ACOA: Covina Biomedical Inc. Solidifying Place in the Bone Cement Industry

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Government of Canada supports prototype development, regulatory approvals and research commercialization

August 7, 2018 – Halifax, NS – Atlantic Canada Opportunities Agency

Great innovation happening here in Atlantic Canada is growing our economy, creating well-paying jobs, and improving the lives of Canadians. That is why the Government of Canada is supporting Covina Biomedical Inc. as it advances a proprietary bone cement used in the repair of knee implants, the single biggest problem in orthopedics today.

Andy Fillmore, Parliamentary Secretary for the Minister of Democratic Institutions and Member of Parliament for Halifax, announced a $500,000 repayable investment in Covina Biomedical on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development, and Minister responsible for the Atlantic Canada Opportunities Agency (ACOA).

The assistance will help Covina Biomedical prove the effectiveness of its injectable bone cement for orthopedic patient care. Customer feedback and validation will prepare the company for clinical trials and develop a roadmap to obtain regulatory approval in Canada and the United States. Together, these initiatives will position Covina to scale-up, creating new economic benefits for Atlantic Canada.

Intellectual property for Covina’s injectable bone cement that prevents invasive surgery is the result of an earlier ACOA project with Dalhousie University. The product is being developed and commercialized in Nova Scotia, creating up to six new full-time, highly skilled positions and maintaining two others.

This contribution is being made through ACOA’s Business Development Program, which works with small and medium-sized companies to improve competitiveness in export markets.

The investment builds on the commitments made by the Government of Canada and the four Atlantic Provinces to drive economic growth in Atlantic Canada through the Atlantic Growth Strategy. The Strategy supports targeted investments in initiatives that build on the region’s competitive advantages, such as its strong export potential and skilled labour to expand business activities between the region and international markets.

 

Quotes

“Covina represents the benefits of collaboration between academia and industry. Commercializing research out of our universities and into the real world where it will help Canadians is one of the markers that will distinguish Canada as a world-leading economy now and for the long-term. This will help to create growing, innovative businesses with global reach, good jobs, and a thriving middle class.”

–       The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for ACOA 

“It’s very exciting to see the outcome of local research and development result in a product that can be commercialized and exported globally. Covina Biomedical has tremendous potential to assist patients suffering from osteoarthritis or failed knee implants, and to contribute to the local, flourishing life sciences community.”

–       Andy Fillmore, Parliamentary Secretary to the Minister of Democratic Institutions and Member of Parliament for Halifax 

“Our company was founded on the passion to improve patient outcomes amidst a growing healthcare crisis of rising costs and wait times, and to do it here, in Atlantic Canada. The continued support of ACOA is helping to make this exciting opportunity possible, by supporting first, the transition of this high-quality research from Dalhousie University, and now, the continued development of our novel technology and growth of our company in the region.”

–       Dr. Caitlin Pierlot, CEO, Covina Biomedical Inc.

“The support of ACOA through the AIF program which funded the initial research at Dalhousie was instrumental. As the largest research intensive University in Atlantic Canada, Dal is a knowledge-generating institution and the ideal environment to pursue discoveries. We are proud to have partnered the technology with Covina and look forward to assisting them as they grow as a company. This is a great example of a bold research discovery that will have far reaching patient impact.”

–     Stephen Hartlen, Executive Director of Industry Liaison and Innovation and Assistant Vice-President of Industry Relations, Dalhousie University

Quick facts

  • The orthopaedic market is forecasted to exceed $45 billion in the United States by 2021.
  • Knee replacements are the single biggest problem in orthopaedics today with the global market worth over $8.4 billion (USD).
  • Age and BMI are key risk factors in the onset and progression of musculoskeletal conditions of the hip and knee, resulting in significant risk of requiring one or more joint implants in a lifetime.

    – In 2016, more than 1.9 billion adults were overweight, and of these, 650 million were obese

    – By 2050, nearly 20 per cent of the global population will be over the age of 65

  • The number of knee joint implants is expected to rise to 185,000 procedures per year in the US by 2025.
  • Average total cost of care of a single knee joint implant procedure in the US was estimated at $100,000 in 2014.

Contacts

Alex Smith
Director of Communications & Outreach
Atlantic Canada Opportunities Agency
Phone: (902-426-9417 | 902-830-3939 (cell)
Email: alex.smith@canada.ca

Caitlin Pierlot
Chief Executive Officer
Covina Biomedical Inc.
Phone: (902) 442-4014 | 902-495-9008 (cell)
Email: cpierlot@covinabiomedical.com

Michèle Charlton
Communications Advisor, Research
Dalhousie University
Phone: 902-494-4148
Email: michele.charlton@dal.ca

Expert pitch training coach preps participants for BioInnovation Challenge

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Semi-finalists in BioNova’s BioInnovation Challenge (BIC) get to hone their pitching skills during one-on-one training with Linda Plano, an expert pitch training coach with over 10 years of experience mentoring entrepreneurs with start-ups in life sciences, cleantech, high tech, web-based applications and more.

Upon earning a PhD in Materials Science and Engineering from Stanford University and a BS in Physics from MIT, Plano held positions at various startup companies including research scientist and CEO, as well as management positions up to Vice President for New Business Development in more established companies. The combination of her high-level education and experience in business has allowed her to help entrepreneurs in many complex fields.

Plano has been coaching entrepreneurs on their pitches and value propositions since 2005. She founded Plano & Simple in 2010 to focus exclusively on coaching, training and mentoring entrepreneurs. This has led her to work with nearly 600 entrepreneurs, who have gone on to raise well over $250M. Plano has worked with a diverse number of clients, from first time entrepreneurs, to serial entrepreneurs and intrapreneurs. Although she is based in Boston, she has delivered her services to clients all over the world.

BIC Semi-finalists will get one-on-one training with Plano to perfect their pitches before presenting them to the BIC judges during BioPort 2018, Atlantic Canada’s premier health and life sciences event. BioPort is happening on November 7th and 8th at the Halifax Convention Centre. With a top prize of $25,000 in funding and $30,000 in in-kind services, BIC is set to highlight the potential of the many growing Health and Life Sciences start-ups in Atlantic Canada. BIC applications are open until August 10th.

You can learn more about Linda Plano and her work by visiting her website or following her on Twitter @lindaplano.

Ten healthcare problems students can solve using technology and innovation

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What do successful entrepreneurs all have in common? They started by saying, “there has to be a better way.” Whether it be a new innovative product or a tweak to something that already exists, business is about offering solutions to problems. Through BioNova’s BIC Junior business pitch competition (Nov 7-8 at BioPort 2018), Nova Scotia high school and first year post-secondary students are given the opportunity to come up with a health and life science business idea. Below are ten healthcare problems students can solve using technology and innovation.

  1. Disabilities

It’s time to develop some new tools that can be used to improve the lives of people living with disabilities. This may assist with mobility, communication, or a multitude of other things that help improve the quality of life for people with disabilities.

  1. Health Care

We need sharp minds to find innovative ways to continue to modernize healthcare and improve efficiencies and patient outcomes. Perhaps the use of more digital apps to enable people to take an active role in their own care, medication safety, and recovery time or a technology that can take some of the strain off of caretakers and hospital staff.

  1. Hospitals

A safe, well-functioning hospital is the foundation of exceptional care. To create that environment, we need cutting edge technologies to make hospitals more effective in the future by improving healthcare delivery, wait times and access to care, and finding advanced ways to limit the rate of infections and spread of disease.

  1. Aging and Chronic Disease

With Atlantic Canada’s aging population on the rise, tools that enable better quality of care for seniors is in demand. Developing innovative ways to reduce dependence on nursing homes and promote independent living can reduce strain on the health care system and improve lives. Also providing tools for caretakers to improve the quality of the patients care

  1. Healthier Food

Taking preventative measures with our nutrition to avoid health problems down the road will prevent unnecessary strain on our healthcare system. What are some cutting-edge ways to improve nutritional values of every day foods and cut down on costs? Nutrition and health isn’t just a problem that applies to humans, there’s also a big industry for animals and pet health.

  1. Farming

Did you know that Nova Scotia has over 900,000 acres of farm land? What can we change in our farms to promote safer, healthier farming standards and improve nutrition? Farmers are always looking for cutting-edge ways to improve operations and market functional foods.

  1. Green Products

With an increased demand for greener products, people want to be more aware of what products they are using and how they impact the world around them. What products could be developed without chemicals to prevent people from getting sick?

  1. Population Health

How can we use big data analysis to tackle diseases? Perhaps there are ways to promote the use of natural products to improve global health and create preventative measures.

  1. Oceans

We need big ideas that will help us protect and get the most out of our oceans. These innovations could include new ways to effectively clean up oil spills, or perhaps new ways to use sea plants as sources of food or energy.

  1. Health and Fitness

What are new and innovative ways to empower people to be healthier? Perhaps an app that helps you to understand your genetics or DNA to improve fitness. No matter what it is, tools that make people healthy and fit are in high demand.

There are many yet-to-be discovered solutions to problems within the health and life sciences sector. Any students interested in applying for BioNova’s BIC Junior business pitch competition are encouraged to visit our webpage.

NEWS RELEASE: BioNova Launches BioInnovation Challenge (BIC) In Search of Top New Health and Life Sciences Entrepreneur in Atlantic Canada

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FOR IMMEDIATE RELEASE

BioNova Launches BioInnovation Challenge (BIC)
In Search of Top New Health and Life Sciences Entrepreneur in Atlantic Canada

July 3, 2018 – Halifax, NOVA SCOTIA – Early stage health and life science companies from Atlantic Canada have a chance to compete for $25,000 in seed funding and a $30,000 advisory services package to develop their business idea during BioPort 2018 on November 7-8, 2018 at the Halifax Convention Centre.

BIC is an Atlantic Canadian business competition that recognizes commercialization potential in health and life sciences.  Since 2011, it has encouraged innovation and the creation of new companies in the sector.

“Every year we are blown away by the potential of the companies in the competition,” said Scott Moffitt, Managing Director at BioNova. “Even a small investment in health innovation can spur business growth, job creation and better health outcomes for Canadians.”

The BioPort 2018 conference is set to be their biggest yet, with CEO of AnthroTronix, Dr. Corinna Lathan, scheduled to give a keynote address. New to this year’s program, the conference will also feature BioInnovation Challenge Junior (BIC Junior), for Nova Scotian high school and first year post-secondary students to create health and life science business ideas. The winner will receive a prize of $2,000.

Past winners of BIC include New Brunswick-based Pfera Inc., along with Spring Loaded Technology and Covina Biomedical from Nova Scotia.  This year’s finalists will be awarded advisory services with the first-place winner receiving $25,000 in seed funding, for a total prize package valued at $55,000. BIC is supported by the Atlantic Canada Opportunities Agency, Dalhousie University Industry Liaison and Innovation, EmerGence BioIncubator and BioNB with in-kind services provided by Archway Insurance, Bereskin & Parr, Jennifer Cameron PR, PwC, Cox and Palmer, and Grant Thornton.

Applications for BIC must be submitted by August 10, 2018 to BioNova.  For full competition details and to apply, visit bioportatlantic.ca.

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About BioNova 
BioNova leads, accelerates, and advocates for Nova Scotia’s growing health and life sciences sector. Since 1993, BioNova has been accelerating the growth of its member companies. By hosting networking and educational events, and providing connections to potential funders and business resources, BioNova helps companies succeed.  While these companies commercialize life-changing research to improve healthcare, provide healthier food, and develop clean energy solutions, BioNova advocates on behalf of the sector. BioNova champions the sector’s cluster of world-class research facilities, incubator programs, and companies who, together, bring investment and jobs to Nova Scotia.

About BioPort
Since 2002, BioPort has provided a forum to inform and inspire the health and life sciences community to develop their ideas, commercialize their technologies and build links within the region, nationally and abroad.

For Further Information: 
Media Inquiries: 
Shana Cristoferi
Marketing Manager
(902)-830-9193
scristoferi@bionova.ca

BIC Application Inquiries: 
Kerri Mannette
Director of Operations
(902)-421-5705
kmannette@bionova.ca

BioPort 2018 Announces Keynote Speakers And Explores the Future of Life Sciences in Atlantic Canada

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FOR IMMEDIATE RELEASE
BioPort 2018 Announces Keynote Speakers 
And Explores the Future of Life Sciences in Atlantic Canada

June 21, 2018 – Halifax, NOVA SCOTIA – Health and life sciences innovators, industry leaders, and investors from across North America will come together to attend BioPort 2018, on November 7-8, 2018 at the Halifax Convention Centre. This year’s event will feature keynote speakers Dr. Corrina Lathan, CEO of AnthroTronix, Inc. and William Charnetski, Ontario’s Chief Health Innovation Strategist, who will explore the transformative impact of technology on life sciences companies and health care. The annual event will also feature a business pitch competition and an exciting new program targeting Nova Scotia’s youth.

“BioPort highlights the potential of the health and life sciences sector in Atlantic Canada to tackle the world’s toughest challenges,” said Scott Moffitt, Managing Director of BioNova. “This year our speakers will share how embracing disruptive technologies like robotics, artificial intelligence, and synthetic biology, present opportunities to grow our sector.”

Corinna Lathan, Ph.D., will provide the keynote address on November 7, 2018 at 6:00 pm ADT. Dr. Lathan is a neuroscientist, engineer, and health technology entrepreneur. Her company has successfully developed an FDA-cleared mobile platform for healthcare providers to assess cognitive function. She has also developed robotics for kids with disabilities, and wearable sensors for training surgeons and soldiers. These human-technology innovations have been featured in Forbes and Time magazines, and led to Dr. Lathan being named as MIT Technology Review Magazine’s ‘Top 100 World Innovators’.

On November 8, 2018 at 12:30 pm ADT, William Charnetski, LL.B, will provide a keynote address on how collaboration across the health care system facilitates the adoption of innovative health technologies. Mr. Charnetski is an accomplished national and global executive who has worked in the highest levels of business, law, and government. For over 10 years he was vice president and general counsel for AstraZeneca. He was also a partner at the law firm Torys LLP and served as chief of staff to The Hon. William Graham, P.C., Q.C.

As per previous years, BioPort will feature the BioInnovation Challenge (BIC), an Atlantic Canadian health and life science business pitch competition that gives entrepreneurs a chance to win $25,000 in funding to develop their business idea. New to this year’s program, the conference will also feature BioInnovation Challenge Junior (BIC Junior), for Nova Scotian high school and first year post-secondary students to create health and life science business ideas. The winner will receive a prize of $2,000.

For more information or to register for the event, visit BioPortAtlantic.ca. Complimentary media registration is available to reporters. Follow #BioPort2018 @BioNovaNS for updates.

About BioPort
Since 2002, BioPort has provided a forum to inform and inspire the health and life sciences community to develop their ideas, commercialize their technologies, and build links within the region, nationally and abroad.

About BioNova
BioNova leads, accelerates, and advocates for Nova Scotia’s growing health and life sciences sector. Since 1993, BioNova has been accelerating the growth of its member companies. By hosting networking and educational events, and providing connections to potential funders and business resources, BioNova helps companies succeed.  While these companies commercialize life-changing research to improve healthcare, provide healthier food, and develop clean energy solutions, BioNova advocates on behalf of the sector. BioNova champions the sector’s cluster of world-class research facilities, incubator programs, and companies who, together, bring investment and jobs to Nova Scotia.

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For more Information, contact: 
Shana Cristoferi
Marketing Manager, BioNova
scristoferi@bionova.ca
(902) 421-5705

ENTREVESTOR: BioPort 2018 Unveils Speakers

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see original article here

by Jennifer Lee | Jun 24, 2018

The keynote speakers for the 2018 BioPort conference will be Corrina Lathan, CEO of AnthroTronix in Maryland, and William Charnetski, Ontario’s Chief Health Innovation Strategist.

BioNova, which organizes the annual gathering for life science innovators, industry leaders, and investors from across North America, revealed the keynote speakers in a statement last week. BioPort will take place at the Halifax Convention Centre on Nov. 7 and 8.

“BioPort highlights the potential of the health and life sciences sector in Atlantic Canada to tackle the world’s toughest challenges,” said Scott Moffitt, Managing Director of BioNova, in the statement.

“This year our speakers will share how embracing disruptive technologies like robotics, artificial intelligence, and synthetic biology, present opportunities to grow our sector.”

Lathan will give her keynote address the evening of Nov. 7 and Charnetski will give his on Nov. 8 in the afternoon. Their talks will dive into the relationship between technology and life sciences companies and health care systems.

Lathan’s company provides healthcare providers with a mobile platform to moniter cognitive function. In her career she has also developed robotics for kids with disabilities, and wearable sensors for training surgeons and soldiers.

Charnetski, a global executive who has worked in the highest levels of business, law, and government, will discuss how collaboration across the healthcare system requires the adoption of innovative health technologies.

Since 2011, BioPort has been hosting the BioInnovation Challenge, a pitching competition open to health and life science entrepreneurs from the East Coast. This year, participants could win up to $25,000 in funding to develop their business idea.

Past winners include, Pfera from Fredericton, MacKenzie Healthcare Technologies and Covina Biomedical, both of which are from Nova Scotia.

Pfera, a company that is developing products for safer and more cost-effective horse breeding, won in October 2017 and was able to start conductng clinical trials two months later.

The company, which helps breeders determine the due date of a pregnant mare, was incorporated in January 2017 and aims to launch late this year.

BioPort 2018 is also the inaugural year for a new program for Nova Scotia’s youth.

BioInnovation Challenge Junior (BIC Junior) is open to Nova Scotian high school and first year post-secondary students with health and life science business ideas. The winner will receive a prize of $2,000.

You can register for the events here.

Top 5 reasons students should get involved in Health and Life Science

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For students, many parts of the Health and Life Science sector can seem intimidating. Science has a different image in the classroom than what it truly is in the field. We’re hoping to change this by encouraging young people to get involved in the BIC Junior business pitch competition happening on November 7th, 2018. Below are 5 reasons students should get an early start in the Health and Life Science Sector.

  1. Raises awareness

Health and Life Science is a high-value sector that offers many career opportunities. Raising awareness among students, educators and the public about the value of the sector in Nova Scotia can change the way we think about what working in Life Science is all about.  We need show the high-quality jobs that are available, and the ways they can help move us towards a healthier and wealthier Nova Scotia.

  1. Builds confidence

How can a student feel confident about something they are not familiar with?  It makes sense that the more someone is exposed to something, such as the possibilities of a career in Health and Life Science, the less intimidating it will seem.  BIC Junior provides support and guidance from the right mentors to help students learn to build their skills as an entrepreneur and future CEO.  Building confidence in students allows them to realize their full potential and reach unimaginable goals.

  1. Puts young people in a rewarding sector

There’s a drive in young people that when given the right opportunities, they are empowered to change the world.  Young people in science means forward thinking.  The sector constantly needs fresh, sharp minds to enter this sector with a goal of improving the lives of Nova Scotians.  Innovations coming out of the Life Science sector are changing the future of healthcare as we know it and are impacting people’s lives for the better.

  1. Inspires careers

Opportunities such as BIC Junior give students the chance to experience real-life scenarios that come with being a Life-Science Entrepreneur. Programs such as these will be greatly influential in mapping out future careers.  Hands-on learning resonates with students and has the potential to inspire them to pursue higher education and work in complex sectors that are changing lives.  When we get more young people interested in careers in Health and Life Science, we are creating a stronger economy for the future.

  1. Cultivates the next generation of leaders

Life Science careers are so much more than what meets the eye.  They require creativity and clever thinking.  They require you to look at the world around you and see problems that could be fixed.  Critical thinking is what we need to make our economy and healthcare better than ever.  These are the qualities we want in our future leaders.  Shaping the next generation of leaders towards Life Science moves our economy and healthcare forward.

 

ENTREVESTOR: Zecken Targets Lyme Disease

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See original post here

By Peter Moreira

For the past few years Kami Harris has received 1,000 ticks annually at her office at Mount Allison University in Sackville, N.B. She hopes it continues. Her business model depends on it.

Some come from scientists, some from New Brunswick’s Natural Resources Department, others from members of the public who have heard about her work in ticks and Lyme disease.

Harris is the founder and CEO of Zecken Laboratories, which is dedicated to enhancing the diagnosis of Lyme disease. She has been studying ticks and Lyme disease for her PhD at Mount A, and now she is transforming her research into a company. Her faith in the endeavour is based in part on the growing public awareness and fear of Lyme disease.

“We’ve gone in five years from people thinking, ‘This could happen in the Maritimes’ to ‘This is a big problem,’” Harris told the BioPort Atlantic conference in Halifax last week. “Half my day already goes to answering emails from people who know I’m the ‘tick girl.’”

Lyme disease is a bacterial infection spread to humans by blood-feeding insects, particularly deer ticks. And as the climate warms, ticks are spreading north and their bites are becoming more common in the Maritimes. Concern about Lyme disease is growing.

Harris said there are actually 21 types of Lyme disease but current diagnostic tests only identify one type. That means about 90 per cent of the instances of Lyme disease go undetected, which can lead to long-term health problems. What Zecken is doing is devising products that can identify markers in the other types of Lyme disease to improve diagnosis and therefore generate more treatment.

The company has already identified peptides that show the presence of the affliction, and continues to research the disease to identify new strains as they come along.

“We’re not only going to give you the right information; we’ll give you more information,” Harris said. “We’ll be able to tell you the type of Lyme disease you have.”

At BioPort, Zecken was a finalist in the BioInnovation Challenge, the region’s main pitching competition for life sciences competitions. Earlier this year, it was a semifinalist in Breakthru, the main startup competition in New Brunswick. Soon it will be ready to start bringing in revenue.

The company is planning a basic swab test for consumers in 2018. For $50, consumers can swab their mouths at home, send the sample to the company and learn if they have Lyme disease and if so what type. Harris said this service will not require regulatory approval.

The swab service will bring in revenues as the company seeks regulatory clearance for more sophisticated products, such as a blood test to detect Lyme disease for health-care providers. It also wants a business-to-business product to offer to such industries as forestry, where tick bites are a growing concern.

So far, the company’s research has been financed through Harris’ research funding, but she and her three teammates know they will need a more structured financing model.

They will probably aim for a $250,000 funding round in their first year.

ENTREVESTOR: Embracing Changes in Healthcare

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See original Entrevestor article here

By: Peter Moreira
Delegates to BioPort 2017 on Wednesday were told of the impact of recent life sciences innovation in Atlantic Canada and encouraged to embrace further change.

The impact so far is found in the fact that $1 billion has flowed into Atlantic Canada in the last six years from exits by companies in the life sciences and digital health space, and follow-on investment by the companies that bought them.

BioPort is the annual get-together for life sciences entrepreneurs and innovators in the region, and the gathering this year celebrated the growth of biotech in the region, especially in New Brunswick. Pfera Inc., the winner of the BioInnovation Challenge, the conference’s $45,000 pitching competition, is from New Brunswick, as are Zecken Laboratories and Tieös Pharmaceuticals Inc., the two other finalists in the event. (Read our full report on the BioInnovation Challenge.)

The delegates were told to embrace further innovations, especially in overall healthcare.

Peter Vaughan, Chair of Canada Health Infoway and Nova Scotia’s former Deputy Health Minister, urged the delegates to embrace current innovations in healthcare – not just futuristic technologies on the horizon but products that are on the market now.

For example, he cited such companies as Babylon Healthcare in the U.K. and the Mercy Virtual in St. Louis as organizations that are cutting costs and meeting patient requirements through online and video consultations, often including drug delivery.

Patient surveys show that citizens want modern medical processes like e-prescriptions, online access to their medical records and timely medical consultations – goals met by groups like Babylon and Mercy. These organizations also meet the needs of government, as provinces spend upwards of 40 percent of their budgets on healthcare, only to find that 30 percent of healthcare spending has no value, said Vaughan.

“You’re starting to get a picture of what’s available in the present,” said Vaughan. “So how do we take these things and change the one thing that’s on everyone’s mind – access to healthcare?”

Vaughan said the future of healthcare is found in data because the analysis of vast reams of healthcare data reveals patterns that can predict severe health problems. This data can signal a problem is imminent so measures can be taken to prevent a crisis. Multinationals like Google, Apple and Amazon are now analyzing such data in the cloud, he said, but there is an opportunity for public, open data projects that could benefit everyone. He called on the Atlantic Provinces to come together to pioneer such a project with the data from its 2.2 million residents.

“We in this country have the opportunity to produce a publicly funded ecosystem,” he told the assembled innovators. “This is the opportunity we face in Atlantic Canada. We can be that industry and then you can have access to more information than you ever imagined.”

Scott Moffitt, Executive Director of BioNova, said in an interview there is evidence the life sciences segment in the region is evolving as exits in the space have created about $1 billion in investment.

The exits of the past few years in the life sciences and digital health segments have included the sale of Ocean Nutrition Canada of Dartmouth for $540 million, BioVectra of Charlottetown for $100 million, and STI Technologies of Halifax, reportedly for more than $200 million. Moffitt said his tally also included other exits and investments that the purchasing companies made after the purchases closed.

ENTREVESTOR: Pfera Wins BioInnovation Challenge

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See original Entrevestor article here
By Peter Moreira

Pfera, the Fredericton company that helps horse breeders predict when their mares will give birth, won the $45,000 BioInnovation Challenge on Wednesday, its second big competition win this year.

Now in its seventh year, the BIC is the main competition for young life sciences companies in the region, and is a highlight of the annual BioPort Atlantic conference. As well as winning the BIC, Pfera CEO Lisa Pfister earlier this year won the $375,000 first prize at the Breakthru competition, the New Brunswick Innovation Foundation’s biennial startup contest.

“I am really excited about what the future holds for us,” said Pfister after the win. “We really enjoyed the whole process, the mentorship and training were invaluable and we will make good use of our cash and in-kind services to take us to the next level.”

Read Our Report on BioPort 2017

Pfera is developing a suite of products to reduce costs and improve survival rates in the breeding of horses. Horse breeding is now a $10.6 billion business and Pfera has already successfully tested its first product, a patent-pending device and software that tell breeders when their mares will give birth.

There’s now a range of about 50 days of when a mare could go into labour, and someone has to watch the horse 24 hours a day during this time. Pfister said Pfera tested its system on 10 horses in P.E.I. this spring and saw vast improvements.

“We were able to get the notice four days ahead of time,” said Pfister. “We were able to narrow [the predicted delivery time] to within four to eight hours and we’re improving on that all the time.” One of the horses was Pfister’s own mare, and she was able to fly into P.E.I. six hours before the birth because of her technology.

As the winner of the BIC, Pfera will receive a $15,000 seed investment and a package of support services and mentoring valued at more than $30,000.

The company plans to publish the results of its first test at veterinary conferences this year and go into clinical trials early next year. It’s planning a launch in late 2018 or early 2019.

Pfera is also working on a breeding platform for the horse community that contains data on each mare and helps tell when it’s the best time to breed. Pfister added the company is working on a third product, though it is keeping this project under wraps for now.

The BIC event was a big win for the bio-sciences sector in New Brunswick as all three finalists hail from that province.  The other two finalists were:

• Tieös Pharmaceuticals Inc., of Moncton, aims to create new paradigms in cancer treatment by targeting several “metabolic pathways” simultaneously to prevent cancer cells from spreading.  Arun Anand, CEO, told the audience that cancer is believed to be caused by genetic mutations, but his team believes that the causes are actually metabolic (meaning tumors are created by non-genetic factors). Tieös plans to revolutionize cancer care by taking a number of actions based on this theory to starve cancer cells of their energy and ability to reproduce.

• Zecken Laboratories, of Sackville, is enhancing the diagnosis of Lyme disease. CEO Kami Harris has been studying ticks and Lyme disease for her PhD at Mount Allison University, and now she is transforming her research into a company. She said there are actually 21 types of Lyme disease, but current diagnostic tests only identify one type. That means about 90 percent of the instances of Lyme disease go undetected, which can lead to long-term health problems. Zecken has already identified peptides that show the presence of the affliction and continues to research the disease to identify new strains as they come along.