Microdermics, a Vancouver based medical device company has been awarded a $110,000 prize package after winning first place in the B.C. Innovation Council’s (BCIC) and New Ventures B.C.’s new venture competition.
The company created the microneedle, a method of delivering vaccines and medicine that avoids the traditional two-inch hypodermic needle.
“A big part of this population has some form of needle phobia and this fear is actually preventing people from getting their traditional vaccines,” said Grant Campany, CEO of Microdermics “It even goes as far as a diabetic failing to comply with their insulin treatment because they’re just tired of poking themselves with needles.”
Much of the medical industry has been dependent on the hypodermic needle, which was invented in the mid-1800s. Microdermics has created a new way of delivering medicine and biologics to the body. Where the traditional needle injects into the blood, the microneedle injects into the skin which eliminates the pain and bleeding usually associated with getting a shot.
Judges for the B.C. Venture competition weren’t just seeking new, unique innovations. BCIC wanted to find a venture that was trying to take a disruptive technology to the market.
“The judges were looking for an innovative, protectable technology with a really big market and a team that can execute,” said New Ventures B.C. program manager Angie Schick.
“It confirmed our own beliefs about the potential for this company,” Schick said.
The prize consisted of $80,000 cash and $30,000 of in-kind work. Microdermics will invest the money in lab equipment needed for product development.
