For centuries, marijuana has proved to have a huge potential to alleviate pain especially when it is related to the side effects of chemotherapy and other degenerative diseases. Today, synthetized cannabis could be the next innovation in the health industry – at least it is the project of ambitious young scientist, Kevin Chen.
We met Kevin at an event organized by John Molson School of Business MBA Entrepreneurship Club (JMEC) earlier this year. With his 24 years old and geeky eyeglasses, Kevin is not the kind of guy you would imagine roaming around with a joint – in fact, he has never smoked any cannabis in his life, but he is passionate about biochemistry and that is enough to make a difference.
“As synthetic biologists, we adopt new technologies, innovations and models in making discoveries, finding cures, and solving problems.”
A pure Montreal innovation
This new innovation is a 100% Montreal project, from its premises to its actual stage: it all started at the beginning of 2014 at Bricobio, a biology lab where scientists and entrepreneurs met in Montreal. With a couple of friends, Kevin pitched his ideas to Irish biotech accelerator Indie.bio. After this, nothing was the same: Kevin started the company with his co-founders Zach Wiltshire, Alex Campbell, Shoham Mookerjee.
They decided to stay in Montreal, instead of Ireland: “we had a lot of incentive and support for moving there but for entrepreneurs, Montreal has a great talent pool and access to a lot of other resources that are great for early stage companies.” Fuelled with the cohesive and collaborative startup ecosystem, the team started the most difficult part of the job – collecting funds.
Getting funds one round at a time
The team closed a first round was as part of the IndieBio accelerator program. The $520,000 second round was lead by Bill Liao at SOS Ventures, and followed by Ethan Perlstein of PerlsteinLab and Andrew Hessel of Autodesk. Major steps in achieving this were demonstrating potential through their results and ability to solve problems. Recently, Hyasynth Bio participated in MassChallenge in Boston this summer and won an award from Cydan, an accelerator of orphan disease research dedicated to creating therapies that impact the lives of people living with rare genetic diseases,
Synthetizing cannabinoids … and beyond
Today, Hyasynth Bio is in the later stages of the development phase, and very close to commercialization. They are aiming to be on the market within the next year. The target audience is ultimately patients, but they are also getting there by partnering with other companies and organizations of different kinds.”
“We’re aiming to synthesize anything. The cannabinoids are going to occupy a large portion of the pharmaceutical industry, and there are a lot of molecules in that family. Beyond that, there are many more biologicals that would make great targets”