Rocky Hill, Conn., March 27, 2008 – Connecticut Innovations (CI), the state’s quasi-public authority responsible for technology investing and innovation development, yesterday hosted its Annual Technology Celebration, themed Empowering Innovation>Creating Success. The event, held at the Aqua Turf Club in Southington, Conn., drew more than 350 members of the state’s technology community, including technology-oriented businesses, entrepreneurs, investors, academicians and industry leaders.
“We were delighted with the turnout and the enthusiasm at our Annual Technology Celebration,” said Peter Longo, president and executive director of CI. “In addition to being an outstanding opportunity to share ideas and foster new partnerships, this year’s event was also a great opportunity for CI to celebrate our portfolio companies’ many successes in 2007. These entrepreneurs make the tech economy in Connecticut work; their accomplishments ultimately translate into successes for the state.”
Longo added, “Despite the struggling national economy, Connecticut’s entrepreneurial community is as active as ever and we are optimistic about the future of the state’s tech sector. The strength of our investment pipeline is evidence of the abundant tech activity in our state, and we look forward to supporting promising innovators with our investments.”
Among those companies boosting the state’s technology activity and economy are seven technology companies that CI successfully recruited to Connecticut from other states and abroad in 2007. They are:
Cara Therapeutics (recruited to Shelton, Conn., from New York)
Ipsogen (recruited to New Haven, Conn., from France)
Keisense (recruited to Hartford, Conn., from the United Kingdom)
LegiTime Technologies (recruited to Westport, Conn., from Canada)
RemoTV (recruited to New Haven, Conn., from California)
Retail Optimization (recruited to New Haven, Conn., from Massachusetts)
Stevens Proof of Concept (recruited to Stamford, Conn., from New Jersey).
Travelocity founder and former CEO, Terry Jones, served as the event’s keynote speaker, sharing insights into how leadership is changing in the new, technology-driven world.
Jones stated, “It was great to speak tonight to such a collection of dynamic companies on how to preserve and extend the innovative spirit that has been fostered within their organizations. Connecticut Innovations should be proud of how it provides strong support to Connecticut’s tech innovators. It serves as a great example of how government can play a vital role in growing the tech economy.”
The program also included a panel discussion on students as entrepreneurs, an exhibition of 30 technology-oriented companies and others, and the presentation of awards to outstanding members of Connecticut’s technology community. The following awards were presented:
E. Charles McClenachan Award – presented to John Rossi, Senior Vice President, Emerging Growth and Technology Group, Webster Bank
This award is presented to an individual who has dedicated his or her time and expertise to supporting the mission of CI. The recipient of the award is also recognized for dedication to the technology community, for community spirit and for advancing the collaborative environment that Connecticut’s technology sector has nurtured.
John began his lending career with stints at both Citibank and Chase. During that time he completed the Citibank credit training program and received is M.B.A. from the University of New Haven. John worked for many years at Financing for Science and Industry and continued there for several more years after it was acquired by Finova Capital Company. In 2001, John joined Webster Bank as senior vice president to establish its Emerging Growth and Technology Group. He has guided the growth of that group, and it is now a leader in its industry in Connecticut.
For more than 30 years, John has helped biotech and high tech companies prosper, not only by providing financing for their growth but also – and perhaps more importantly – by providing his wise counsel and introductions from his many years in the industry. John also supports the Connecticut technology community in countless ways, including serving as a director of both CURE and the Connecticut Venture Group.
Outstanding Portfolio Company Award – presented to Perimeter eSecurity (Milford, Conn.)
This award is presented to a company that has been in CI’s portfolio for more than a year; is independently owned and operated; is at least three years old; has met its financial and technological milestones during 2007; and is positioned to increase sales and create job growth during the coming year.
Perimeter eSecurity is the only provider of computer security on demand, making security easily available and affordable for all businesses. Perimeter protects thousands of computer networks nationwide, offering more than 50 different services on a subscription basis. With the proliferation of security threats and technologies, clients benefit from a single-source provider that offers all services through one pre-integrated platform and web portal. Perimeter has experienced substantial revenue growth over the past few years and in 2007 Perimeter successfully raised $104 million from Goldman Sachs and Bessemer Venture Partners, allowing it to buy back shares and continue to grow the company both organically and through acquisitions.
Most Promising New Portfolio Company Award – presented to Cara Therapeutics (Shelton, Conn.)
This award is presented to a company that was new to CI’s portfolio in 2007 and demonstrated progress toward achieving technology milestones during the year.
Cara Therapeutics is a biotechnology company focused on developing novel therapeutics to treat human diseases associated with pain and inflammation. Cara possesses both near-term clinical development opportunities combined with proprietary approaches to developing first-in-class novel therapeutics. Cara’s first patented compound, CR665, has entered clinical testing for acute pain. CR665 possesses unique analgesic and anti-inflammatory activities appropriate for multiple therapeutic applications. In addition, Cara aims to develop a future pipeline of first-in-class molecules at novel analgesic and anti-inflammatory targets using its proprietary drug-screening technology. The potential of Cara’s patented compounds and its pipeline of first-in-class molecules make Cara Therapeutics a promising emerging biotechnology company. Cara recently relocated from Tarrytown, New York, to Shelton, Connecticut.
“We are honored to have been selected as CI’s Most Promising New Portfolio Company,” said Derek Chalmers, CEO of Cara Therapeutics. Chalmers added, “The relationships we have been able to forge in the business and scientific arenas of the state only serve to reinforce what we have known for some time, namely that our move to Connecticut was a great decision. We look forward to being an active participant in the state’s vibrant and growing bioscience sector.”
“I congratulate the Connecticut Innovations award winners on their remarkable achievements and for their contributions to Connecticut’s technology economy,” said Governor M. Jodi Rell. “We are fortunate to be home to these and so many other outstanding technology leaders.” Governor Rell added, “I also extend a special welcome to the technology companies that have recently relocated to Connecticut, through the efforts of CI: Cara Therapeutics, Ipsogen, Keisense, LegiTime Technologies, RemoTV, Retail Optimization and Stevens Proof of Concept. We greatly value their contributions and look forward to seeing them thrive in their new home state.”
About Connecticut Innovations, Inc.
Connecticut Innovations (CI) is a quasi-public organization dedicated to driving a vibrant, entrepreneurial, technology-based economy in Connecticut. CI stimulates high-tech growth by investing in: early-stage Connecticut technology companies; university/industry research collaborations; technology transfer; and, clean energy initiatives through the Connecticut Clean Energy Fund. CI also fosters collaboration among government, business, nonprofit and academic organizations to advance technology growth and promotes public policies consistent with CI’s mission. For more information on CI, please visit www.ctinnovations.com.
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