Navigation Links
ChipCare's handheld analyzer attracts one of Canada's largest-ever healthcare angel investments

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
Grand Challenge Canada

Gerard Buckley

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:
(Date:9/30/2015)... , Sept. 30, 2015  The U.S. Court ... issued another key ruling in favor of Crossmatch ... Korean fingerprint scanner company Suprema and its U.S. partner ... 1930, a trade provision that declares it unlawful to ... by infringing two of Crossmatch,s patents, the 5,900,993 patent ...
(Date:9/28/2015)... YORK , Sept. 28, 2015 /PRNewswire/ ... announced today that its expedited traveler service ... innovative platform transforms travel, bringing a frictionless ... its members. "CLEAR offers our ... enhances customer service," said Jim Smith ...
(Date:9/28/2015)... , Sept. 28, 2015 Synaptics Inc. (NASDAQ: ... solutions, today announced that Lenovo has selected Synaptics , ... FS4202, for its latest smartphone, the Vibe P1. The ... to unlock the device and provide swift access to ... The feature-rich Natural ID FS4202 sensor solution utilizes AES256-bit ...
Breaking Biology News(10 mins):
(Date:10/13/2015)... Mass. , Oct. 13, 2015 Applied ... methodologies at critical decision points throughout the drug invention ... QSP Congress Boston 2015 on October 20-22, 2015 in ... Burke , PhD, Co-Founder, President, and CEO of Applied ... discovery from early research to clinical trials" on Wednesday ...
(Date:10/13/2015)... PARK, N.J. and SAN DIEGO ... (BASF) and Mast Therapeutics, Inc. have agreed to collaborate ...  Currently, excipient-grade poloxamer 188 NF, marketed by BASF under ... used in a variety of pharmaceutical and biological applications, ... Poloxamer 188 is the starting material for Mast,s lead ...
(Date:10/13/2015)... and TORONTO , Oct. 13, 2015 /PRNewswire/ ... that it has entered into a non-binding Letter of Intent ... Israeli company that has developed a proprietary cooling technology designed ... varicoceles. the United States and ... the ages of 25 and 44 diagnosed as infertile.  For ...
(Date:10/13/2015)... ... October 13, 2015 , ... ... is excited to announce their partnership with the Keck Medicine of the ... chronic pain. , The T.R.O.J.A.N. Study (Therapeutic Evaluation to Research Clinical Objectives Linking ...
Breaking Biology Technology: