease, won the top prize in the Governor's Business Plan Contest. And the impact of its victory continues.

"It has raised awareness. People know who we are and know something about what we're trying to do, which is always very helpful," said Trevor Twose, Mithridion's chief executive officer.

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Twose, who co-founded the company with UW-Madison associate professor Jeff Johnson, is in the midst of raising money from angel investors to help Mithridion take the technology from UW to the next stage: developing a drug candidate.

In 2005, Mithridion emerged as the winner out of 200 applicants from 58 cities, winning $20,000 and a year's free rent at University Research Park. Finalists shared more than $200,000 in cash prizes and services.

Now a new slate of entrepreneurs gets a chance. Jan. 31 is the deadline for the 2006 contest, conducted by the Wisconsin Technology Council, the science and technology adviser to the governor and Legislature.

"The public exposure is just immeasurable here and, of course, if you win, the cash and the other benefits aren't all bad either," said Mark Bugher, chairman of the council's board of directors and head of University Research Park.

Bugher said Wisconsin is the only state with a successful statewide business plan contest, which makes being selected as a winner, or even having a business plan reviewed, much more significant.

"It's like a cornucopia of new emerging companies that are fostered as a result of this program," Bugher said. "I think, in some cases, it gives people inspiration and courage to go forward when they might not otherwise."

The contest, which has drawn entries from all over the state, does more than just give prizes; it links entrepreneurs with a statewide network of community resources, expert advice, education, management talent and possible funding sources. Judges and mentors also give contestants feedback to help them refine their business plans.

"This is not just a certificate to hang on the wall," Bugher said. "This is a big-time benefit."

Twose said Mithridion is looking to come up with a drug candidate within 15 to 18 months, before moving on to safety studies and clinical trials. Currently, drugs for Alzheimer's patients help only somewhat in alleviating symptoms, he said.

Johnson and other researchers found a protein in the brain that appears to play a role in halting the progression of Alzheimer's disease. Mithridion seeks to develop a drug for people with a genetic predisposition to the disease that would increase the protein and prevent Alzheimer's from ever developing. The drug also could possibly halt or slow Alzheimer's progression in early-stage patients.

Twose said the company has the opportunity to address a major need in the market as baby boomers get older and the number of those afflicted with Alzheimer's disease increases.

"We're reckoning on something of the order of five years getting to the point where we know that it works in a human being," he said.

And he said Mithridion's participation in the business plan contest has made a difference in its efforts to raise the money it needs to get to that point.

"Something like 40-odd judges read our business plan and it's just quite amazing how many times I bump into someone who said, 'Oh, I read your business plan and I really liked it,'" Twose said. "So we've had the business plan distributed much more widely than we could have achieved by ourselves. That's been a great endorsement of the company."