McMaster Seed Fund invests $750,000 in two innovative health startup companies
November 22, 2024 ·
Contributed by: Daniella Fiorentino, Office of the VP Research
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From left: PROVA Innovations founder Matthew Rosato; Leyla Soleymani, associate vice-president, Research (Commercialization & Entrepreneurship); BiCova Therapeutics co-founder Anthony Rullo and BiCova founding CEO Robert Verhagen. The two McMaster startups were selected for the latest round of McMaster Seed Fund investment, announced at the McMaster Innovation Showcase this week.
McMaster startup companies Bicova Therapeutics and PROVA Innovations have received a total of $750,000 from the McMaster Seed Fund to develop and commercialize their innovative health technologies.
BiCova Therapeutics
Co-founded by Anthony Rullo, an associate professor of medicine in the Faculty of Health Sciences; and life sciences executive Robert Verhagen, BiCova Therapeutics received $500,000 to advance its novel “proximity-inducing” therapeutic platform, which can be used to treat diseases like cancer and rheumatoid arthritis.
Building on research pioneered in Rullo’s lab, the company has developed a novel class of small molecule therapeutics called Covalent Bifunctional Molecules (CBMs).
The Seed Fund investment will catalyze further development and commercialization of BiCova Therapeutics’ CBM technology, bringing it closer to patients in need, Rullo and Verhagen say.
“Our platform targets a market where conventional biologic therapies are experiencing significant challenges. It also offers a more patient accessible and effective treatment for many types of cancers and immunological diseases,” says Rullo.
“This investment means BiCova will be well-positioned to advance critical research and development of our technology, with the goal of soon placing it in the hands of clinicians who can put it to use.”
PROVA Innovations
Founded by McMaster engineering and MBA graduate Matthew Rosato, PROVA Innovations secured a $250,000 investment to enhance its WithinStride™ line of smart insoles for non-invasive in-home gait training and rehabilitation.
Established in 2019, PROVA helps patients with osteoarthritis and other mobility-impairing conditions regain the ability to walk and move.
Once set up by a clinician, WithinStride™ smart insoles guide and correct movements as the individual walks, effectively teaching better form, balance and control.
“We’re thrilled to receive this investment from the McMaster Seed Fund as we gear up for clinical trials,” says Rosato. “Osteoarthritis is a degenerative disease affecting more than four million Canadians and has very few effective treatment options.”
“WithinStride™ offers personalized, on-the-go therapy that has the potential to transform the everyday lives of those who suffer from osteoarthritis and other mobility challenges, including children with cerebral palsy and adults who have suffered a stroke,” he says.
Rosato expects WithinStride™ to be available to Canadians early next year.
A crucial source of support
The results of the fourth round of McMaster Seed Fund investments were announced at the Innovation Showcase this week, part of McMaster’s Global Entrepreneurship Week programming.
Since its inception in 2021, the McMaster Seed Fund has invested more than $3.5 million in 10 McMaster startup companies.
The fund has been a pivotal source of support for researchers working to transfer their discoveries from the lab to the market, says Leyla Soleymani, associate vice-president, Research (Commercialization & Entrepreneurship).
“McMaster is proud to offer this early-stage investment program to our incredible entrepreneurship community,” she says.
“Our startup founders continue to advance innovative products and services that are generating significant economic and societal impact here in Canada and around the world.”
The call for applications attracted an impressive number of innovators from a wide range of disciplines, says Amber Metham, executive director (acting) of the McMaster Industry Liaison Office (MILO), which manages the fund.
Of the 24 proposals submitted, 19 were invited to pitch to the investment committee before PROVA and BiCova were selected for investment.
“Congratulations to our successful Seed Fund investees on this well-deserved accomplishment,” says Metham.
“We look forward to witnessing the real-world impact that BiCova Therapeutics and PROVA Innovations generate for people in the Hamilton region and beyond.”
Applications for Round 5 of the McMaster Seed Fund will open in the new year. Visit the Research and Innovation website to learn more.
