Tucson drug startup wins business-pitch contest

Tucson-based biotech drug startup NuvOx Pharma has won $110,000 in funding in a sports-bracket-style business-pitch competition.

NuvOx, which is commercializing an oxygen-delivery therapy to treat cancer and other diseases, won first place in the third annual Venture Madness, held March 2-4 at Talking Stick Resort in Scottsdale.

The event, presented by Invest Southwest and the Arizona Commerce Authority, pitted 64 of an initial 113 entrants against each other in a competition modeled after the “March Madness” college basketball tournament brackets.

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NuvOx, led by University of Arizona radiologist and Cancer Center member Dr. Evan Unger, survived initial rounds to reach the event’s “Sweet 16,” where the remaining finalists pitched their business plans live to a panel of investors.

As champion, NuvOx received a cash prize of $60,000 plus investment commitments for $25,000 from Mario Martinez of MRTNZ Ventures and $25,000 from Grayhawk Holdings, who committed to investing in each of the top four competitors.

NuvOx is in a clinical trial using its drug to infuse brain tumors with oxygen, making them more vulnerable to radiation therapy. The company also recently won Food and Drug Administration approval to launch a clinical trial using the oxygen-delivery therapy to treat complications of sickle cell disease.