FACIT, a commercialization venture firm focused on advancing Ontario’s top-tier oncology innovations, announced new follow-on investments in start-ups Xpan Inc. (“Xpan”) and Nanology Labs (“Nanology”). Spun out of the University of Toronto, both start-ups have previously received funding through FACIT’s proof-of-concept Prospects Fund that enabled the companies to address key commercialization challenges. Upon successfully achieving initial business targets, these start-ups and their respective technologies have been elevated to an equity-based investment through FACIT’s seed stage Compass Rose Fund.
Nanology has developed a first-in-class theranostic agent enabling real-time tumor detection and radio-sensitization. In animal models, this agent is safer and more sensitive than MRI contrast agents currently available. It simultaneously oxygenates the tumor area leading to an improvement in radiation therapy efficacy. “FACIT’s follow-on investment is critical in enabling our technology to reach its next inflection point, moving closer to the clinic and positioning our company for further investment,” said Dr. Mohammad Ali Amini, Co-Founder and CEO of Nanology.
The 2020 MEDTEQ Innovation Summit will provide 5 Canadian healthtech start-ups with the opportunity to showcase their company in front of high profile investors, potential clients and partners during a cocktail reception by invitation. Each selected company will have five minutes to present its solution and technology and try to secure up to a $200,000 investment from the MEDTEQ investment fund.
A MEDTEQ Invest cocktail reception: More than 50 companies applied to present their technological solution at an invitation‐ only cocktail party attended by numerous investors, with $200,000 at stake. The winner, Nanology Labs, will be able to appear before the MEDTEQ investment committee.