University at Buffalo School of Management

2008 Winner: NanoAxis Team: Krishnan Chakravarthy MD/PhD '12; Darren Leskiw, BS Engineering '05, PMBA '09; Indrajit Roy; and Tom Sass, BS Engineering '96, PMBA '04 HOW IT STARTED: Conceived in UB's technology incu- bator, NanoAxis set out to change medicine at the genetic level using nanomaterials known as quantum dots—infin- itesimally small semiconductor materials that absorb light and re-emit it at a different wavelength to create a spectrum of colors. When linked to a therapeutic drug, these dots would ensure a safe and precise delivery of the drug to a targeted site. WHERE IT WENT: NanoAxis grew its patent portfolio, struck multiple partnerships and expanded the reach of its technology overseas. And while the company was only partially successful, missing some technical mile- stones, Chakravarthy went on to found multiple startups that have raised more than $1 million and are ramping up to commercial deployment. He now serves as an assistant professor at UC San Diego Health and is an interventional pain and spine surgeon. WHAT I LEARNED: "My Panasci experience taught me incredible lessons on how to grow a startup from inception or idea, form the right team, raise funding and see things succeed through pure determination," says Chakravarthy. "The training put me in a unique position globally in the interventional pain field. I am so excited about what the future will bring—we are on the brink of major medical breakthroughs." Entrepreneurial spirit Henry A. Panasci Jr., 1928-2005 At just seven years old, Henry Panasci Jr. began his entre- preneurial journey in his father's store, doing tasks like stacking penny candy. After earning a UB degree in chemistry in 1948 and a UB phar- macy degree in 1952, Panasci saw his business dreams became a reality when he opened a drug store with his father in 1958. But first, they needed a name. "We wanted a name that was short and catchy; we didn't think 'Panasci's Pharmacy' had much of a ring," Panasci said in a 1998 interview in UB Today. So they decided on Fay's Drugs, named after Panasci's wife, Faye. The duo purposely dropped the "e" to save money on the cost of signs. Panasci led the company to diversify beyond its core drug- store business by launching The Paper Cutter and Wheels Discount Auto Supply, and expanded Fay's to 270 retail stores with $1 billion in revenue by the time it merged with a large national retailer in 1996. To encourage more students to become entrepreneurs them- selves, Panasci made the $1 million gift to UB in 1999 that established the popular annual technology entrepreneurship competition that bears his name. "The future depends on entrepreneurs, and we need to support their efforts," Panasci said. "The entrepreneurial award will encourage new business growth in Upstate New York by providing seed money for the new business ventures." Panasci modeled the competition after one that MIT had been running for 10 years, and recognized the important role of mentor- ship in both the competition and the early development of startups. "Investment dollars are only one need of a startup business," Panasci said. "Equally important will be the potential for mentoring support and marketplace connections that judges and other inter- ested parties can bring to such an effort." The Panasci family also has been a generous benefactor to UB's School of Pharmacy, including a $1 million gift to fund the atrium of the Pharmacy Building in 2009. Sources: UB Today, UB Now Spring 2021 Buffalo Business 17 Henry Panasci Jr., and his father, Henry Panasci Sr., behind the counter at the first Fay's Drug Store in Syracuse, New York, in 1958. Chakravarthy

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