Sound Options wins second annual Synapse Life Science Competition
Winners take home over $35,000 in cash and professional resources
Hamilton, ON (April 9, 2015) – On April 8, Hamilton’s life science community gathered at McMaster Innovation Park to take part in the Synapse Life Science Competition final showcase.
The event showcased ten teams: seven through poster presentations while the top three teams presented their innovations live on stage to a panel of industry experts, competing for over $35,000 in cash and professional resources.
The top three finalists – Avertus, Blue Orchid and Sound Options – each had 20 minutes to impress the judges, which included executives from Amgen Canada, ASK Solutions Inc., Trellis Capital and Johnson & Johnson.
Sound Options was named the grand prize winner for their effective, affordable and convenient sound therapy for people suffering from tinnitus, a hearing condition that produces ringing in the ears. The company took home $15,000 cash, a $5,000 IP package, and a life science specific $5,000 consulting package from SHI Consulting.
Dr. Michael Chrostowski, founder of Sound Options, spoke to the impact that the awarded prizes will have on his company: “Sound Options will be able to benefit from the prizing we received from this competition in so many ways in our immediate future,” he said. “The prizes could not have been more timely. The Synapse competition and the supporting ecosystem are among many reasons why Hamilton is a great place to start a company. We look forward to continuing to grow and providing more tinnitus sufferers with an effective and customized sound therapy.”
The company’s cutting-edge software analyzes an individual’s tinnitus and hearing loss profile to develop a customized sound-therapy treatment that is clinically proven to be more effective than other solutions, and produces results in half the time of the leading competitor.
Blue Orchid and Avertus both tied for second place, each receiving $1,500 cash and a $5,000 IP package courtesy of one of our legal partners Gowlings, Ridout & Maybee, and Sabeta IP, and ANDzyme took home the poster board prize of $500 cash and an introductory meeting and $1,000 consultation package from Willow Tree Capital.
Avertus has created a home based, wireless, brain monitoring and seizure warning system with active dry electrodes. Over 50 million people worldwide have epilepsy and assessment times for treatment can be lengthy. This is because patients often do not realize they are having a seizure, which can lead to brain damage over time or even death. Avertus has designed a comfortable, home-use technology, which would allow physicians to record brain waves (EEG) without requiring extensive, time-consuming and uncomfortable patient preparation.
Blue Orchid has developed the OrchidLift: a compact and portable sit-to-stand lift aimed to provide an affordable, simple solution to lift, transport and assist with patients’ mobility in their own home. Inaccurate handling and lifting of patients by caregivers can put both parties involved at high risk for further injuries. With the aging population, devices that allow the elderly to remain in their own home longer are becoming increasingly important.
Executive Director at Innovation Factory, David Carter, points to the Synapse competition as a testament to the Hamilton’s growing strength in the health and life sciences: “The innovations we saw today have the potential to be life-changing,” says Carter. “I’m thrilled that our region is paying attention to research coming out of the life sciences. Synapse has shown that Hamilton’s life science cluster is thriving and I’m confident we have the supports in place here to help take these ventures to the world stage.”
The seven poster board finalists included: 12 Squared Diagnostics, ANDzyme, Colourimetric Biosensing, DNA Quantifier, Qidni Labs, RotaNovus and Virtual Possibilities. A
fter the top three finalists presented to the audience, the judges deliberated while keynote Niall Wallace, co-founder and Chief Innovation Officer of Infonaut Inc., discussed his own experience building Infonaut from a start-up, to the successful evidence-based infection control company it is today. His talk touched on pitching for investment, what investors look for, and pointers for growing Hamilton’s life science cluster.
The event concluded with Dr. Clive Ward-Able, Executive Director, Amgen Canada, the appointed judge-representative, announcing the winners live on stage.
The Synapse final showcase is the culmination of months of hard work. Back in January, the competition teamed up life science innovators with business and engineering students from McMaster University. Together, each team produced both business and commercialization plans for their ventures. All of the finalists also participated in training sessions to help them complete the plans and fully prepare for the final showcase.
Generous prize contributors included Hamilton Health Sciences, GlaxoSmithKline, Mohawk College, Bay Area Health Trust, McMaster Innovation Park, Ridout & Maybee LLP, Gowlings LLP, Sabeta IP, SHI Consulting, Willow Tree Capital, and supporting partners included McMaster Industry Liaison Office, Ontario Centres of Excellence, TechAlliance, W Booth School of Engineering, the Hamilton Chamber of Commerce, the City of Hamilton and St. Joseph’s Healthcare.
Read about the 2014 competition, here.