Scimar is a Manitoba‑based biotech on a mission to change how the world prevents, detects, and treats type 2 diabetes.
Can you tell us more about Scimar and your commitment to ending type 2 diabetes?
My dad was a professor and a researcher at the University of Manitoba when he made a really novel discovery. Everyone who studied diabetes was focused on insulin being released by the pancreas, but he found a different hormone that was released by the liver that is also really important. He named it “hepatalin” and that’s the scientific foundation of all our work.
We’re developing and testing products that will restore your hepatalin production. If you can get your hepatalin working at full capacity you essentially aren’t diabetic anymore.
Congratulations on being a Xero Beautiful Business Fund winner! There were four categories to apply for and Scimar won the Upskilling for the future prize. What drew you to this particular category and how will the funding help you to achieve your goals?
Type 2 diabetes affects people all across the country, but we know that its impact on First Nations communities is especially bad. The numbers are mind-blowing. 80% of young people living in indigenous communities will develop T2D in their lifetime without a proper intervention. We want to be part of reversing that trend.
Working with indigenous communities requires building authentic relationships. The first step in that is making sure that everyone on our team gets specialized training so they understand the historical and the modern context for this health crisis. That way, we can approach this problem from a wholistic perspective. The program is called, Truth2Action: Reconciliation for Business.
Scimar is a community centric organization – can you share any details about particular projects the team has undertaken that really spotlight this?
Type 2 diabetes is largely a lifestyle disease. The best way to avoid it is to eat healthy food. But that’s hard for young people today. Sometimes they just don’t know how to cook a balanced meal. So, we’re currently running a pilot project we call “Kitchen Skills for Better Nutrition.” We are throwing dinner parties, and inviting people aged 18-25 to get together and cook a meal. They learn a new recipe, we give them a grocery gift card so they can buy the ingredients, and even a set of pots and pans if they need them. Its all to give them the skills they need to establish healthy eating habits.
Running a business is no easy feat but is often aided by having the right tools, such as accounting software, and advisors on board – what does this look like for Scimar?
We need business tools that are flexible, and Xero is a good example of that. We are developing products and running them through clinical trials. We also have a content creation team that operates like a media outlet, and we have a business unit that is bringing in investment funds from both institutional and retail investors. With all that going on, we need software and people who are comfortable working in all those arenas.
What advice would you give other small business owners that are also in the health sector and are looking to raise funds?
Health care is immensely individualized and very personal, so our approach to raising money reflects that. We are going directly to real people through Regulation A+. “Reg A” allows retail level investors – people with a couple hundred dollars to invest – to buy stock and join our company as shareholders. It’s a special provision set up by the American SEC and governed by FINRA. People can literally go to our website, click a few buttons, and they own a piece of Scimar. If people believe in our mission to end type 2 diabetes, this is a great way for them to get involved.
