Leading Health and Life Sciences in Nova Scotia

NowNS: Halifax startup aims to turn treating bone fractures into outpatient procedure

Jun 16, 2016 | BIOPORT ATLANTIC, News, THE BIOINNOVATION CHALLENGE

See original post here Osteoporosis and broken bones could soon prove much less of a problem thanks to a breakthrough surgical glue invented by the team behind Covina BioMedical, a Halifax startup currently searching for $2 million in seed capital. The newly incorporated company (formerly known as Biofix) has patented a novel type of glass ionomer cement (GIC), the super strong glues that are great for dental work but pose problems — including aluminum-driven toxicity — when used outside the mouth. Covina has figured out how to remove the aluminum from its GIC yet retain the tool’s polymerized strength. In addition, its GIC handles better – allowing surgeons to inject it non-invasively into bone including vertebrae, opening the door for much faster turnarounds in the operating room. Brett Dickey, currently wrapping up a PhD at Dalhousie University’s school of biomedical engineering, told the Chronicle Herald he and fellow cofounder Caitlin Pierlot, a postdoctoral fellow at the school, are at the due diligence stage with several Toronto and Nova Scotia-based angel investment groups to raise $2 million “as soon as possible.” Dickey said Covina will use the capital to achieve ISO13485-certification, an internationally-recognized approval of a medical device company’s quality management procedures, for its product’s proposed manufacturing process. The hurdle requires significant pre-clinical testing, which Covina is conducting with Dalhousie and aims to conclude in 2017, he said. This should clear the way for a 2018 launch in Europe, a market with more clearly defined and user friendly regulatory requirements than the U.S., says Dickey. “Europe allows medical device companies to achieve regulatory approval and licence to sell their technologies in a more efficient manner. Also, establishing a European market will bring in revenue while we prepare to launch in the U.S. “It’s a long process, but we believe in our product and its potential.” Demographics do appear to be in Covina’s favour. Dickey says every year, more than 700,000 orthopedic fractures occur in the U.S. alone. Meanwhile, that country is expected to see an increase in people suffering from osteoporosis — a deterioration of spinal bone — to 61 million by 2020, he says. “Our minimally invasive procedure could treat people’s pain in a way that would be inexpensive for hospitals and convenient for patients. Patients will be able to go into a hospital or clinic, lie on a bed and be given a local anaesthetic. Our cement would then be injected, using a hollow needle similar to a biopsy needle, directly into the vertebrae of the spine. The cement sets in place, the fracture is stabilized, and the patient will be able to walk out. We will make this an outpatient procedure.” Dickey says Covina enjoyed a big boost after coming first at the 2015 BioNova BioInnovation Challenge at industry event BioPort Atlantic, held in Halifax in October. The win not only landed the company a $15,000 cash prize but also plugged it into $30,000 of “incredibly useful” in-kind strategic and tactical marketing, financial modeling and planning advice. “Winning the challenge was an excellent catalyst, a great way to kick things off and get us to a lot of places quickly, in terms of gearing us up.” Alberta-born Dickey, who grew up in Nova Scotia, owns Covina with Peggy’s Cove native Pierlot, Halifax-based interventional radiologist Dr. Bob Abraham and Dalhousie biomaterials professor Daniel Boyd, who moved to Canada several years ago from Ireland and whose research enabled the original innovation behind Covina’s cement. The foursome coalesced in 2011 around a $2.5-million Atlantic Canada Opportunities Agency (ACOA) grant to fund the development of non-invasive bone repair. Covina is benefitting also from a $50,000 Innovacorp grant. Dickey says one of the main drivers behind Covina’s creation was the team’s collective desire to grow a world-beating global brand built and permanently run out of Nova Scotia. “You can do it here,” he says. “Take a look around and you see a lot of good companies coming up in bigger and bigger waves.”]]>

MEDIA RELEASE: BioNova Launches BioInnovation Challenge for Early Stage Life Sciences Companies

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. -30- 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]]>

CEO of Covina BioMedical speaks on impact of winning the BioInnovation Challenge

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.]]>

ATLANTIC LIFE SCIENCES CONFERENCE FOCUSES ON BUILDING A SUSTAINABLE ECONOMY

Feb 14, 2016 | Ascenta Health Ltd., BIOPORT ATLANTIC, News

See original article in LINK Magazine
In late October 2015 leaders from the life sciences community across Atlantic Canada gathered at BioPort Atlantic, the annual life sciences industry event to discuss the future of the sector. The conference provided a forum to inform and inspire the next generation of life sciences entrepreneurs to develop their ideas, commercialize their technologies and build links within the region and abroad. The outcomes of those discussions shed light on the future economic growth of the sector, hinting at a sustainable and competitive economic landscape for companies in the region.
INVESTING IN THE FUTURE ECONOMY
Ron Keefe
In Atlantic Canada, the commercial life sciences cluster employs thousands of people, generating over $500 million in sales revenue each year. One of the area’s most successful leaders Ron Keefe, CEO of Prince Edward Island based BioVectra Inc. attended BioPort this year as the keynote speaker. A former lawyer, Mr. Keefe made a career change and joined drug manufacturer BioVectra after seeing potential for significant growth in the global biotechnology and pharmaceutical industries. That decision would pay off a decade later when BioVectra was sold to Questcor Pharmaceuticals of Anaheim, California for $100 million.
During his time at BioPort Atlantic Mr. Keefe discussed the opportunities and obstacles that new entrepreneurs face in Atlantic Canada. As the CEO of the Regis Duffy BioScience Fund Inc., a private venture fund targeting science based businesses he knows one of the biggest struggles for new entrepreneurs is raising investment capital – a common issue in the region. In spite of the area’s challenges Mr. Keefe spoke optimistically about the future of the sector and the resilience of aspiring entrepreneurs.
“With limited resources Atlantic Canadians have persevered with a renewed entrepreneurial spirit and I really truly believe we will have a changed economy over the next ten years.”
To support entrepreneurs entering the market Mr. Keefe hopes to see an increased investment in infrastructure by government. With the creation of incubation centres and pilot scale facilities for the manufacturing sector he believes new entrepreneurs would have a strong foundation of support to innovate and bring their products to market faster – something he says would have benefited BioVectra in their early days.
BUILDING A STRONG COMPANY CULTURE
St-Onge
Another local leader who came to inspire and motivate attendees at BioPort Atlantic was Marc St-Onge, Founder of Ascenta Health Ltd. and current CEO and Founder of Ascenta Skin. Appointed as the Honorary Conference Chair, St-Onge kicked off the conference with some key insights from his journey through entrepreneurship. He attributed much of his success to building a strong brand culture which helped him to sell his omega-3 fish oil supplement to customers seeking improved health and wellness.
St-Onge became committed to both validated science and healthy living after dealing with his own health struggles. Combining his entrepreneurial and research background, he seized opportunities to create sustainable and health focused products. Through Ascenta he was able to attract a growing market of people who were eager to support a health focused brand making it easier to attract talent, investors and sell his products. “Culture makes your organization solid, a company’s culture is their biggest asset” says St-Onge.
DRIVING HEALTHCARE’S DIGITAL FUTURE FORWARD
Michael Fergusson
To end off the conference attendees were introduced to a new presentation topic with a focus on healthcare’s digital future. The Digital Health presentation was added as an introduction to the emerging digital health sector focusing on areas of opportunity for Atlantic Canadian companies to solve health related issues using new technologies. With the region’s growing IT sector and flourishing health/life sciences industry the digital health presentation was a popular session for attendees.
Michael Fergusson, CEO and Founder of Vancouver based Ayogo lead the discussion on digital health at the conference. His company Ayogo created a technology that offers a digital platform for healthcare organizations that helps patients manage chronic illness. The company was named one of the 100 most innovative mHealth companies in the world, and Fergusson was recently named Ernst & Young’s Social Entrepreneur of the Year.
During his speech he spoke about the psychology behind the process of creating a tech solution for a healthcare issue. Through research he has learned to improve engagement with technology by appealing to people’s emotions and normal habits rather than to build a technology without those considerations. He attributed much of Ayogo’s success in the digital health space to this philosophy and hoped to impart that knowledge on Nova Scotia’s budding digital health community.

Each year BioPort Atlantic aims to educate, build awareness and generate and discuss opportunities to grow the life sciences industry in Atlantic Canada. As the sector has evolved the conference agenda has evolved with it, continuing to bring the latest topics and speakers to the region and inspire the next generation of entrepreneurs.