Nov-2022
Eye3Concepts Inc. Accelerates Commercialization Plans for its Innovative Drug Testing Device with Help from Hamilton’s Life Science Ecosystem
David Wilson founded Eye3concepts Inc. (Eye3) as a medical device company to address the unmet needs of the drug testing market. He recognized that the speed and sensitivity of existing drug tests were inadequate for the market, as the demand for rapid detection tests by employers and law enforcement personnel continues to grow.
Eye3’s flagship product is a mobile drug screening platform consisting of multiple components allowing users to detect substances, capture the data and communicate rapid results. Special built-in security features also ensure data privacy and are compatible with multiple communication protocols, supporting broad compliancy for client organizations.
The solution is also capable of deploying a suite of biosensors so multiple substances can be identified simultaneously. Initially, Eye3’s innovative product solution will target law enforcement completing road testing and employers requiring their staff undergo workplace fit-for-duty testing.
Eye3 developed its biosensors with a team at McMaster University. Knowing that accuracy, reliability and efficiency were critical for successful market adoption, Wilson then turned to Innovation Factory’s SOPHIE (Southern Ontario Pharmaceutical and Health Innovation Ecosystem) program, which is funded by the Government of Canada through the Federal Economic Development Agency for Southern Ontario (FedDev Ontario). He quickly saw how the program could support Eye3’s business objectives by providing the funding required to continue its McMaster collaboration and gather the necessary data to seek regulatory approval.
“The SOPHIE program helps us achieve a key milestone by allowing us to complete the validation studies and field trials necessary to benchmark against industry and legal standards,” said Wilson. “This is invaluable and places us in an excellent position to move forward with our commercialization plans.”
SOPHIE bridges the gap between Ontario-based life science companies and leading academic and hospital partners. By leveraging the region’s established research expertise and clinical capacity, emerging companies can access financial support to accelerate their product commercialization along with the expert resources and strategic networks from Innovation Factory and the Synapse Consortium.
In addition to accessing resources from the SOPHIE program, particularly as Eye3 engaged Innovation Factory for consulting and business advisory support, accessed market intelligence reports and benefitted from numerous strategic connections.
“The support that we received from Innovation Factory and the Synapse Consortium was critical to our business; they helped us develop a business framework and establish connections that have been integral to defining our overall direction and supporting our growth at every stage to date,” Wilson added.
In the last 24 months, Eye3 has gained significant traction including securing financing, developing product concepts and prototypes and filing for patents. Based out of Hamilton, Eye3 is quick to highlight the value of the region’s ecosystem.
Kate Riley, Eye3’s CEO acknowledged, “It takes a village to grow a company and especially in the life science sector, every detail can alter your product. We are fortunate that our ecosystem includes experts with diverse capabilities who have provided insight and connections to get us to this stage. We are excited about the SOPHIE program because it will allow us to optimize our market readiness.”
Alex Muggah, Director of the Synapse Consortium shared, “Eye3 identified a market need and has invested significantly to ensure product fit. What it’s done is a great example of how to leverage Hamilton’s renowned research and innovation ecosystem and take advantage of every opportunity to grow and scale a business with Canadian talent, featuring a domestic supply chain and manufacturing capacity that leverages homegrown strengths and capabilities.”
The future for Eye3 is bright. Favourable market conditions, a growing demand for rapid and reliable substance detection tests and a unique technology solution make Eye3 an exciting medical innovation company to watch.
Learn more about Eye3 by visiting: www.eye3.com