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Staff at Exact Imaging is smiling because the recent $3M commitment from Chinese firm BioSciKin means their firm’s financing is nearing completion. The capital will allow them to launch their innovative prostate cancer biopsy high resolution micro-ultrasound systems which allow real-time imaging and biopsy guidance of the prostate in the commercial markets.
While there is no audible accent, after speaking for a few minutes with Randy Aucoin, you begin to hear the Newfoundland background in his voice. Relaxed and unassuming, this local entrepreneur is on the cusp of something big, and he is managing to keep his excitement in check until, as it were, the fat lady sings.
After working at four technology startups which were eventually sold, he has learned a few things. In this fifth firm, he is CEO, and since its launch in 2013, he has brought it along to a critical junction.
In the most recent sale, the firm where he worked produced visual sonic technology, inventing ultrasound technology that was so minute it was effective on mice. The purchaser allowed Aucoin to retain the portion of this technology relating to prostate examinations, and he took it from there. His new firm, Exact Imaging, has developed a micro-ultrasound system that produces a resolution representing a 300% improvement over current applications. It is designed for use by Urologists, who can examine suspicious areas in the prostate in order to better target biopsies to improve their ability to detect prostate cancer in a cost-effective manner.
Having gone through the myriad of testing required for the commercial distribution of a medical device, his firm located in Markham, is only a few weeks away from European, American and Canadian approvals. Now the firm needs money to begin commercial production and distribution- lots of money!
To get to this point, Aucoin has exhausted the traditional start up sources of capital- friends, family and “angel” investors, and has a target capital raise in excess of $20 million. With the help of a professional venture capital firm, they had commitments in the $17 million range. Then came a $3 million commitment from a Chinese investor, bringing them within a hair’s breadth from their target.
BioSciKin is the Chinese firm who last week agreed to purchase a $3 million equity stake in the Canadian start up. This life science giant targets innovative projects they perceive to have great market value. This summer they held a life science competition in Boston as part of their strategy to identify potential partners, and Exact Imaging was one of ten competitors selected to participate in the competition. The firm placed second, qualifying them for a paid trip to Shanghai for further exploration of the potential to work with the Chinese sponsor.
The timing of Aucoin’s trip to Shanghai coincided with the recent Trudeau Trade Mission to that country. While the federal government facilitated a last minute visa change, they did not secure the invitation to China or in any way sponsor the trip. They were, however, in town the day the Chinese firm signed the investment agreement, and Trudeau attended the signing ceremony and provided a photo opp for the parties involved.
While Aucoin appreciates the administrative support provided by the government, the person he gives the most credit for his remarkable success is his wife, Tammy. Better known as the President of Maple Leaf Cavan Football Club (aka soccer), Tammy’s support is unwavering, and knowing things are well managed at home allows Randy to concentrate on the demands of his growing business which besides taking him to Markham most days, also takes him around the globe.
In explaining his success, Aucoin remains humble, saying he has no special skills, but is focussed and generous as he shares the credit for the firm’s success with those who help to get it there. He encourages those seeking the entrepreneurial life to go for it- the rewards (not necessarily financial) of owning your own business are worth the long hours and stress. There are many successful people who are very eager to offer advice and support, if you just ask them, which he does regularly. He looks forward to being asked for advice himself- given his schedule, it will not likely happen in person.
At the moment, the investors are working through the due diligence stage of negotiations, and unless something untoward is revealed in this process, the financing, and then the commercial product launch will proceed. We look forward to hearing about the next stage in this adventure. KG
