Hamilton, ON — On March 23, 2022, nearly 200 people from the region’s thriving life science ecosystem, gathered virtually for the culminating Showcase event for Innovation Factory’s ninth annual Synapse Competition, Ontario’s premier life science pitch competition.
Following an intense three-month training and commercialization program, 14 of Ontario’s innovative early stage life science companies unlocked a $5,000 grant to support their commercialization journey to business success.
At today’s Showcase event, the top three Synapse Competition finalists; Tenomix, Goji Technology Systems Inc, and Kultura Diagnostics went on to deliver their pitch to the esteemed judging panel and compete for their share of over $105,000 in cash and in-kind prizes, while the remaining eleven finalists competed in a “Quick Pitch” – a pre-recorded, short pitch presentation for $2,500.
Tenomix was named the grand prize winner, taking home a prize of $50,000 in cash along with an in-kind prize package courtesy of Shift Health, an in-kind legal package from Ridout & Maybee LLP, and a one-year membership with Life Sciences Ontario and the Hamilton Chamber of Commerce.
Goji Technology Systems Inc took second place receiving $20,000 in cash, an in-kind legal prize from Gowling WLG, as well as a one-year membership with Life Sciences Ontario and the Hamilton Chamber of Commerce.
Kultura Diagnostics came in third place receiving $7,500 in cash, an in-kind Legal package from Bereskin & Parr LLP, as well as a one-year membership with Life Sciences Ontario and the Hamilton Chamber of Commerce.
HDAX Theraputics won this year’s “Quick Pitch” prize of $2,500 cash.
“The Tenomix team is incredibly proud and beyond excited to have placed first in the 2022 Synapse Life Science Competition. Participation in this competition has allowed my team and I to create a strong investor-ready business plan and pitch deck, while also building strong collaborative relationships with pathology staff at Hamilton Health Sciences, St. Joseph’s Healthcare Hamilton, and Juravinski Cancer Hospital. The cash prize and in-kind services received from this competition will help us reach our next critical milestones, which are to finalize our beta-prototype and conduct a clinical pilot study. Receiving this recognition also helps us get one step closer to our vision, where we plan to be at the forefront of pathology innovation, providing pathology staff with the right tools to help deliver the best patient care. We are grateful for the extraordinary support provided by numerous organizations and individuals, particularly those from the Hamilton, London, and Brampton life science and med-tech ecosystems. Thank you for your continuous support and guidance.” said Saumik Biswas, CEO and Founder of Tenomix.
This year’s Synapse Competition judges included Alex Ross, Counsel at Gowling WLG, Dr. Jennifer Hamilton, Senior Director, New Ventures (Canada) for Johnson & Johnson Innovation, and Lu Han, PhD Partner at Lumira Ventures.
Since the inaugural Synapse Life Science Pitch Competition in 2013, Innovation Factory has worked with more than 100 companies and awarded over $600,000 in cash and in-kind resources through the support of its sponsors.
Each year, the innovators selected as finalists, form teams with post-secondary students. Together, the teams participated in three months of intensive training, where they produced commercialization plans and investor pitches for their ventures.
The competition is delivered in collaboration with the Synapse Life Science Consortium and made possible through the support of the competition’s Title Partner, Gowling WLG; the Innovation Partners, Bereskin & Parr and Ridout & Maybee, and, funding partner, the Federal Economic Development Agency for Southern Ontario (FedDev Ontario) through the funds provided for the Southern Ontario Pharmaceutical and Health Innovation Ecosystem (SOPHIE) program. The SOPHIE program launched in 2021 following an announcement from Innovation Factory, receiving a $6 million investment to accelerate the commercialization of life science innovations in southern Ontario.