HDAX Therapeutics Awarded 2024 Temerty Innovation Prize for Student Entrepreneurship

When Dr. Nabanita Nawar and Dr. Pimyupa Manaswiyoungkul first met in University of Toronto’s chemistry labs, neither expected their work would someday spin off into a biotech startup on the cusp of delivering potentially life-changing therapeutics. Yet in 2021, fueled by a passion for innovation and improving patient outcomes, they founded HDAX Therapeutics. Since then, their progress has been nothing short of remarkable.

It is with great pleasure that H2i announces Dr. Nawar and Dr. Manaswiyoungkul as the co-recipients of the annual Temerty Innovation Prize for Student Entrepreneurship. In its fourth year, the prize has been made possible by the generous gift from James and Louise Temerty and the Temerty Foundation. As an endowed prize, it will support student entrepreneurs from the Temerty Faculty of Medicine and the University of Toronto, in perpetuity.

HDAX is working to advance a novel class of small-molecule treatments targeting diseases with few effective treatment options, from peripheral nerve damage to cardiovascular conditions. At the core of HDAX’s approach is a proprietary binding mechanism that promises safer, more efficacious solutions than current standards.

From Academic Discovery to Commercial Reality

HDAX Therapeutics traces its roots back to the labs of Prof. Patrick Gunning. Their doctoral research under Gunning’s mentorship provided an ideal launchpad for their now thriving venture. Together, they identified HDAC6—a protein implicated in everything from chemotherapy-induced peripheral neuropathy to chronic heart failure—as the foundation of a next-generation therapeutic strategy.

“We’re advancing our novel binding technology to better target disease-driving proteins for breakthrough therapies,” explains Dr. Nawar, now CEO of HDAX. “With this approach, we aim to significantly improve patient outcomes—enhancing both safety and efficacy.”

Dr. Manaswiyoungkul, serving as COO, similarly recalls how a deep conviction in the lab’s core science propelled them from academia to entrepreneurship. “Once we saw how strongly differentiated our technology was, we felt compelled to move beyond the bench,” she says. “We believed wholeheartedly in its potential to help patients in need.”

HDAX first joined H2i in 2020. That same year, the team developed their business as part of the augural Building a Biotech Venture (BBTV) cohort, co-run by Medicine by Design, PRiME and H2i. The team went on to win the first BBTV pitch competition, where they were awarded $25,000 in research funding. Since these early days, the team’s momentum has been exemplary.

Major Milestones & Momentum

In just a few years, HDAX has cultivated an impressive track record. When asked for the milestones they are most proud of to-date, Dr. Nawar and Dr. Manaswiyoungkul point to the successful completion of their CA$5M+ seed round and the assembly of their exceptional team.

The recently closed, oversubscribed seed round brought together a diverse group of investors, including seed-stage biotech VCs from Canada and the USA, Ontario-focused funds, and angel investors, all uniting to support HDAX’s vision.

The co-founders are proud to have built a high-caliber team, made up of nine highly qualified personnel—eight based in Canada, one in the U.S.—with over 85% holding PhDs. Further, they share that diversity, equity, and inclusion are at the core of who they are and what they are building together.

“Approximately 85% of our employees identify as visible minorities, 33% are women, and over 65% of our management team are women of color. These numbers reflect not only the success of our DEI mission but also the inclusive spirit of Canada that we are proud to embody,” Dr. Nawar shares.

At HDAX, we believe success follows when great science is met with equally great teams. We’re not just innovating in the lab; we’re building a culture of equity and inclusivity.

Dr. Nabanita Nawar

Just a few of HDAX’s accomplishments to-date include wins at the ECHO Pitch Competition (CA$250,000), the BI External Innovation Day prize (US$50,000), and a CA$100,000 seed investment from OBIO’s Women in Health Initiative. Both founders were selected for the Forbes 30 Under 30 Toronto list last year, a testament to their rising star status in the biotech scene.

Lessons Learned on the Founders’ Journey

For Nawar and Manaswiyoungkul, resilience has been their greatest ally—particularly when fundraising in challenging markets. The duo emphasizes that a clear mission, backed by robust science, will ultimately attract the right champions.

“In even the most challenging fundraising environments, a clear mission and robust foundational science will attract the right supporters,” notes Dr. Nawar. “The people who believe in your vision will champion you to success.” Their transition from academia to entrepreneurship was eased by mentors like Prof. Patrick Gunning and H2i’s Dr. Paul Santerre, accelerators like H2i, UTEST, SpinUP and CDL, and the supportive innovation ecosystem found at U of T.

When asked to share wisdom with emerging entrepreneurs, they highlight the importance of personal passion. “Find a cause you’re truly passionate about, and dedicate yourself to advancing it,” Dr. Nawar advises. “Commitment is crucial to success—if you don’t believe in it fully, you can’t expect others to.

Reaffirming the importance of resilience, Dr. Manaswiyoungkul reflects: “If you choose to make the jump to being a founder, you must commit 100%. Those uncomfortable moments often shape us the most.”

Charting the Future

Adding to HDAX’s many accolades, the Temerty Prize will accelerate the startup’s next development phase. The award paves the way for the company to pursue three critical priorities:

• Development Candidate Nomination: Identifying and characterizing lead compounds for preclinical studies.
• Indication Prioritization: Evaluating which conditions most urgently need HDAX’s novel approach.
• Pipeline Expansion: Extending the dual-binding HDAC6 technology into additional neurological and cardio-metabolic diseases.

Beyond immediate milestones, HDAX sees broad potential for its technology, particularly in cardiovascular health, where halting or reversing disease progression would be a paradigm shift. Over the next two to three years, they plan to conduct ongoing animal studies to confirm safety and efficacy, advance regulatory steps toward Investigational New Drug (IND) approval and expand R&D to target new diseases rooted in impaired cellular transport. Ultimately, HDAX aims to solidify a best-in-class position, and the founders are confident they have the science and team to get there.

A Lasting Impact

In a sector where countless potential treatments stall out before reaching patients, HDAX Therapeutics stands out for its fusion of cutting-edge chemistry, mission-driven leadership, and deep focus on diversity.

We want to bring meaningful and safe disease-modifying therapies to patients. We’re ready to rewrite what’s possible in drug discovery and healthcare.

Dr. Pimyupa Manaswiyoungkul

Backed by a dynamic team, an inclusive ethos, and the momentum of recent victories, HDAX appears poised to do just that—rewriting the possibilities for conditions that once seemed intractable and setting a new bar for biotech innovation.