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.
