The Great Lakes Entrepreneur's Quest Establishes Life Science Award for Top Emerging Company

Life Science Innovation Award Added to Business Plan Competition

ANN ARBOR, Mich., Jan. 29 -- The Great Lakes Entrepreneur's Quest (GLEQ) announces the addition of a Life Science Innovation Award to the top Emerging Company in its business plan competition. The new category joins its Alternative Energy and Advanced Automotive Innovation Awards respectively sponsored by Next Energy and Automation Alley. The GLEQ seeks a three-year sponsorship commitment for this annual $25,000 award aimed to catalyze the success of early-stage entrepreneurs in this important field. The first recipient is targeted for June 2007 at the conclusion of Phase II of the GLEQ's business plan competition.

"Pfizer's announcement to close its facility in Ann Arbor compels us to support and leverage the GLEQ's business development process and seven-year track record helping technology entrepreneurs," said Randal Charlton, founder and former CEO of Asterand, Plc and Entrepreneur in Residence and Special Assistant to the President for economic development at Wayne State University. "This is another way Michigan can help retain and support entrepreneurial scientists at the very earliest stages of business development," said Mr. Charlton who is also the Chairman of the Board of MichBio.

Life Science companies have consistently benefited from the GLEQ business development process -- earlier this month, the GLEQ awarded $5,000 to OtoMedicine Inc. as the top Emerging Company in Phase I of the b-plan competition. Peter Boxer, co-founder of OtoMedicine said, "The GLEQ's coaching assistance has been very helpful and we certainly appreciate the recognition of being the top company in Phase I." OtoMedicine was founded in 2006 based upon research conducted at the Kresge Hearing Research Institute at the University of Michigan. Two of its co-founders, Drs. Boxer and Bennett, are former Pfizer employees. OtoMedicine's mission is to become the leading provider of medicines to treat, cure and prevent hearing loss. The company will launch is first product, Auraquell(TM), a pill to prevent noise-induced hearing loss, within three years. Other noteworthy Life Science companies which have participated in the GLEQ program include: Velcura Therapeutics, Xoran Technologies, Neural Intervention Technologies, Sensigen, Proteos and RapidBioSense.

Life Science sponsorship inquiries can be directed to Art DeMonte, Executive Director, GLEQ at 734-913-0090 or art@gleq.org

About the Great Lakes Entrepreneur's Quest (GLEQ)

The GLEQ, now in its seventh year of continuous operations, is a nonprofit 501(c)(3) educational program designed to accelerate the formation of high- growth companies across Michigan. Anyone who lives, works or attends school in Michigan can participate in the educational programs and competitions at no cost. Over $18 million was recently awarded to ten GLEQ alumni from the 21st Century Jobs Fund, bringing the total investment into GLEQ companies to over $38 million.

The GLEQ provides coaching, mentoring, business training and entrepreneurial discussions to entrepreneurs statewide. It also sponsors a two phase statewide business plan competition each year. The Quest is structured into two distinct maturity "paths": companies with more developed businesses compete in the Emerging Company (EC) path while teams with new or embryonic business ideas compete in the New Business Ideas (NBI) path.

The GLEQ leverages a portfolio of volunteer business and investment experts to provide training, coaching and mentoring. All entrepreneurs submitting an executive summary or business plan receive as many as four written critiques from members of the Michigan Venture Capital Association and angel investment network.

In Phase II, which begins in February, EC teams must complete an 8-12 page business plan, while the NBI teams must develop and submit a five-page executive summary describing their business or business idea. The GLEQ provides the assistance of coaches and educational programs to help all entrepreneurs with their business plans. Cash awards up to $25,000 and in-kind awards are provided to the EC and NBI winners. In addition, Innovation Awards sponsored by Automation Alley, Next Energy and Southwest Michigan First provide investment amounts up to $12,500 for teams meeting the sponsor criteria. Total disbursements in 2007 will exceed $120,000.

The GLEQ is currently sponsored by the Ann and Carman Adams Fund of the Community Foundation for Southeastern Michigan. Silver level sponsors include: Wayne State University, Apjohn Group, Southwest Michigan First, Automation Alley, Next Energy, Dickinson Wright PLLC, Wright Griffin Davis & Co., Butzel Long, LLC and Lambert, Edwards & Associates. Bronze level sponsors include: the Samuel Zell and Robert H. Lurie Institute at the University of Michigan Ross School of Business, MPI Research, PR Newswire and The Right Place. The GLEQ has recently been awarded a two-year grant from Michigan's 21st Century Jobs Fund to continue to strengthen its program.

Founded in 2000, the GLEQ has provided over $860,000 in contributed services from volunteer coaches, educators, judges and in-kind sponsors. It has provided over $760,000 in cash to promising technology companies through its statewide program which is aimed at encouraging and educating entrepreneurs on the creation, start-up, and commercialization of high-growth businesses within the state of Michigan.

Additional information is available at www.gleq.org or by calling Art DeMonte GLEQ Executive Director, at 734.913.0090.