Minnesota Cup for entrepreneurs awarded to medical startup

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The developers of a new approach for treating a common childhood ailment won ninth annual Minnesota Cup. Twin Cities Business reports that Preceptis Medical Inc., a Plymouth-based developer of surgical tools for childrens’ ear procedures, took the grand prize at a Wednesday ceremony.

The Star Tribune reports that this year, 1,100 firms entered the entrepreneurial competition, which was set up to support and accelerate the development of innovative business ideas.

Preceptis was awarded $40,000 plus donated professional services and other benefits. The company's ear tube introducer procedure allows children to have tubes placed in their ears without general anesthetic, making it less traumatic for families and significantly less expensive than traditional surgery. The procedure has been performed on 60 patients in clinical evaluations.

The contest also awards prize money in six divisions, including the life science/health IT division. Perceptis won an additional $25,000 for winning its division.

The University of Minnesota named Greg Frankenfield, CEO and co-founder of St. Louis Park-based software company Magenic, as this year’s “Entrepreneur of the Year.” He is also the new owner of the Old Log Theater.

The competition is sponsored by Wells Fargo, the University of Minnesota, Carlson and other businesses and organizations.

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