Peter M Greco Jr. (left), Rush L. Bartlett II
GlucaGo is now called LyoGo, a name that reflects the company's transition from its focus on diabetes drug Glucagon to all freeze-dried (or lyophilized) medicine. The shift in focus has dramatically expanded the potential market for the startup's signature product, a syringe that automatically prepares freeze-dried medication for injection.
The company raised about $150,000 in awards, says co-founder Rush Bartlett II, and it's expecting a government grant of up to $250,000 in the form of tax reimbursements. More important than the money, Bartlett says, are the potential corporate partners LyoGo is lining up.
The team brought on two experienced executives -- one to head up business development and another to serve as CEO -- to get the company off the ground. But that doesn't mean the founders are checking out.
Barlett, who recently graduated with his MBA, is currently finishing work on his Ph.D. in biomedical engineering at Purdue. He's working about 80 hours a week doing what he says equates to two full-time jobs -- student and entrepreneur.
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