McMaster Seed Fund Backs Health Startups with $750K Investment Boost!
Introducing the brilliant minds behind two revolutionary McMaster startups: Matthew Rosato, the genius founder of PROVA Innovations; Anthony Rullo, co-founder of BiCova Therapeutics; and the visionary Robert Verhagen alongside Leyla Soleymani, McMaster’s associate vice-president for Research (Commercialization & Entrepreneurship). This week, these trailblazers took center stage at the highly anticipated McMaster Innovation Showcase, where they were announced as recipients of the latest round of investments from the McMaster Seed Fund.
Both BiCova Therapeutics and PROVA Innovations have just secured a whopping $750,000 from the McMaster Seed Fund to supercharge the development and commercialization of their groundbreaking health technologies.
BiCova Therapeutics
Co-founded by the brilliant Anthony Rullo, a leading associate professor of medicine, and the esteemed life sciences expert Robert Verhagen, BiCova Therapeutics is on a mission to transform healthcare with its innovative “proximity-inducing” therapeutic platform. They’ve received a substantial $500,000 to push forward their cutting-edge treatments for serious illnesses like cancer and rheumatoid arthritis.
Building on groundbreaking research from Rullo’s lab, BiCova has birthed a pioneering class of small molecule therapeutics known as Covalent Bifunctional Molecules (CBMs). This vital Seed Fund investment is set to accelerate the development and commercialization of these life-saving technologies, bringing hope to countless patients in need.
“Our platform addresses a market where traditional biologic therapies are hitting roadblocks. It promises a more accessible and effective treatment for various cancers and immune disorders,” says Rullo. “This funding positions BiCova to advance our critical research, aiming to soon equip clinicians with our innovative solutions.”
PROVA Innovations
Founded by the savvy McMaster engineering and MBA grad Matthew Rosato, PROVA Innovations has secured a vital $250,000 to enhance its WithinStride™ smart insoles. These revolutionary insoles offer non-invasive gait training and rehabilitation right from the comfort of home.
Since its launch in 2019, PROVA has been a game-changer for patients battling osteoarthritis and other mobility-impairing conditions, helping them reclaim their ability to walk and move freely. Once a clinician sets up the WithinStride™ smart insoles, they provide real-time guidance and corrections as users walk, teaching better form, balance, and control.
“We are ecstatic to receive this investment from the McMaster Seed Fund as we gear up for clinical trials,” Rosato explains. “Osteoarthritis affects over four million Canadians, and effective treatment options are scarce.”
“WithinStride™ delivers personalized, on-the-go therapy that has the potential to dramatically enhance the daily lives of those suffering from osteoarthritis and other mobility challenges, including children with cerebral palsy and stroke survivors,” he adds.
Rosato anticipates that WithinStride™ will be available to Canadians in early 2024.
A Vital Source of Support
The results of this fourth round of McMaster Seed Fund investments were unveiled during the Innovation Showcase, part of McMaster’s exciting Global Entrepreneurship Week lineup. Since launching in 2021, the McMaster Seed Fund has invested over $3.5 million in 10 startups, playing a crucial role in helping researchers transition their groundbreaking discoveries from the lab to the market.
“McMaster is proud to provide this essential early-stage investment program to foster our vibrant entrepreneurial community,” says Soleymani.
“Our startup founders are pioneering innovative products and services that are making a significant economic and societal impact, not just in Canada, but across the globe,” she emphasizes.
The call for applications drew an impressive pool of innovators from diverse fields, according to Amber Metham, the acting executive director of the McMaster Industry Liaison Office (MILO), which manages the fund. Out of 24 proposals, 19 were invited to pitch their ideas before the investment committee, ultimately leading to the selection of PROVA and BiCova for funding.
“Congratulations to our successful Seed Fund investees on this well-deserved honor,” says Metham. “We can’t wait to see the real-world impact that BiCova Therapeutics and PROVA Innovations create for the Hamilton community and beyond.”
Looking ahead, applications for Round 5 of the McMaster Seed Fund will open in the new year. Explore the Research and Innovation website for more details.
