Adrian led an investment round in Chipcare Corporation, raising over $2MM to help bring the potentially lifesaving point-of-care flow cytometry technology out of the lab at the University of Toronto and into a commercial device that can be used in the field in Low Income Countries. The investment round was a combination of private investments by members of Maple Leaf Angels excited by the triple bottom line prospects of impact investment, investments from organizations with mandates to commercialize research (MaRS Innovation, Ontario Centers of Excellence, and the Connaught Seed Fund), and a large grant from Grand Challenges Canada. He has agreed to chair the board of Chipcare.
“This technology has the potential to save and improve the lives of millions around the world by bringing state-of-the-art blood testing to patients, instead of asking the sick to travel to labs that are often difficult to reach,” said James Dou, ChipCare’s co-founder and Chief Technology Officer. “The impact on in-the-field HIV diagnostics alone could be revolutionary; this financing is critical to our commercialization roadmap.”
ChipCare’s Phase II project plan calls for a three-year development of the device to further refine its functionality, develop a more robust prototype and reduce costs, as part of the move to scale. The innovative financing model supporting this development was made possible, in part, with the leadership of the Government of Canada through Grand Challenges Canada.
“This initiative underscores our government’s commitment to support innovation, leverage private sector know-how, and harness venture capital expertise in pursuit of game-changing development and global health solutions. This project will make a difference by saving lives in developing countries and creating jobs here in Canada,” said the Honourable Christian Paradis, Minister of International Development.
ChipCare’s handheld analyzer has the capacity to transform the way in which point-of-care diagnostics are delivered in the field for both developed and developing world populations. It stands apart from contemporary tools for three reasons:
1. Its unique design makes the analyzer significantly less expensive than other similar devices.
2. Proprietary technology enables test results that are faster and demonstrably more accurate than existing standards.
3. The device enables the potential to run not only one but multiple diagnostics simultaneously.
“To the best of our knowledge, this is at least the second largest healthcare angel investment in Canada’s history – and it might well be the largest by the time the project reaches full maturity,” said Adrian Schauer of Maple Leaf Angels. “The diagnostic potential of this device can hardly be overstated. We are investing heavily in its commercialization because we see the potential to revolutionize bedside testing for many conditions, from HIV and malaria in the developing world, to sepsis, heart disease and cancers here at home.”
Read more in the Toronto Star article at: http://www.thestar.com/life/health_wellness/2013/09/17/chipcare_project_puts_blood_test_on_your_smartphone.html