Afynia Laboratories has picked up $5 million in seed funding to advance its blood test for endometriosis.
This is the latest in a line of exciting milestones for this spin-out from McMaster University, led by co-founders Dr. Lauren Foster and Dr. Jocelyn Wessels.
At the beginning of 2024, Afynia closed a $2-million round of pre-seed funding to develop and begin bringing the test to market, backed by Capital Angel Network (CAN), SOSV, Gaingels, Aventura and McMaster University’s Seed Fund.
This latest funding was led by life sciences research and clinical diagnostic manufacturer Bio-Rad with participation from new investor, Impact America Fund, and existing investors SOSV, Gaingels, Canadian Angel Network and Aventura. This funding will help accelerate regulatory approvals, scale manufacturing and expand clinical adoption.
“Now we have the financial resources to enter a growth phase and to add other people to the team, so we don’t have to wear so many hats,” Foster says.
“It was extremely validating to make it to this phase and to have a group of investors who saw what we are doing and had faith in us. It was really awe inspiring, but also motivating, to have other people see the importance of this. I had the motivation to make it happen before, but I feel even more driven now.”
Dr. Foster was a professor in the Department of Obstetrics and Gynecology at McMaster for more than two decades after an early career as a research scientist. She had a long interest in endometriosis. “I think it’s the fact that it was unexplained in cause, the treatments were sub optimal and diagnostic tools were sub optimal. It just really captured my imagination and interest. And so, I always kept coming back to it.”
While Wessels was a PhD student in Foster’s lab at McMaster, they identified a number of biomarkers for endometriosis, which they patented. Then they identified microRNAs, which had even better potential as being diagnostic markers for endometriosis.
“Then COVID-19 hit and I chose to retire,” Foster says. “Jocelyn knew that I couldn’t stay retired and suggested that we form a company. After two weeks of retirement, I thought it was a great idea.”
“We have been going at a sprint ever since, transitioning from academics to businesspeople and learning that’s not an easy process. It’s a very steep climb, and the mountain is higher than even we imagined. It’s been a lot of fun along the way, and we’ve surrounded ourselves with people who complement our expertise. It’s just been a great experience.”
The team believes it will be ready to bring the test, called EndomiR, to market in Canada as soon as this summer and to the Unites States next year. It would be the first non-invasive diagnostic tool for endometriosis on the market, speeding up diagnosis and treatment.
It is a simple blood test that compares the expression levels of a panel of microRNAs—tiny segments of genetic material that can be isolated from the blood—with those from surgically confirmed cases of endometriosis. The EndomiR test reports results within days. (Right now, a physician needs to order the blood test, which is done at a lab, but the goal is to eventually provide an at-home test.)
This is a promising step, as it can take up to 10 years of doctor appointments and invasive tests for an endometriosis diagnosis. In endometriosis, tissue similar to the lining of the uterus grows outside the uterus, causing chronic, often debilitating, pelvic pain and fertility issues. In addition to frustration, delayed diagnosis means lack of access to treatment that could alleviate pain or improve a woman’s chances of being able to get pregnant.
In 2022, the McMaster Seed Fund was Afynia’s earliest investor, at just under $500,000. “They were at the super early stage, just the two co-founders pushing forward to get this test out,” says Leigh Wilson, Associate Director of New Ventures, McMaster Industry Liaison Office. “Our investment committee of external investors was very enthusiastic about the two founders and the science and the high potential of the market.
“From the minute we invested, every quarter, they have had an important milestone to report to us in terms of leveraging our investment, getting into incubator programs, growing in terms of their entrepreneurial education and meeting advisors to support the company along the way.
“So, we are not surprised to see where they are now because of how hard they’ve worked. It’s very exciting for the McMaster Seed Fund to see that one of our investees has multiplied our investment twenty-fold.”
Afynia’s founders also took advantage of the resources provided by the Business Incubator program with The Forge, an entrepreneurial hub backed by McMaster University.
“Since joining The Forge in early 2022, Afynia has shown incredible drive to push their business forward,” says Lauren Brown, Business Incubator Manager, The Forge McMaster. “The pace at which they approached their milestones and their determination to tackle any obstacles was inspiring and rewarding to be able to support.
“They leaned into the mentorship opportunities and resources available at The Forge, which is what we hope for our incubator clients, and why we’re here—to support their growth. We’re thrilled that they have secured this funding to help bring this much-needed test to market, revolutionizing the care for those struggling to receive a diagnosis for endometriosis.”
Foster says she is thankful for the support. “After standing in front of the classroom for 30 years and lecturing people, all of a sudden, I had to be the student,” Foster says. “I needed learn about leadership and management and communication skills. We had to explore the entire process of the business world.
“The people at The Forge and within the McMaster Industry Liaison Office have been extremely helpful as we moved from disclosure to patent through to where we are today. McMaster was really helpful in providing the financial support through the seed grant, and being part of The Forge allowed us to meet with mentors. Being able to bounce ideas off them and get their feedback was critical. It’s been a great experience.”