OTTAWA, ON, Dec. 3, 2024 /CNW/ - Capital BioVentures (CBV), Ottawa's Biotech Accelerator Program, proudly announces the first cohort of companies selected for its support programming. Seven innovative enterprises have been chosen to receive assistance ranging from consulting services through the Expert-in-Residence program to lab space placements and non-dilutive funding. The selected companies are:

• NuvoBio Corporation
• Rhythm Biotherapeutics
• Yellowbird Diagnostics
• Esphera SynBio
• HyliDx
• Virano Therapeutics
• JN Nova Pharma

Funding provided by the Government of Canada, through the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), is enabling Capital BioVentures to address critical gaps in Ottawa's biotechnology ecosystem. NuvoBio, Rhythm Biotherapeutics, Yellowbird Diagnostics, and Esphera SynBio are the first companies that will receive lab space placements, with NuvoBio and Rhythm also receiving the first tranche of non-dilutive capital. All companies are actively working with the Experts-in-Residence to help navigate key challenges in business development, intellectual property, regulatory affairs, corporate strategy, and more.

"The interest that we've generated in these first few months, not just from the companies, but also from institutions across our region, has been incredible," says Dr. Jeff Smirle, Executive Director of Capital BioVentures. "We're already on track to exceed our most optimistic targets for support and impact in our first year. We are extremely excited to be working with such a talented group of companies in the Ottawa ecosystem, and we are looking forward to expanding our roster and support programs in the coming months."

"Rhythm is thrilled to receive this support from CBV," says Dr. Darryl Davis, Founder and Chief Executive Officer at Rhythm Biotherapeutics. "This partnership and investment will significantly accelerate Rhythms' research and commercialization efforts. CBV's state-of-the-art lab facilities and deep expertise in biologics will enhance and de-risk our journey."

"CBV has been an immense help to HyliDx in a number of ways," says Jack Fairbank, CEO at HyliDx. "They've allowed us to focus our capital on people and product development, rather than equipment and infrastructure. We really appreciate the team's extensive industry experience, which translates to a wealth of relevant knowledge and the ability to meet to start-up needs at start-up speeds."

"Congratulations to the seven companies selected for Capital BioVentures' Biotech Accelerator Program as they further their important work in the biotechnology ecosystem," said the Honourable Filomena Tassi, Minister responsible for the Federal Economic Development Agency for Southern Ontario. "The Government of Canada is pleased to support Capital BioVentures as they address a critical need for lab space that will help companies in Canada to innovate, grow and thrive."

Capital BioVentures will continue to receive expressions of interest from companies in the Ottawa region that are looking for support. The organization is actively looking to expand its lab-space footprint to accommodate additional demand for placements.

About Capital BioVentures

Capital BioVentures is a not-for-profit biotech accelerator located in Ottawa that offers early-stage funding and resources to Canadian companies. The organization provides access to specialized drug and corporate development professionals, as well as high-quality laboratory space, equipment, and non-dilutive funding. Backed by a $5.5 million investment from FedDev Ontario, the program meets the urgent demand for wet lab facilities, allowing small- and medium-sized enterprises (SMEs) to utilize city-wide resources and essential support services while they develop their products and expand their businesses.

About FedDev Ontario

For 15 years, the Government of Canada, through FedDev Ontario, has worked to advance and diversify the southern Ontario economy through funding opportunities and business services that support innovation, growth and job creation in Canada's most populous region. The Agency has delivered impressive results, which can be seen in southern Ontario businesses that are creating innovative technologies, improving productivity, growing revenues, creating jobs, and in the economic advancement of communities across the region. Learn more about the impacts the Agency is having in southern Ontario by exploring our investment profiles, our Southern Ontario Spotlight, and FedDev Ontario's X, Facebook, Instagram and LinkedIn.

About the Companies

NuvoBio: NuvoBio is a peptide therapeutics company dedicated to generating a pipeline of best-in-class peptides, driven by its innovative and highly differentiated drug discovery platform, DarwinAI. With the increasing prevalence of chronic diseases, demand for peptide therapeutics is on the rise. NuvoBio's mission is to accelerate peptide drug development using its revolutionary approach. This technology not only speeds up drug development but also significantly reduces off-target risks, paving the way for safer and more effective treatments.

Rhythm Biotherapeutics: Rhythm Biotherapeutics Inc. is a preclinical-stage startup, pioneering novel biologic therapies designed to prevent and cure atrial fibrillation. The company's lead asset is an exosome therapy targeting postoperative atrial fibrillation, a serious complication of open chest surgery that results in increased morbidity and healthcare costs. Rhythm Biotherapeutics is dedicated to developing treatments that not only address this immediate concern but also contribute to the broader goal of eradicating atrial fibrillation.

Yellowbird Diagnostics: Yellowbird Diagnostics is a clinical stage biotechnology company revolutionizing medical imaging. Our cutting-edge plug-and-play imaging dyes offer unparalleled diagnostic capabilities for common procedures. By revealing subtle, previously invisible biomarkers, we empower clinicians to detect early signs of diseases affecting vital organs such as the brain, heart, and kidneys. This enables more accurate diagnoses and timely interventions, leading to improved patient outcomes and reduced healthcare costs.

Esphera SynBio: Esphera is a synthetic biology company developing engineered exosomes for the delivery of specific payloads to target cells using a first-in-class proprietary multimeric fusion protein. We modify cells such that they make modified exosomes. These bespoke exosomes can be designed to have targeting moieties on their surface and a variety of protein or RNA payloads in their lumen. Exosomal therapeutics are a rapidly growing field that offers unique advantages for safe, targeted, versatile drug delivery. 

Hylid Diagnostics: HyliDx has developed a working prototype for a lab-equivalent, connected, at-home blood-testing system for potassium, to help control life-threatening hyperkalemia experienced by millions of chronic disease patients in Canada, the US, and EU. 

Virano Therapeutics: Virano Therapeutics has a vision to bring vastly improved and safer gene therapies to patients. We're building a pipeline of Vector Potentiators (VEPO™) and vector therapeutics for high unmet need diseases through in-house discovery and partnerships with global gene therapy players. 

JN Nova Pharma: JN Nova is a clinical-stage biopharmaceutical company, focused on efficiently developing innovative treatments that address significant unmet medical needs. JN Nova's lead product candidate, KG2019 is a novel anti-COVID-19 molecule. The company is collaborating with Canadian Government labs and Canadian academic centers to accelerate its COVID-19 and Long COVID therapeutic development.

SOURCE Capital BioVentures