Third Eye Diagnostics Named Ben Franklin Venture Idol

From left, Frederick J. Beste, Mid-Atlantic Venture Funds; R. Chadwick Paul, Jr., Ben Franklin Technology Partners of Northeastern PA; Anthony Bellezza, Third Eye Diagnostics Inc.; and Donald Yount, Mid-Atlantic Venture Funds.

It was similar to the popular television show American Idol, except with entrepreneurs instead of vocalists. Three early-stage technology company entrepreneurs seeking funding presented short pitches to investors and more than 200 audience members. The votes were tallied, and Third Eye Diagnostics, Inc., was named the winning “Ben Franklin Venture Idol.”

This event was presented by the Ben Franklin Technology Partners of Northeastern Pennsylvania. It illustrated a significant way in which early-stage entrepreneurs seek and obtain seed capital.

Third Eye Diagnostics is commercializing Cerepress™, a non-invasive intracranial pressure (ICP) monitor. The monitor gathers information from the patient's eye. By measuring pressure in the retinal vein and systolic and diastolic blood velocities in the retinal artery, vital intracranial pressure measurements can be determined externally.

Existing standard-of-care devices that monitor ICP are invasive and require drilling a hole through the patient’s skull to measure pressure, which can expose patients to significant complications. The current invasive surgical procedures required to monitor patients with severe head injury, intracranial hemorrhage or stroke imposes a preventable cost of more than $918 million each year to the U.S. healthcare system.

There are 1.5 million traumatic brain injury cases in the U.S. annually, leading to a $60 billion drain on the U.S. economy. Further, traumatic brain injury is the “signature wound” of the Iraq War, with an estimated ten to twenty percent of veterans returning from Iraq with some form of traumatic brain injury. In addition, patients with conditions such as stroke, acute liver failure, and hydrocephalus are prime candidates for ICP monitoring.

“This was a tremendous opportunity to present our solution to this significant unmet need to a broader audience,” said Dr. Anthony Bellezza, Third Eye Diagnostics CEO. “The investments that we have received from Ben Franklin and the South Bethlehem Keystone Innovation Zone have been crucial initial endorsements, and the introductions, support, and advice they have provided have been pivotal.”

Third Eye Diagnostics received the event’s $5,000 cash investment prize, presented by event emcee Don Yount, CFO, Mid-Atlantic Venture Funds. Other presenting companies were SPINACT, LLC and XiGo Nanotools.

Ben Franklin Venture Idol included presentations and a panel discussion on the state of capital raising and investing by three institutional investors. The investors also critiqued the investment pitches:

Originate Ventures
Quaker Bioventures
Updata Advisors

The event was hosted by Fred Beste, Managing Partner, Mid-Atlantic Venture Partners, Bethlehem. The evening included an opportunity for guests to network with exhibiting early-stage entrepreneurs, private investors and representatives of venture capital firms.

Exhibiting companies were:

- Grant Adler Corporation – produces medical devices that simplify and improve vascular access options, lowering treatment costs, simplifying procedures, and providing substantial improvements in patient comfort.

- IMC Biotechnology – provides novel treatments for under-served inflammatory diseases such as systemic vasculiti. The inhibitors being developed by IMC will decrease the damage caused by the conditions.

- Infrared Imaging Systems, Inc. – produces medical imaging device that allows medical personnel to view peripheral arteries and veins in detail and in real-time, enabling them to more accurately and efficiently insert needles and catheters. 

- Lehigh Nanotech LLC – manufactures a patented product, composed of nano-sized particles, that is used in the remediation of contaminated soils and groundwater. The product provides a superior, rapid, completely non-toxic, and cost-effective alternative to traditional, ineffective, and costly remediation technologies.

- Pennsylvania Sustainable Technologies – manufactures alternative liquid transportation fuels that are lower-cost and deliver higher-value outputs than ethanol products, and do not use food inputs. 

- Resource Energy Systems Technologies, Inc. – produces an innovative product that significantly reduces the energy consumption of alternating current induction motors under a variable or lightly loaded condition.

- schmedley, Inc. – produces personalized webspaces for users that enhances daily productivity and manages their digital lifestyle. This customized web desktop enables users to filter information and focus on the most relevant and significant activities.

- SPINACT LLC – provides on-demand training and a global web-based marketplace for knowledge and skill acquisition for professionals in all disciplines.

- Store Eyes, Inc. – Produces a device that digitally captures and electronically reports merchandising conditions at the retail store level. The information gathered provides real-time intelligence regarding retail merchandising compliance monitoring for both the retailer and manufacturer.

- Third Eye Diagnostics, Inc. – Produces a non-invasive intracranial pressure monitor that will be used by physicians to more safely and less expensively diagnose and treat head injury.

- XiGo Nanotools, LLC – Produces a device that characterizes nanoparticles using nuclear magnetic resonance to measure the surface area and volume fraction of nanoparticles in concentrated liquids. The time for preparation and analysis is dramatically reduced when compared to conventional techniques, thus substantially reducing test times for scientists in a variety of disciplines.