ABK Receiving $3 Million From The Atlantic Innovation Fund
February 26th, 2018
Seeing ABK Biomedical‘s continued growth, gives us great pleasure and we at Springboard are extending our congratulations.
Starting out with Dr. Boyd’s innovation in the Department of Applied Oral Sciences and the School of Biomedical Engineering at Dalhousie University and with the ongoing support from the beginning by Dalhousie’s Industry Liaison and Innovation Office (ILI) ABK received Springboard’s Innovation Mobilization Proof of Concept Funding in 2010. To further support the company #springboarding forward, they received mentorship from Springboard’s Board Director Brian Lowe.
ABK is working to improve a process used to kill some forms of tumour: tiny beads cling to tumours, depriving them of blood flow and thereby shrinking or killing them, and are now awaiting regulatory approval in the U.S. In August 2017 the company raised more than $9 million in an over-subscribed round of equity funding. The larger equity base has allowed the company to borrow $3 million from the Atlantic Innovation Fund (AIF) from the Atlantic Canada Opportunities Agency (ACOA).
Once ABK has received regulatory approval they plan to use the funds to manufacture its products in Nova Scotia.
To read the full story in Entrevestor, click here.
Photo by Ken Treloar on Unsplash