Innovation Factory awards $100,000 in cash and in-kind prizes at the seventh annual Synapse Life Science Competition
Bisep Inc. is the competition’s big winner
Hamilton, ON – On March 25, Hamilton’s thriving life science ecosystem gathered for the first time, virtually, for Innovation Factory’s seventh annual Synapse Competition, Ontario’s premier life science pitch competition.
This years’ top three finalists, Bisep Inc., Hyivy Health and PROVA Innovations each delivered their pitch to the judging panel, competing for their share of $75,000 in cash and in-kind prizes, while the remaining finalists competed for best poster.
12 Ontario life science innovators were selected finalists and formed teams with post-secondary students, the industry’s future professionals. Together, these teams participated in three months of intensive training, where they produced commercialization plans for their ventures and prepared for the showcase.
Bisep Inc. was named the grand prize winner, taking home a prize of $35,000 in cash, $5,000 in-kind from Gowling WLG and $2,000 in-kind from BDO as well as a 1-year membership with Life Sciences Ontario as and the Hamilton Chamber of Commerce.
PROVA Innovations took second place receiving $17,000 in cash, $5,000 in-kind from ShiftHealth and $2,000 in-kind from Bereskin & Parr, as well as a 1-year membership with Life Sciences Ontario as and the Hamilton Chamber of Commerce.
Hyivy Health came in third place, receiving $5,000 in cash, $3,500 in-kind for an IP Package with Ridout & Maybee LLP, as well as a 1-year membership with Life Sciences Ontario as and the Hamilton Chamber of Commerce.
Paradox Immunotherapeutics won the poster prize of $3,000 cash.
Additionally, this year’s virtual showcase included the inaugural presentation of the $25,000 Praxis Prize, sponsored by Praxis Spinal Cord Institute in partnership with Ontario Neurotrauma Foundation with funding from the Ontario Ministry of Economic Development, Job Creation and Trade. Three Ontario innovators working on solutions to improve health outcomes for people with spinal cord injuries were selected as finalists. Bill Barrable, CEO of Praxis Spinal Cord Institute announced the winners:
NURO who won $12,500,
Bisep Inc, who won $7,500 and
Axcessiom Technologies who won $5,000.
“We are very humbled and grateful to be selected as year's winners for the Synapse Life Science pitch competition and finalists for the Praxis Award. This is an amazing investment that will bring Bisep a long way and bring the ARMM device to market. We are so grateful for all the support we have gained throughout the years from family, friends and everyone including Niagara Falls Ryerson Innovation Hub powered by Spark, We-Tech Alliance, Niagara College, Brock University, Buffalo Niagara Medical Campus and the Age-Well Network. We want to make a special mention to thank Innovation Factory, Synapse Life Science, and Praxis Spinal Cord Institute” said Danial Bordenave, Founder and CEO of Bisep Inc.
This year’s Synapse Competition judges included Guy Payette, President of Innomar Strategies; Dr. Jennifer Hamilton, Senior Director, New Ventures (Canada) for Johnson & Johnson Innovation, and John Hands, Director with Bay Area Health Trust.
Since the inaugural Synapse Life Science Pitch Competition in 2014, Innovation Factory has worked with more than 80 companies and awarded over $425,000 in cash and in-kind resources though the support of its sponsors. The competition is delivered in collaboration with the Synapse Life Science Consortium and made possible through the support of the competition’s sponsors including Innomar Strategies and Gowling WLG.