Navigation Links
ChipCare's handheld analyzer attracts one of Canada's largest-ever healthcare angel investments
Date:9/15/2013

An innovative, handheld point-of-care analyzer, developed by ChipCare Corporation, has secured one of the largest ever angel investments in Canada's healthcare sector. Phase II financing has closed, with an investment of $2.05M to support ChipCare's continuing development and commercialization over the next three years.

The financing evolved through a uniquely collaborative funding model among Canadian social angel investors, including Maple Leaf Angels, MaRS Innovation and the University of Toronto, with special financing leadership from Grand Challenges Canada and the Government of Canada.

"This technology has the potential to save and improve the lives of millions around the world by bringing state-of-the-art blood testing to patients, instead of asking the sick to travel to labs that are often difficult to reach," said James Dou, ChipCare's co-founder and Chief Technology Officer. "The impact on in-the-field HIV diagnostics alone could be revolutionary; this financing is critical to our commercialization roadmap."

ChipCare's Phase II project plan calls for a three-year development of the device to further refine its functionality, develop a more robust prototype and reduce costs, as part of the move to scale. The innovative financing model supporting this development was made possible, in part, with the leadership of the Government of Canada through Grand Challenges Canada.

"This initiative underscores our government's commitment to support innovation, leverage private sector know-how, and harness venture capital expertise in pursuit of game-changing development and global health solutions. This project will make a difference by saving lives in developing countries and creating jobs here in Canada," said the Honourable Christian Paradis, Minister of International Development.

ChipCare's handheld analyzer has the capacity to transform the way in which point-of-care diagnostics are delivered in the field for both developed and developing world populations. It stands apart from contemporary tools for three reasons:

1. Its unique design makes the analyzer significantly less expensive than other similar devices.

2. Proprietary technology enables test results that are faster and demonstrably more accurate than existing standards.

3. The device enables the potential to run not only one but multiple diagnostics simultaneously.

"To the best of our knowledge, this is at least the second largest healthcare angel investment in Canada's history and it might well be the largest by the time the project reaches full maturity," said Adrian Schauer of Maple Leaf Angels. "The diagnostic potential of this device can hardly be overstated. We are investing heavily in its commercialization because we see the potential to revolutionize bedside testing for many conditions, from HIV and malaria in the developing world, to sepsis, heart disease and cancers here at home.

With an anchor investment, Grand Challenges Canada is fulfilling its unique mandate to identify and support innovative Canadian technologies that can make a dramatic difference in global health. The investment also played a critical role in attracting the balance of the required financing from private sector investors.

"Grand Challenges has a mandate to support bold ideas with big impact in global health," said Grand Challenges Canada's Chief Executive Officer, Peter Singer. "With this investment in ChipCare, we're not only supporting a worthy innovation, we're facilitating an innovative approach to financing that leverages investment to bridge the 'valley of death.' If you can save lives while creating companies and jobs well, it just doesn't get any better than that!"


'/>"/>

Contact: Zina Nelku
zina.nelku@grandchallenges.ca
647-627-0195
Grand Challenge Canada

Gerard Buckley
gerard@mapleleafangels.com
416-884-9522
Source:Eurekalert


Related biology news :

1. Mainz University Medical Center attracts funding of Alexander von Humboldt Professorship
2. Tracking sediments fate in largest-ever dam removal
3. Attendees Save Up To $800 on Boston-area Pharmaceutical and Healthcare Conferences, Early Bird Discounts Expiring April 27
4. Early Bird Discounts Available on International Healthcare and Biotechnology Conferences, Save Up To $600 with Global Information
5. Boston Healthcare Associates Roundtable Explores Challenges and Opportunities Surrounding the Value of Big Data within the Life Sciences
6. Bioethics for Beginners: 60 Cases and Cautions from the Moral Frontier of Healthcare
7. Early Bird Offers on Healthcare and Biotechnology Conferences, Save Up To 20% by Registering with Global Information
8. Premier Healthcare Renews Supplier Agreement with Masimo
9. BGI, GE Healthcare team up on pioneering stem cell science projects
10. VTT and GE Healthcare developing novel biomarkers to predict Alzheimers disease
11. Pilot Results Move GHX Closer to Delivery of Healthcare Industrys First Implantable Device Supply Chain Solution
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/5/2020)... ... June 04, 2020 , ... Murrieta Genomics has announced that its ... simplified sample preparation for Next Generation Genomic Sequencing (NGS) . This is the ... complexity of sample preparation. , “I have been at the bench for over 20 ...
(Date:6/2/2020)... MILWAUKEE (PRWEB) , ... June ... ... International, the world’s leading barcode and RFID labeling software developer and solutions ... TEKLYNX CENTRAL , improved labeling accuracy and compliance by 100%, resulting ...
(Date:5/28/2020)... ... May 27, 2020 , ... Today bioinformatics leader ... solution that uniquely combines lab testing insights and hc1’s exclusive Local Risk Index ... health and safety of employees returning to the workplace. , “Some of the ...
Breaking Biology News(10 mins):
(Date:5/30/2020)... ... 2020 , ... The Conference Forum is pleased to announce ... the unique role of the Chief Medical Officer in the biotech industry. The ... practices and career development of CMOs and Heads of R&D from different therapeutic ...
(Date:5/21/2020)... (PRWEB) , ... May 21, 2020 , ... ... of clinical trials will cause long-term harm , Contrary to conventional wisdom that ... Institute study finds many companies will emerge from the pandemic commercially weaker, ...
(Date:5/15/2020)... ... May 14, 2020 , ... ... working cell banks and hMSC bioprocess systems, today announced the launch of ... hMSC-derived extracellular vesicles (EVs). RoosterCollect™-EV-CC is the only system designed with hMSC-EV ...
(Date:5/14/2020)... ... May 12, 2020 , ... ... as the new distribution partner for all personal care ingredients in Russia and ... and DuPont preservative portfolio for personal care. , The GENENCARE®OSMS product ...
Breaking Biology Technology: