Dal Spin Off ABK Biomedical Receives ACOA Funding
October 23rd, 2012
A Dalhousie University spin off company who works closely with the Industry Liaison and Innovation team has just been awarded a repayable loan of $499,975 from ACOA. The funding will help ABK BioMedical complete the development of OccluRad and OccluDel, products which will be used in the treatment of uterine fibroids.
Daniel Boyd, Chief Scientific Officer thanked the Dalhousie Industry Liaison and Innovation team for their support and thanked Springboard Atlantic for Proof of Concept funding. Boyd also thanked Springboard Atlantic Board member Brian Lowe for his role as a mentor.
With assistance from the Government of Canada, Halifax-based ABK BioMedical will further develop and market around the world their materials to be used in the treatment of uterine fibroids, a medical condition affecting 40% of all women over the age of 35. The announcement was made today by the Honourable Bernard Valcourt, Associate Minister of national Defence and Minister of State (ACOA) (La Francophonie).
“I am proud to announce an investment in research and development that has very practical applications and that will improve the lives of many women and their families,” said Minister Valcourt. “A technology with the potential to help nearly one-quarter of the people on earth over the age of 35 makes both a strong humanitarian and a strong business case. This project is a perfect fit with our Government’s priority of job creation, economic growth and long term prosperity.”
The repayable loan of $499,975 from the Government of Canada, through ACOA, will help ABK BioMedical complete the development of OccluRad and OccluDel, products which will be used in the treatment of uterine fibroids. Uterine fibroids are benign tumors that form in the uterus that can cause severe pain and bleeding. The new products will reduce the need for more invasive procedures such as hysterectomies. The funding will also allow the firm to pursue regulatory controls and assist with marketing the new products.