Aug 8, 2018 | Covina BioMedical, News
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
Contacts
Alex Smith
Director of Communications & Outreach
Atlantic Canada Opportunities Agency
Phone: (902-426-9417 | 902-830-3939 (cell)
Email:
[email protected]
Caitlin Pierlot
Chief Executive Officer
Covina Biomedical Inc.
Phone: (902) 442-4014 | 902-495-9008 (cell)
Email:
[email protected]
Michèle Charlton
Communications Advisor, Research
Dalhousie University
Phone: 902-494-4148
Email:
[email protected]
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Aug 9, 2017 | Members, News
See original story here
As it continues to fund young companies, the First Angel Network has developed an investment niche for the biomedical space and is showing an eagerness for repeat investments.
FAN, as it is known, has been investing in Atlantic Canadian startups for 12 years, making it the dean of active investment groups. Its portfolio has included a couple of exits and a few failures. The group has sometimes been controversial, and a group of FAN investors is now suing the developer of King’s Wharf in Dartmouth.
Through it all, the co-founding team of Ross Finlay and Brian Lowe has been arranging quarterly investments for their network of angels, as they have been for the past 48 quarters. The landscape has changed since FAN started, and the group concentrates more these days on life sciences companies or IT companies that have medical applications. Recent investments like Chinova Bioworks, Covina Biomedical and Spring Loaded bear this out.
“It seems like our members gravitate toward those types of deals,” said Lowe in an interview last week.
“Our members like to invest in biotechnology and medical devices. They seem to understand the sector well.”
A look at the companies FAN has invested in shows the concentration in life sciences:
Spring Loaded Technology, Dartmouth — Spring Loaded has recently launched the Levitation knee brace, which not only stabilizes the joint but also adds power to it.
Chinova Bioworks, Fredericton — Chinova is using the multi-purpose compound chitosan in an anti-microbial agent, which it uses in a natural preservative in such foods as juices.
Iron Apple International, Halifax — Iron Apple International provides food safety solutions to transportation companies throughout North America.
Covina Biomedical, Halifax — Covina is commercializing a non-toxic bone cement that can be injected into the vertebrae of osteoporosis patients who have suffered a fracture. The company has said it raised $350,000 from FAN as part of a round with a target of $1 million.
WellTrack, Fredericton — WellTrack is a product that helps organizations — especially universities — improve the mental health of their members, especially those suffering from stress, anxiety and depression.
NB Biomatrix, Saint John — NB Biomatrix has developed Naqua-Pure, a liquid that uses nanotechnology to remove heavy metals and other pollutants from waste water.
What’s interesting about the Spring Loaded funding is that it is the second time the knee-brace-maker has tapped FAN for funding. The company received funding from FAN and Innovacorp two years ago, then from Build Ventures last year and returned to FAN earlier this year.
“FAN has been a long-term supporter of Spring Loaded,” said CEO Chris Cowper Smith in an email. “They are well organized and offer an efficient process for raising capital through their network. We had excellent uptake from FAN on our current offering and we look forward to working with them going forward.”
Lowe and Finlay said the organization is interested in providing follow-on funding from its more successful portfolio companies. It has done return investment for Spring Loaded and Halifax-based Metamaterial Technologies Inc., which recently announced an $8.3-million funding round that included contributions from FAN. Some of these companies are also raising money through the Wilmington Investor Network, a North Carolina group with whom FAN sometimes co-invests.
Finlay noted that research by the Angel Research Institute of the United States shows that follow-on funding accounts for more than half the angel investment in the U.S.
“We’ve been wondering if we should try to focus more on not chasing the shiny new object but on supporting the companies that are already in our portfolio,” he said. “We think that’s a good use of our capital.”
Aug 9, 2017 | Spring Loaded Technology
See original story here
As it continues to fund young companies, the First Angel Network has developed an investment niche for the biomedical space and is showing an eagerness for repeat investments.
FAN, as it is known, has been investing in Atlantic Canadian startups for 12 years, making it the dean of active investment groups. Its portfolio has included a couple of exits and a few failures. The group has sometimes been controversial, and a group of FAN investors is now suing the developer of King’s Wharf in Dartmouth.
Through it all, the co-founding team of Ross Finlay and Brian Lowe has been arranging quarterly investments for their network of angels, as they have been for the past 48 quarters. The landscape has changed since FAN started, and the group concentrates more these days on life sciences companies or IT companies that have medical applications. Recent investments like Chinova Bioworks, Covina Biomedical and Spring Loaded bear this out.
“It seems like our members gravitate toward those types of deals,” said Lowe in an interview last week.
“Our members like to invest in biotechnology and medical devices. They seem to understand the sector well.”
A look at the companies FAN has invested in shows the concentration in life sciences:
Spring Loaded Technology, Dartmouth — Spring Loaded has recently launched the Levitation knee brace, which not only stabilizes the joint but also adds power to it.
Chinova Bioworks, Fredericton — Chinova is using the multi-purpose compound chitosan in an anti-microbial agent, which it uses in a natural preservative in such foods as juices.
Iron Apple International, Halifax — Iron Apple International provides food safety solutions to transportation companies throughout North America.
Covina Biomedical, Halifax — Covina is commercializing a non-toxic bone cement that can be injected into the vertebrae of osteoporosis patients who have suffered a fracture. The company has said it raised $350,000 from FAN as part of a round with a target of $1 million.
WellTrack, Fredericton — WellTrack is a product that helps organizations — especially universities — improve the mental health of their members, especially those suffering from stress, anxiety and depression.
NB Biomatrix, Saint John — NB Biomatrix has developed Naqua-Pure, a liquid that uses nanotechnology to remove heavy metals and other pollutants from waste water.
What’s interesting about the Spring Loaded funding is that it is the second time the knee-brace-maker has tapped FAN for funding. The company received funding from FAN and Innovacorp two years ago, then from Build Ventures last year and returned to FAN earlier this year.
“FAN has been a long-term supporter of Spring Loaded,” said CEO Chris Cowper Smith in an email. “They are well organized and offer an efficient process for raising capital through their network. We had excellent uptake from FAN on our current offering and we look forward to working with them going forward.”
Lowe and Finlay said the organization is interested in providing follow-on funding from its more successful portfolio companies. It has done return investment for Spring Loaded and Halifax-based Metamaterial Technologies Inc., which recently announced an $8.3-million funding round that included contributions from FAN. Some of these companies are also raising money through the Wilmington Investor Network, a North Carolina group with whom FAN sometimes co-invests.
Fi
As it continues to fund young companies, the First Angel Network has developed an investment niche for the biomedical space and is showing an eagerness for repeat investments.
FAN, as it is known, has been investing in Atlantic Canadian startups for 12 years, making it the dean of active investment groups. Its portfolio has included a couple of exits and a few failures. The group has sometimes been controversial, and a group of FAN investors is now suing the developer of King’s Wharf in Dartmouth.
Through it all, the co-founding team of Ross Finlay and Brian Lowe has been arranging quarterly investments for their network of angels, as they have been for the past 48 quarters. The landscape has changed since FAN started, and the group concentrates more these days on life sciences companies or IT companies that have medical applications. Recent investments like Chinova Bioworks, Covina Biomedical and Spring Loaded bear this out.
“It seems like our members gravitate toward those types of deals,” said Lowe in an interview last week.
“Our members like to invest in biotechnology and medical devices. They seem to understand the sector well.”
A look at the companies FAN has invested in shows the concentration in life sciences:
Spring Loaded Technology, Dartmouth — Spring Loaded has recently launched the Levitation knee brace, which not only stabilizes the joint but also adds power to it.
Chinova Bioworks, Fredericton — Chinova is using the multi-purpose compound chitosan in an anti-microbial agent, which it uses in a natural preservative in such foods as juices.
Iron Apple International, Halifax — Iron Apple International provides food safety solutions to transportation companies throughout North America.
Covina Biomedical, Halifax — Covina is commercializing a non-toxic bone cement that can be injected into the vertebrae of osteoporosis patients who have suffered a fracture. The company has said it raised $350,000 from FAN as part of a round with a target of $1 million.
WellTrack, Fredericton — WellTrack is a product that helps organizations — especially universities — improve the mental health of their members, especially those suffering from stress, anxiety and depression.
NB Biomatrix, Saint John — NB Biomatrix has developed Naqua-Pure, a liquid that uses nanotechnology to remove heavy metals and other pollutants from waste water.
What’s interesting about the Spring Loaded funding is that it is the second time the knee-brace-maker has tapped FAN for funding. The company received funding from FAN and Innovacorp two years ago, then from Build Ventures last year and returned to FAN earlier this year.
“FAN has been a long-term supporter of Spring Loaded,” said CEO Chris Cowper Smith in an email. “They are well organized and offer an efficient process for raising capital through their network. We had excellent uptake from FAN on our current offering and we look forward to working with them going forward.”
Lowe and Finlay said the organization is interested in providing follow-on funding from its more successful portfolio companies. It has done return investment for Spring Loaded and Halifax-based Metamaterial Technologies Inc., which recently announced an $8.3-million funding round that included contributions from FAN. Some of these companies are also raising money through the Wilmington Investor Network, a North Carolina group with whom FAN sometimes co-invests.
Finlay noted that research by the Angel Research Institute of the United States shows that follow-on funding accounts for more than half the angel investment in the U.S.
“We’ve been wondering if we should try to focus more on not chasing the shiny new object but on supporting the companies that are already in our portfolio,” he said. “We think that’s a good use of our capital.”
nlay noted that research by the Angel Research Institute of the United States shows that follow-on funding accounts for more than half the angel investment in the U.S.
“We’ve been wondering if we should try to focus more on not chasing the shiny new object but on supporting the companies that are already in our portfolio,” he said. “We think that’s a good use of our capital.”]]>
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.”]]>
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.]]>