$3 million in funding helping six companies bring Ontario medical innovations to the world
HAMILTON — The Ontario government is investing $3 million to help six life sciences companies develop and bring to market made-in-Ontario medical innovations and health-care solutions. These companies are the first recipients to receive support from the province’s Life Sciences Innovation Fund (LSIF), a new, early-stage fund that helps companies advance made-in-Ontario solutions and increase Ontario’s competitiveness.
“Through our Life Sciences Innovation Fund, our government is strengthening Ontario’s growing life sciences sector and ensuring our innovators have the resources they need to develop cutting-edge solutions,” said Vic Fedeli, Minister of Economic Development, Job Creation and Trade. “The first group of LSIF recipients will bring our life sciences sector to new heights, ensuring Ontario remains a global leader in the sector.” Six life sciences companies will each receive $500,000 to accelerate the development of made-in-Ontario health-care solutions and bring these innovative solutions to market in Ontario and around the world:
- Fero International Inc., located in Hamilton, designs and builds modular infrastructure to provide scalable, rapidly deployable, and cost-effective solutions for health-care, remote communities and disaster relief.
- KEEP Labs Inc., located in Kitchener, has developed a smart storage device to help patients monitor their dosage of medication.
- InventoRR MD, located in Toronto, is developing several products for trauma and general surgery, including the AbClo – a medical device that provides traction to the abdomen to reduce the incidence of failed closure and major complications.
- Juniper Genomics, located in Toronto, has developed a proprietary approach that uses whole genome sequencing, bioinformatics and data to give patients and clinicians as much certainty as possible that embryo transfers for IVF will succeed.
- MIMOSA Diagnostics Inc., located in Toronto, has developed a medical device that looks below the surface of the skin to detect skin injuries before they are visible to the naked eye.
- Gotcare, located in Toronto, has developed technology to connect clients with ideal home care workers based on proximity, specialization, language, and cultural understanding.
“Life science startups face distinct challenges in moving their innovations from the research lab into the marketplace,” said Claudia Krywiak, President and CEO of the Ontario Centre of Innovation. “The Life Sciences Innovation Fund will provide much needed support to de-risk early-stage opportunities and accelerate time to market.”
The Life Sciences Innovation Fund is an important tool in Taking Life Sciences to the Next Level, the government’s life sciences strategy to secure Ontario as a global biomanufacturing and life sciences hub. Companies across the province can apply online to receive up to $500,000 to scale their made-in-Ontario health solutions. Over the last two and a half years, Ontario has attracted over $3 billion in life sciences investments. The province is now the largest life sciences jurisdiction in Canada.