BioInnovation Challenge Winner – ABK Biomedical

ABK Biomedical at BioPort Atlantic 2011, winners of the first BioInnovation Challenge – Dr. Bob Abraham, Dr. Sharon Kehoe and Dr. Daniel Boyd with Robert Cervelli, Chair of BioNova’s Board of Directors

Sept 28, 2011

BioNova Announces Winner for the First BioInnovation Challenge

Halifax, Nova Scotia – They invented, they pitched, but only one conquered the BioInnovation Challenge.  Five finalist companies vied for a $30,000 prize package at BioPort Atlantic this afternoon before a review panel dubbed the Commercialization Council.  After reviewing each of the compelling business cases, the council named  the winner of the first ever BioInnovation Challenge.  Dr. Daniel Boyd of ABK Biomedical’s development of OccluRad particles in the treatment of fibroid tumors, was deemed the most attractive for investment by the panel of judges. In his pitch to the panel and audience, Dr. Boyd outlined the radical impact his research and discovery can have on 40% of women over 35 worldwide who develop tumors, many who require hysterectomy.

The unique treatment developed by Dr. Boyd under ABK Biomedical can expedite the process for treating fibroid tumors via OccluRad particles. Accepting the award Boyd was very optimistic over the short term possibilities of his discovery saying, “I plan to be back here next year with an update on ABK biomedical’s progress into 2012.”

The BioInnovation Challenge was created by BioNova, Nova Scotia’s life sciences industry association and a number of partners to help ease the transition from research laboratory to market. The five finalists were selected based on their products’ innovation, the perceived market pull and commercialization potential. Today, at BioPort Atlantic 2011, the annual life sciences conference hosted by BioNova, finalists pitched to the judges who were was asked to choose the invention they considered as the most attractive for investment.

Following the presentations key note speaker and commercialization council member Marc Koska said, “the finalists we’ve seen today have very innovative technologies and are certainly accomplished in their own right but as with any startup they have a ways to go yet.” Koska applauded BioNova’s support of early stage companies with the BioInnovation Challenge saying, “this type of assistance creates an important foundation and a platform that can be a game changer for any company starting out.”

The winner received a prize package which includes seed funding and advisory services worth more than $30,000.

The Finalists:

Dorothy Easy, Jellett Rapid Testing Ltd., Chester

The Rapid Rabies Screen, a device to quickly identify rabies infected animals

Dr. Kirk Hillier, Acadia University, Wolfville

Development of natural pheromones for the management of insects

Dr. Daniel Boyd, Dalhousie University and the QEII Health Sciences Centre, Halifax

Development of OccluRad particles for the treatment of fibroid tumors

Ed Rushton, THORASYS Thoracic Medical Systems Inc., Halifax

Further development of the TremoFlo™ device to improve the diagnosis of asthma and other respiratory diseases

Florentin Wilfart, DMF Medical Inc., Halifax

ZeroSorba toxin removal device to improve the safety of operating room anaesthesia systems

The Commercialization Council:

• Marc Koska OBE, an award-winning medical technology inventor and entrepreneur as well as an internationally renowned humanitarian.  Marc is based in the UK .

• Michael Blakey, an investor who actively supports his investee companies from fundraising through to strategy. He is co-owner of UK-based Avonmore Developments  Ltd., which specifically looks at investment opportunities for pre-revenue/ early stage businesses.

• James Drage, a partner with Atlantic Venture Capital Partners, a start-up and early stage venture fund based in Halifax. The fund makes seed and initial investments in promising technology-based companies.

• Julia Rivard, President & CEO of SheepDog Inc., a Halifax based IT company doing application development within the cloud computing space.

The Grand Prize:

• $10,000 in seed funding to help develop the business.
• An advisory services package valued at more than $20,000 featuring

•       Mentoring and Coaching Advice – Provided by Help With Sales.

•       Legal Consultation – Provided by McInnes Cooper.

•       Corporate Profile including Design and Branding – Provided by Solutions Inc.

•       Market Evaluation and Assessment – Provided by TheNextPhase.

•       Risk and Insurance Assessment – Provided by Marsh Canada Limited

•       Logistics – Provided by BioNova

About BioNova

BioNova represents the more than 3,400 men and women working in the province’s life sciences community.  Members include companies, universities, hospitals, research institutions, government agencies, suppliers and students.  BioNova provides leadership and support to its members while advocating for the continued growth of life sciences industry in Nova Scotia. www.bionova.ca

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Contact information:

Melanie Rusinak

Communications Assistant

(w) 902.421.5705 or (c) 902.452.4002

Email: communications@bionova.ca