Yonge Street Media

ChipCare closes oversubscribed $5 million series A financing

With lead investment from Puffin Partners, the Ontario, Canada-based company is taking lifesaving blood-testing technology to low- and middle-income countries

ChipCare device
ChipCare’s technology will provide simple-to-use, mobile, lab-quality blood testing for remote health settings. The University of Toronto start-up company’s first HIV-related test, targeted at linking people with HIV to appropriate treatments, is scheduled to hit the market in late 2016.

TORONTO, March 3, 2015 — ChipCare Corporation, a University of Toronto start-up company commercializing a handheld, blood-testing platform for HIV and other infectious and non-communicable diseases has closed a $5.045 million Series A financing to bring its first-generation product to market while further developing the platform’s next generation products.

The Wall Street Journal‘s Venture Capital Dispatch blog, Yonge Street Media, BetaKit and PEHub covered this announcement, along with the University of Toronto’s news site and a follow-up BetaKit article on how smartphones and start-ups are increasing access to healthcare. Information about past ChipCare  investment rounds and other company information is available in our ChipCare news archive.

Insufficient access in remote health settings to simple, accurate and affordable diagnostic tests makes it difficult to provide timely, evidence-based clinical care. Current technology within central laboratories cannot fulfill the existing need in remote health settings, including community level health facilities, remote communities, emergency departments, ICUs and doctors’ offices. The result is millions of preventable deaths from infectious and non-communicable diseases globally, reduced economic growth, and limited human development.

Chipcare CorporationChipCare’s technology will provide simple-to-use, mobile, lab-quality blood testing in remote health settings. The company’s first HIV-related test, targeted at linking people with HIV to appropriate treatments, is scheduled to hit the market in late 2016. The company is developing other products that leverage unique attributes of ChipCare’s technology.

Puffin Partners, LP, of Dallas, Texas led the financing round, which includes existing investors MaRS Innovation and Maple Leaf Angels, and new investors, including the Winfield Venture Group, Epic Capital, and additional Canadian and U.S. Angel investors.

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Encycle Therapeutics developing lead molecule to tackle inflammatory bowel disease

Company’s collaborative partnership with IRICoR, Université de Montréal and MaRS Innovation, funded by Merck Canada, to advance macrocycle drug

Encycle IRICoR release
Encycle Therapeutics Inc., a biotechnology start-up founded by the University of Toronto in partnership with MaRS Innovation, is developing its lead orally-bioavailable macrocycle drug to target integrin a4b7, which is involved in the inflammatory process in a number of diseases, most notably for inflammatory bowel disease.

TORONTO and MONTREAL, Nov. 10, 2014 — Encycle Therapeutics Inc., a biotechnology start-up founded by Dr. Andrei Yudin of the University of Toronto in partnership with MaRS Innovation, is developing its lead orally-bioavailable macrocycle drug to target integrin a4b7, which is involved in the inflammatory process in a number of diseases, most notably for inflammatory bowel disease.

This announcement was covered in SciBX, Drug Discovery & Development, PBR, Yonge Street Media, Biotechnology Focus, and Bioworld Today (no public link available).

Read this release in French.

To support and advance this molecule, Encycle Therapeutics is collaboratively partnering with the Institute for Research in Immunology and Cancer — Commercialization of Research (IRICoR), the Université de Montréal (UdeM) and MaRS Innovation. The partnership builds on the Merck Canada Inc. $4 million public-private funding partnership, announced at BIO in April 2013, to develop collaborative research projects with three Canadian academic commercialization centres, including MaRS Innovation and IRICoR.

“We are pleased to help support this important research collaboration that is made possible through the Quebec-Ontario corridor project in an emerging technology area. IRICoR, MaRS Innovation and Encycle have clearly leveraged their respective strengths to accelerate the discovery of novel therapeutics. As a research-focused company committed to early stage private-public partnering, we believe that such interactions will continue to fuel innovation in the life science sector in Canada,” said Mr. Chirfi Guindo, president and managing director, Merck Canada Inc.

The agreement brings a significant investment to fund Encycle Therapeutics’ development work, giving IRICoR an equity position and expanding MaRS Innovation’s equity stake. Cumulatively, Encycle Therapeutics has secured more than $2.5 million to advance its drug development platform.

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Triphase signs collaboration and option agreement with Celgene Corporation, leading innovator of cancer therapies

MI portfolio company actively seeking additional products for licensing and development

Triphase-logo-WebTORONTO and SAN DIEGO, Jan. 9, 2014 — A unique collaboration of life science leaders, including the Fight Against Cancer Innovation Trust, MaRS Innovation Ventures Trust and MaRS Phase II Investment Trust, have formed Triphase Accelerator Corporation, an oncology development accelerator.

Triphase Accelerator’s announcement was covered in Yonge Street Media, Bloomburg Businessweek and Global University Venturing.

Formed in 2010, Triphase Accelerator Corporation is a cancer-focused biotechnology development company that aims to reduce the time and expense between an investigational new drug application and “proof-of-concept” at Phase II.

Triphase, spun out of the Ontario Institute for Cancer Research (OICR), develops and advances late pre-clinical, Phase I or early Phase II potential products. Triphase and its founding investors are in a position to take advantage of the excellent research and development capabilities in the Toronto healthcare and innovation ecosystem.

The Fight Against Cancer Innovation Trust (FACIT), MaRS Innovation Ventures Trust, and MaRS Phase II Investment Trust, are all Toronto-based equity investors in Triphase.

After company formation, Triphase entered into a strategic relationship with Celgene Corporation. Through this arrangement, Celgene obtained rights of first refusal on the first three oncology products Triphase advances to clinical proof-of-concept (POC), plus a right of first negotiation on three more future oncology products which may be acquired by Triphase.

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MaRS Innovation President and CEO Named to Ontario Health Innovation Council

Council members include MI’s Raphael Hofstein and MI Board Chair Dr. Robert Bell

On November 20, the Government of Ontario launched the Ontario Health Innovation Council to support health innovation in Ontario. Dr. Raphael Hofstein, president and CEO of MaRS Innovation, was named to the council.

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Members of the Ontario Health Innovation Council, including MaRS Innovation’s president and CEO Dr. Raphael Hofstein (third from left), pose after the initial announcement.

By becoming a member of the Council, Hofstein will assist in identifying evidence-based opportunities in Ontario’s healthcare space and advancing them into practice on a global scale.

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Yonge Street Media Highlights MaRS Innovation Bioprinter Project

MI Project Manger Fanny Sie discusses Toronto’s impact on 3D printing landscape

Fanny-Sie-web-7227
MaRS Innovation’s Fanny Sie is project manager for the Bioprinter, a 3D printer that can print on organic material.

In a December 4 article, part of a feature series on technology in Toronto, Yonge Street Media reporter Andrew Seale highlights the creative and innovative technological work surrounding the 3D printing and cyber security sectors in the city.

MaRS Innovation’s Fanny Sie is managing business development for the Bioprinter, a 3D printer using University of Toronto technology that’s capable of printing on organic material, including skin.

By printing on skin, the cost of treating burns on the body could be reduced.

Here’s an excerpt from the article (links and emphasis ours):

“Cells are very intelligent, you just have to be able to put them close enough to one another in order for them to take over,” says Sie adding that some of the research is a partnership with the Sunnybrook Health Sciences Centre and Research Institute.

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MaRS Innovation focus of Yonge Street Media article on growing technology sectors

President and CEO Dr. Raphael Hofstein speaks on healthcare innovation in Toronto

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Dr. Raphael Hofstein, MaRS Innovation president and CEO, was featured in an article by Yonge Street Media. (Photo Credit: Yonge Street Media)

In an October 30 article, Yonge Street Media‘s Andrew Seale spoke with MI’s president and CEO Raphael Hofstein on the booming healthcare innovation coming from Toronto since 2005.

Seale’s article is the first of a two-part series on technological innovation.

In the article, Hofstein credits the city’s intellectual infrastructure and access to healthcare resources for allowing innovation to flourish.

Three of MI’s start-up companies are also mentioned in the article.

Here’s an excerpt (links and emphasis our own):

“The Intellectual Property that is being generated in Toronto (is) a major chunk of the IP that’s being generated across Canada,” he says.

Chipcare CorporationHe points to ChipCare Corporation‘s state-of-the-art handheld analyzer, which allows doctors to run multiple diagnostics on a patient’s blood on site as opposed to bringing the patient to the clinic. The University of Toronto developed cell analyzer could prove to be a game changer in the fight against HIV. “Lab-in-a-chip” technology like this is crucial in third world countries where healthcare access is severely limited.

Xagenic logo CroppedXagenic’s AuRA platform—another diagnostic tool for blood samples—uses ultra sensitive microelectrode arrays (nano-sensors) developed by another team of researchers at University of Toronto. The inexpensive tech makes it possible for molecular diagnostic testing outside of labs.

ApneaDX Corporate LogoMaRS Innovation-backed ApneaDX has developed a clinical-quality sleep-monitoring tool. Previously, diagnosing for sleep apnea—a sleep disorder characterized by abnormal breathing patterns—often required an expensive overnight stay at a sleep clinic. The device is a fraction of the cost and records the data on a chip, which is then analyzed by the company’s software.

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Yonge Street Media: Crowdmark, moderated marking and helping teachers grade better

Crowdmark Logo: Grade BetterYonge Street Media, a weekly online magazine that covers talent, innovation, diversity and quality of life stories in the Toronto region, covered Crowdmark‘s efforts to disrupt the way teachers grade and interact with students in their Innovation section on Wednesday, June 19, 2013.

Crowdmark graduated from the UTEST program earlier this spring. Last week, the company announced it has raised $600,000 in seed funding and completed two successful proof-of-concept pilot projects. Its co-founders are from the University of Toronto.

Here’s an excerpt from Hamutal Dotan‘s article (emphasis ours):

It is the bane of every teacher’s existence: grading. Though essential, it’s also repetitive and time-consuming. It is also increasingly prone to concerns about inequity: from grade inflation to inconsistent standards across different classrooms, sometimes parents, students, and even teachers themselves have a hard time deciding just what the grades they have assigned actually mean.

Aiming to help with both those problems is Toronto startup Crowdmark. Founded by two University of Toronto mathematics experts–the department’s associate chair, James Colliander, and graduate student Martin Muñoz–Crowdmark provides teachers with a suite of tools to facilitate faster grading, and enables teachers to handle large volumes of grading collaboratively.

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Crowdmark to save teacher marking time and government dollars

Ed-tech start-up completes successful EQAO and Canadian Open Math Challenge pilots

Crowdmark Logo: Grade BetterTORONTO, Canada (June 11, 2013) — Crowdmark Inc., a Canadian education technology start-up, is positioned to save cash-strapped Departments of Education millions by making massive-scale testing more efficient. Crowdmark has raised $600,000 in seed funding through the University of Toronto Early-Stage Technology (UTEST) program, MaRS Innovation and U of T’s Connaught Fund, among others.

This story was covered by Yonge Street Media, TechVibes, EdSurge and PEHub.

Dr. James Colliander, co-founder and CEO of Crowdmark
Dr. James Colliander, co-founder and CEO of Crowdmark.

The Crowdmark assessment interface, informed by decades of teaching experience and research by company co-founders, James Colliander (Professor of Mathematics) and Martin Muñoz (Researcher and Developer), at the University of Toronto, streamlines the complicated and time-consuming grading workflow for teachers.

Crowdmark archives student work and all grading feedback into individual digital portfolios that students and parents may access any time online and via mobile devices.

Through two separate pilot projects, Crowdmark has achieved proof-of-concept as a novel and scalable solution to the problem of assessment blockage that eats into already limited resources in education systems worldwide.

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ClevrU Corp. acquires NewMindsets Inc. to transform online education market

Deal strengthens competitiveness of online learning platform for global mobile learners

The ClevrU platform will integrate New Mindsets Inc.'s technology through this acquisition.
The ClevrU platform (shown here) will integrate NewMindsets Inc.’s technology through this acquisition.

WATERLOO, ON, Canada (April 23, 2013) — ClevrU Corporation today announced that it has acquired NewMindsets Inc., a company founded on online pedagogy researched and developed by two Schulich School of Business professors that has provided leading-edge educational content and services to over 10,000 Schulich students at York University over the past decade.

Through the acquisition, ClevrU will fully integrate NewMindsets’ proven e-teaching pedagogy in leadership, researched and developed by Professors Gareth Morgan and Jean Adams, into its world-class e-teaching platform, to be presented to York as a pilot and then delivered to millions of students worldwide.

TechVibes, EdSurge, Private Equity Hub, Yonge Street Media, and the Waterloo Record covered this announcement. The release is also viewable on CNW and in Chinese (.pdf).

The two companies announced a partnership in October 2012 to establish a second-generation online learning standard.

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