BioNova Announces Spring Loaded Technology Inc. as the Winner of the Third Annual BioInnovation Challenge
HALIFAX, Nova Scotia--(BUSINESS WIRE)--They invented, they pitched, and they conquered. Spring Loaded Technology Inc. was named winner of the third BioInnovation Challenge this afternoon at BioPort Atlantic 2013. Their trademarked knee brace Levitation, was deemed the most attractive for investment by a panel of judges dubbed The Commercialization Council and the conference audience. Chris Cowper-Smith, Shea Kewin and Bob Garrish designed the unique mechanical hinge that stores energy when flexed and releases during extension.
“it’s the same technology with multiple markets and multiple exits, so if we invest we have a higher probability of multiple shots on goal and therefore more likely to generate a return to investors.”
Cowper-Smith credited mentors and advisors on receiving the award. “We’re honoured to have won and couldn’t have done it without the key people who have, and continue to support our entire team as we move toward commercialization.”
Spring Loaded will receive a prize package that includes $15,000 in seed funding and an advisory services package worth more than $20,000 including services provided by Cox & Palmer, Solutions Inc., Marsh Canada Limited and PricewaterhouseCoopers. Spring Loaded Inc.’s knee brace was up against BIKE Scientific Inc.’s protein purification cartridge and BioPolyNet Inc.’s Nanocoil soil stabilization bio-polymer.
With evaluation criteria such as adaptability, market pull and consumer readiness, Spring Loaded edged the competition with higher marks from the panelists and conference audience. Commercialization Council member Bill McPhee commented on Spring Loaded Technology’s positioning following the announcement.
“It’s an intriguing technology because it has applications in both the medical and athletics fields.” From an investor’s perspective, McPhee added, “it’s the same technology with multiple markets and multiple exits, so if we invest we have a higher probability of multiple shots on goal and therefore more likely to generate a return to investors.”
The BioInnovation Challenge was created by BioNova, Nova Scotia’s life sciences industry association and a number of partners to help ease the transition from research laboratory to market. This year marked the first time companies from New Brunswick were able to compete for the Prize. BioNova partnered with its sister organization, BioAtlantech to open the competition to participants outside of Nova Scotia.
The Commercialization Council:
Amine Benmoussa, Associate Director of the Business Development Corporation (BDC) Healthcare Fund, based in Montreal.
Brian Bloom, co-founder of Bloom Burton & Co., Canada's largest healthcare-specialized investment banking group, Toronto
Nitvin Kaushal, a managing director with PwC’s corporate finance practice in Toronto.
Alexandra McCann, Director of Science & Technology at Nova Scotia Business Inc. (NSBI, Halifax)
Bill McPhee, a Boston-based angel investor, active in Boston Harbor Angels and Mass Medical Angels.
BioNova is Nova Scotia’s life sciences industry association, representing companies working in pharmaceuticals/ vaccines, medical technologies, natural health products/ nutraceuticals, digital health and bioproducts, as well as research organizations, service providers and other suppliers. More information on BioNova and its members can be found at www.bionova.ca