The federal government on Monday announced $1.75 million in loans to four Halifax-area life sciences companies to help with their expansion.
The four companies are Motryx (which will receive $500,000), Nxtgen Care ($500,000), IR Scientific ($496,850), and Skinfix ($250,000).
In making the announcement, the government noted that the Atlantic Canadian life sciences sector was cited last year by Silicon Valley-based Startup Genome as one of the strongest features of the Atlantic Canadian startup community. It comprises more than 100 businesses owned by Atlantic Canadians, many of which are gaining traction in international markets.
The Atlantic Canada Opportunities Agency is extending the loans through its Regional Economic Growth through Innovation program to:
Motryx Inc. – Motryx’s products VitalVial and VitalReport allow hospitals to monitor blood samples while they’re being transported from the patient to the lab. VitalVial is a smart vial that measures such indicators as the vibration, temperature and pressure of the blood. These factors can affect the accuracy of blood tests. VitalVial is used in combination with VitalReport, which provides data to the user.
The funding, which will help support seven full-time hires, will enable Motryx -- which won the $55,000 BioInnovation Challenge last fall -- to undertake research, development and scale-up activities, including pilot projects with private labs.
“This project will move the marker closer toward commercializing the Motryx product for blood transportation in hospitals as well as in private laboratories,” said Motryx CEO Franziska Broell in a statement. “This funding will allow us to hire strategic technical expertise as well as grow our sales force to reach customers in these markets.”
Nxtgen Care – The company, whose corporate name is Checkin Innovative Care Technologies Inc., is developing a product that helps to improve the lives of seniors in care homes. Its beacons and wearable bracelets measure several metrics of the residents’ social interactions. These equip senior care facilities with the tools needed to address loneliness, a leading problem in geriatric patients.
The project includes purchasing real-time-location-system sensors to help management and staff use their time better and become more accountable to clients and their families.
“Our business intelligence and analytics platform creates a real-time community of care for senior living facilities – optimizing care delivery while enhancing resident care levels,” said Nxtgen Care President Dan LeBlanc. “This project will allow us to grow our local team, invest in our flagship Care Scorecard and resident MFactor digital health products and execute agreements in place within the coveted U.S. healthcare marketplace.”
IR Scientific – IR Scientific’s oral care product, Sensi-IP, can be added to any toothpaste or mouthwash to treat sensitive teeth. Sensi-IP helps to close the exposed dentinal tubules that cause sensitive teeth.
The company will buy equipment to support in-house toothpaste manufacturing for testing purposes, hire research and development staff as well as a commercialization manager. It will also engage consultants to conduct market research to find new opportunities.
“This funding allows IR Scientific to continue its primary market research, expand oral care product claims beyond sensitivity and secure a global supply for our partners,” said CEO Andrew Doyle. “With the help of four new employees, external resources, continued investor support and this funding program, IR Scientific is able to create incredible value, for our partners, our investors, and Atlantic Canada.”
SkinFix – SkinFix specializes in all-natural healing balms and skin care products. It says its products are made with wound-healing botanicals and emollient protective oils that can treat and manage the most severe dermatitis conditions.
The company is enhancing its marketing activities, including sample distributions, website development, and showcasing at conferences and events. This project will help the company expand throughout the United States in all Sephora cosmetic stores and create six full-time positions.
“This funding will allow Skinfix to effectively compete in the $150 billion global skincare market as the first clean, clinically validated skincare brand,” said CEO Amy Risley. “Skinfix will use the funds to hire expert industry talent and build marketing programs to propel the brand at Sephora in North America, where skincare has now become the largest beauty category for the first time in Sephora's history. This project will help Skinfix drive awareness for its highly unique proposition as the first scientifically validated, wellness focused skincare brand.”
Disclosure: ACOA is a client of Entrevestor.
