BioNext, as Western University's MedTech Incubator, is driving medical technology innovation and facilitating the commercialization of groundbreaking concepts. Its primary focus is to support medical technology entrepreneurs in various aspects of their journey, including company formation, business planning, raising capital, hiring talent, and bringing their technologies to market.
The collaboration between BioNext and the Morrisette Institute for Entrepreneurship ensures that entrepreneurs receive both scientific and business support, addressing the challenges specific to the complicated and regulated field of Medical Technology. The proximity to clinical networks such as the London Health Science Centre, St. Joseph's Health Care, and the Schulich School of Medicine and Dentistry allows for collaboration with leaders in medical science.
Under the management of Justin Leushner, a seasoned entrepreneur, BioNext offers comprehensive support services tailored to the needs of start-ups in the MedTech space. These services include mentorship programs, access to resources, prototype manufacturing facilities, analytics testing and validation, as well as preclinical and clinical development assistance. This comprehensive approach helps entrepreneurs navigate the complexities of intellectual property, regulatory compliance, quality assurance, and reimbursement laws.
“It takes a village to help a medical technology make it to market and we have the greatest group of people in our community” explained Leushner. “The BioNext team includes Scientific Director Maria Drangova, our Fabrication Specialist Tom Chmiel, our Clinical Trials Manager Barbara Murray, Director at the Morrissette Institute Deniz Edwards, and Business Development Manager at WORLDiscoveries Colin Macaulay.”
In partnership with WORLDiscoveries, the Medical Innovation Fellowship (MIF) program is located at BioNext providing opportunities for fellows to receive training and resources to advance their medical innovations. Graduates of the program have achieved significant milestones, including successful product launches, fundraising success, and market penetration. The educational programs offered by BioNext have also equipped entrepreneurs with the skills and knowledge needed to succeed in the competitive MedTech landscape.
The success stories of companies like Frontline Medical, Tenomix, and Vessl demonstrate the positive impact of BioNext’ s support. These companies have developed innovative medical technologies that have reduced surgical costs, improved patient recovery rates, facilitated efficient pathology procedures, and enhanced prosthetic socket adjustability. By guiding entrepreneurs from the idea stage to fundraising and product launch, BioNext is fostering innovation, job creation, wealth creation, and investment opportunities in the MedTech sector.
Overall, BioNext, with its collaborative approach and experienced director, plays a vital role in driving health technology commercialization and attracting top talent to London. It serves as a bridge between innovative ideas and successful market entry, advancing healthcare and improving patient outcomes. Despite being a relatively new MedTech Incubator, BioNext has already achieved significant success and continues to grow, making a substantial impact on innovation and the local economy.
