Biotech Entrepreneur Honored at International Competition

FOR IMMEDIATE RELEASE
October 29, 2008

CONTACT:
Deborah Shapiro
Marketing Manager
410-455-1509
dshapiro@umbc.edu

Mona Jhaveri, a 2005 graduate of bwtech@UMBC’s ACTiVATE® program, was the North American honoree at the Cartier Women’s Initiative Awards, presented October 17 at the annual Women’s Forum for the Economy and Society in Deauville, France. Jhaveri is the founder and CEO of Foligo Therapeutics, which develops molecular-based products to improve the detection and treatment of ovarian cancer.

Five awards were presented, each to a female entrepreneur from a different continent. The winners receive $20,000 (USD) and have the opportunity to receive free mentoring from consultants at Cartier, McKinsey and INSEAD (France-based business school) for one year. The awards ceremony is part of the Women’s Forum for the Economy and Society, an annual conference for female entrepreneurs created in 2005 by French businesswoman Aude Zieseniss de Thuin. This year, 1200 women from around the world attended the three-day event, which featured lectures, panel discussions and brainstorming sessions.

“Foligo is the embodiment of my dream,” said Jhaveri. “I have always wanted to play a part in solving major problems affecting women's health. This award will allow me to continue working toward that goal.”

Said David Fink, director of entrepreneurial services at bwtech@UMBC and the ACTiVATE® program director: “We are very proud that Mona’s vision has been recognized with such a prestigious award. Her goals are representative of the dedication and passion that ACTiVATE® graduates have brought to the businesses they have founded.”

ACTiVATE® is a year-long program that utilizes technologies developed by Maryland’s universities and research institutions and trains women with significant technical or business experience to start companies based on those technologies. In the first three years of the program, ACTiVATE® has trained 72 women. To date, 15 companies have been founded by ACTiVATE® graduates.