Jun 14, 2019 | Densitas Inc., News
Read the full Entrevestor article here
Two Halifax-area medtech companies – Spring Loaded Technology and Densitas – have received a slice of an $11 million equity funding exercise anchored by the Montreal-based health technology organization Medteq.
Medteq, which nurtures Canadian health-technology innovators, issued a statement saying that its $14 million investment fund made its first investments, backing eight companies based in Montreal and Halifax. MEDTEQ invested alongside co-investors including: Anges-Quebec, Anges-Quebec Capital, Innovacorp, Real Ventures and others.
The target companies included Spring Loaded, which makes advanced knee braces, and Densitas, which assesses the density of breast tissue during mammograms. Innovacorp, the Nova Scotia government’s early-stage venture capital agency, was already an existing investor in both companies.
May 15, 2018 | News, Spring Loaded Technology
See original story here
Spring Loaded Technology on Tuesday used a press conference to show what its Levitation knee brace means to the people who use it –especially to users who suffer from osteoarthritis.
The manufacturer held the media event at its Dartmouth headquarters to announce a $460,000 loan from the Atlantic Canada Opportunities Agency’s Business Development Program, and the launch of a new add-on product for the Levitation.
But the highlight was a video and speech by Jane Grover of the Annapolis Valley, who explained what the knee brace – which not only stabilizes the joint but adds to its power – has meant to herself and her granddaughter.
Grover, 64, said the Levitation knee brace has helped her granddaughter Kelsie, who has muscular dystrophy, continue to enjoy exercise and outdoor life in spite of her disease. So, when Grover found out she herself needed a second knee replacement, she opted for a Levitation knee brace instead.
“I was offered surgery within a month but I declined because of my faith in the Levitation knee brace that my granddaughter Kelsie was wearing,” said Grover, who mounted the stage wearing one of the devices. [Watch the video here.]
Resson Raises $14M; Mahindra Leads
Spring Loaded began six years ago when Chris Cowper-Smith (now the CEO) and two co-founders set out to design a knee brace that would store energy when the knee joint is bent and release it when the leg is straightened. The company launched its Levitation knee last June, and its sales have risen steadily, especially among osteoarthritis patients.
“It’s the most attractive market to us because it’s the market where we actually got pull,” said COO Dawn Umlah in an interview. She added that the 14 million people in Canada and the U.S. living with osteoarthritis have no other suitable alternatives.
On Tuesday, the company unveiled its new Levitation Offloader, an add-on to the knee brace that improves performance for osteoarthritis patients.
“With the launch of the Levitation Offloader, we’re able to offer customized relief to further reduce pressure on the worst-affected compartment of the knee,” said Cowper-Smith in a statement. “This allows us to better support a wider range of osteoarthritis patients, to reduce wear and tear and provide the pain relief they need.”
The statement said conventional knee braces only address a narrow range of arthritis cases–uni-compartment tibiofemoral arthritis–which account for less than 4 percent of knee arthritis cases. Spring Loaded said its knee brace is the only one capable of reducing forces in all three compartments of the knee.
The company will use the ACOA funding to expand its manufacturing capacity and increase its output. It has increased its staff 40 percent year-on-year and now employs 35 people, said Umlah. She added Spring Loaded is now raising equity capital, though she declined to say how much.
Spring Loaded is one of three Nova Scotia life sciences companies to announce loans from ACOA’s Business Development Program this week.
Adaptiiv, formerly 3DBolus, announced it has received funding of $328,943. The company has developed software that works with 3D printers to produce a personalized bolus — a plastic fitting used in radiation therapy. The company recently announced a distribution deal with CIVCO Radiotherapy.
And Sona Nanotech announced a $500,000 BDP loan. Sona, which produces gold nanorods for medical markets, is going through the process of gaining a listing on the TSX Venture exchange. ]]>
Nov 1, 2017 | AGADA Biosciences, News, Spring Loaded Technology
See original article here
The 2017 Game Changers awards were presented at the annual gala Monday night at the Westin Nova Scotia with an audience of more than 300 people.
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.”]]>
Sep 21, 2016 | News, Spring Loaded Technology
here
Research scientists find the LevitationTM Knee Brace enables users to perform 20 percent more squats
HALIFAX, NS – Sept. 20, 2016 – Spring Loaded Technology today reports the findings of a recent third-party study which links its LevitationTM, the world’s first compact bionic knee brace, to a significant reduction in factors that can lead to muscle fatigue. Research scientists observed the oxygen intake, carbon dioxide production and muscle activity of three healthy individuals as they repeated a squat to stand task with and without the assistance of the knee brace.
The study found that the LevitationTM Knee Brace, which uses a liquid spring technology to store energy as the leg is bent and return it as the leg is straightened, requires significantly less exertion from the user during energy expensive movements like rising to a stand from a full squat or crouched position. Data from the study revealed that participants used 25 percent less oxygen during the task cycle when compared to their consumption without the brace’s assistance. The researchers also found a drastic 40 percent reduction in carbon dioxide production.
The study was performed through the NSERC Engage Program at the University of New Brunswick by research scientists, Dr. Chris McGibbon in the Faculty of Kinesiology and Abeer Mohamed Abdelhady, PhD Candidate in the Dept. Mechanical Engineering.
“With the knee brace’s assistance, participants consumed less energy and were able to do more physical activity as measured with our squat test,” said Dr. Chris McGibbon. “The participants in this study also demonstrated a reduced respiratory exchange ratio (RER) while wearing the LevitationTM, meaning that they were burning more fat stores than carbohydrates. These findings are consistent with Spring Loaded Technology’s claim that LevitationTM reduces factors known to be associated with muscle fatigue—an exciting and unique accomplishment for knee braces and the field of bionics.”
The findings also support the brace’s ability to reduce demand on the muscles in order to improve performance, with participants showing an 85 percent reduction of activity in the quadriceps muscles and a 50 percent reduction of activity in the hamstring muscles during the squat task. Study participants were also able to perform up to 20 percent more squats when wearing the brace compared to the number of squats achieved when their knees were unassisted.
This data was drawn at the Levitation™ Knee Brace’s maximum assistance level. The level of assistance is adjustable and can be tailored to the user’s needs. This allows the user to specify different settings for different activities, or if the individual is recovering from an injury, to gradually reduce the level of assistance provided to zero as they recover their full strength.
“LevitationTM was designed to go above and beyond joint stabilization to assist strength and reduce fatigue. The result is a product intended to enhance mobility and expedite rehabilitation,” said Chris Cowper-Smith, CEO at Spring Loaded Technology. “It was important to us to have a study that shows our customers what sets us apart in the marketplace as they make an informed decision about which brace is best for them.”
LevitationTM Knee Braces ($1,750 USD) are currently available for pre-order.
To learn more about Spring Loaded Technology, visit www.springloadedtechnology.com.
About Spring Loaded Technology
Spring Loaded Technology is an award-winning company that is introducing compact and high-performance bionic knee braces to the world. Based in Nova Scotia, Canada, the company has revolutionized knee bracing technology to enhance the strength and power of the leg muscles. By increasing leg strength, this technology can be used in a wide range of applications including: mobility assistance, fatigue reduction, injury prevention and rehabilitation, and performance enhancement. The company was founded in 2012.
Media Contact
Melissa Landy
Uproar PR for Spring Loaded Technology
321-236-0102 x233
[email protected]]]>