Jun 6, 2016 | Atlantic Canada Opportunities Agency (ACOA), BioNB, BIOPORT ATLANTIC, Cox & Palmer, Dalhousie University, Office of Commercialization and Industry Engagement, Jardine Lloyd Thompson Canada, News, PEI BioAlliance, PWC, THE BIOINNOVATION CHALLENGE
The BioInnovation Challenge (BIC) was created by BioNova, Nova Scotia’s life sciences industry association and sector development organization, to help ease the transition from research laboratory to market. But BIC is more than just a competition; it is a support program to accelerate Atlantic Canadian researchers and life science companies in becoming established, viable entities. Since its inception in 2011, the BioInnovation Challenge has ushered 38 companies and research organizations from Nova Scotia, New Brunswick and PEI through the program, each receiving significant training to position a business for high growth.
“We are very excited about this year’s competition,” said Scott Moffitt, managing director at BioNova. “There is a lot of innovation happening in the life sciences in Atlantic Canada and we are on track to be one of the pillars of the new economy, we are definitely a sector to watch out for.”
The competition, presented by BioNova in partnership with the Atlantic Canada Opportunities Agency, Dalhousie University, Springboard Atlantic, BioNB and PEI BioAlliance will take place during BioPort Atlantic, the premier annual life sciences industry event in Atlantic Canada on October 25-26, 2016 in Halifax.
The winners, who will be announced at BioPort Atlantic, will be awarded advisory services with the first place winner also receiving seed funding for a total package value of $45,000. In-kind services have been provided by: Plano and Simple, Cox & Palmer, Jennifer Cameron PR, JLT Canada, PricewaterhouseCoopers, Sandler Training, Grant Thornton LLP and BioNova.
Life sciences companies and researchers will have until August 12, 2016 to submit their entries to BioNova. Semi-Finalists will be chosen by September 2. For full competition details and to submit an application visit www.bionova.ca
About BioNova
BioNova is Nova Scotia’s life sciences industry association and sector development organization. BioNova leads and supports its members as we build a successful, self-sustaining life sciences industry in Nova Scotia. By promoting the industry and its successes, building relationships both inside and outside the province and creating networking and educational opportunities BioNova aims to accelerate the commercialization success of Nova Scotia’s life sciences businesses and organizations.
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For Further Information:
Media Inquiries:
Jessica Gillis
Communications Officer
[email protected]
(902) 237-8608
Application Inquiries:
Kerri Mannette
Project Manager
[email protected]
902-421-5705 ext. 4]]>
May 20, 2016 | BIOPORT ATLANTIC, THE BIOINNOVATION CHALLENGE
See original article in Spring 2016 edition of LINK Magazine
Caitlin Pierlot, the CEO of Covina Biomedical Inc. (formerly known as Biofix Medical Technologies) says the early stage orthopaedic medical device company has seen a lot of growth since winning the fifth annual BioInnovation Challenge in 2015.
Encouraging entrepreneurial activity, the BioInnovation Challenge was created by BioNova, Nova Scotia’s life sciences industry association and a number of partners as an investment competition to ease the transition from research laboratory to market. Each year the competition takes place during BioPort Atlantic and the winner is selected by a panel of judges and the conference audience.
During the competition Pierlot captivated her audience as she pitched Covina’s pioneering bone cement technology. With evaluation criteria such as adaptability, market pull and consumer readiness, she defeated the competition with higher marks from the panelists and conference audience.
“Our team benefited tremendously from the challenge. It forced us to make strategic decisions and in the end allowed us to develop a pitch that we had confidence using in front of powerful investment teams,” says Pierlot.
Pierlot was first introduced to the competition by Covina cofounder Dr. Daniel Boyd who had previously won the competition through his involvement with ABK Biomedical in 2011. Hearing about the benefits of the competition first hand she knew it could be the boost Covina needed to get started.
Since winning the challenge, which included a cash prize of $15,000 and $30,000 of in-kind services, Pierlot says Covina has used the resources to get started on the path to commercialization. The company has begun the process of building a strong brand identity, hired financial consultants to forecast regulatory approvals and global sales, and raised further investments and interest gained from the competition.
Today the company is seeking further investment capital to boost their business strategy and continue down the path of receiving regulatory approvals to bring their product to market.]]>
Mar 13, 2016 | ABK Biomedical, News, THE BIOINNOVATION CHALLENGE
See original article in LINK Magazine
Diagnostic Radiology Professor, Dr. Daniel Boyd had just moved from the Republic of Ireland when he walked into Dalhousie’s Industry Liaison and Innovation Office to discuss an innovative idea he had to develop an X-ray visible technology in the treatment of cancerous tumors. In an ironic twist of fate, Dr. Bob Abraham an Interventional Radiologist was looking for a partner to develop that same technology. The connection between the two was soon made and a third person, Dalhousie Scientist, Sharon Kehoe was brought into the fold to start the company known today as ABK BioMedical (A = Abraham, B = Boyd, K = Kehoe).
Excited about the potential to impact the cancer market they sought out funding opportunities to develop their new technology. In the fall of 2011 they entered The BioInnovation Challenge, an investment competition organized by BioNova, the Nova Scotia life sciences association with the potential to win $30,000 in seed funding and advisory services. They pitched a compelling product they called OccluRad, which involved tiny x-ray visible bio-compatible glass beads used to treat uterine fibroids, or benign tumors in a woman’s uterus.
Today doctors are treating this condition by introducing particles through a blood vessel, which targets the tumors and causes them to shrink. The problem with today’s technology is that the particles are invisible to X-ray, meaning doctors can’t personalize the treatment to optimize the patients’ healthcare. This problem provided the team at ABK BioMedical an opportunity to improve on that treatment process with x-ray visible beads that would increase the effectiveness of the patients’ procedure.
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. Their compelling product pitch would win them The BioInnovation Challenge, which was in its inaugural year. Through the support of the competition they were able to incorporate their business and invest further into research and development. The experience would also open new doors for investment opportunities that would help them build a strong platform to bring their product to market. Today the company has three products in development and are planning to launch them in Europe and the U.S in 2016.
Feb 3, 2016 | Cox & Palmer, Spring Loaded Technology, THE BIOINNOVATION CHALLENGE
In 2012, Chris Cowper-Smith, Bob Garrish and Shea Kewin were all students in a Dalhousie entrepreneurship class when they came up with a business idea rooted in kinesiology. They created a prototype of a unique knee brace for people with knee injuries to help them move better. Unlike the traditional knee braces on the market, they wanted to design a light-weight knee brace that would have a suspension system to enhance stability and support. To bring their product to market they would need to start testing their designs and gather funding to support their research.
In 2013 they gained some momentum when their company, Spring Loaded Technology was named as a finalist in the BioInnovation Challenge, a pitch competition with the possibility to win a prize package that would include $15,000 in seed funding and an advisory services package worth more than $20,000 including services provided by Cox & Palmer, Solutions Inc., Marsh Canada Limited and PricewaterhouseCoopers.
They entered their trademarked knee brace Levitation, designed with a unique mechanical hinge that stores energy when flexed and releases during extension. With such an impressive pitch and a product filled with potential they were deemed the most attractive for investment by a panel of judges dubbed The Commercialization Council and the conference audience.
Since winning the competition many other doors to investment have opened for the fledgling company. So far the company has been able to raise $3 million and has gone on to win various investment competitions including the Business Development Bank of Canada (BDC) Young Entrepreneur Award for their production of the world’s first bionic knee brace, which landed $100,000 for the Halifax company. Today the Dartmouth-based company is close to bringing their bionic knee braces to the masses and is still actively pursuing investment.
Jan 3, 2016 | THE BIOINNOVATION CHALLENGE
Every year cleaning up heavy metals from the industrial contamination of water costs businesses upwards of $700 million. NB-BioMatrix, a New Brunswick based cleantech company is hoping to change that with the launch of their first product, a biodegradable, anti-bacterial liquid that can remove heavy metals and other pollutants from waste water.
The Saint John company founded by CEO Jeff Jennings and Chief Science Officer Keith Brunt began with an idea to build a sustainable company using Keith’s background in nanotechnology to solve major health issues. As heavy metals are dangerous to human health when they accumulate in the body and current filtration systems are costly and challenging their remediation product was a perfect fit.
After the company was incorporated and key strategies were outlined they sought out financial backing to get through the research and development phase of their business. In the fall of 2014 they applied to the BioInnovation Challenge hoping to win a prize package that included $15,000 in seed funding and an advisory services package worth more than $30,000 to give them the boost they needed to advance their business.
As part of the process they were immersed in pitch training to prepare them for the panel of judges that they would face in the competition and the future investors that they would meet. They invented, they pitched, and they conquered as their nano-technology liquid filter was deemed the most attractive for investment by a panel of judges dubbed The Commercialization Council and the conference audience.
Through the competition they were able to use the funding to hire co-op students and kick their productivity into high gear. They also leveraged their new achievement to boost credibility with other investors, partners and the entrepreneurial community. In early 2015 NB-BioMatrix was also a finalist in the New Brunswick Innovation Foundation’s ‘BreakThru’ competition. Today they have hired staff in critical positions and are looking for their first office and manufacturing locations to commercialize their product.
