Ontario’s $5.5 Million Boost to Life Sciences
The Ontario government is making a significant investment in the life sciences sector by allocating $5.5 million to support 11 innovative companies. Each company will receive $500,000 to help commercialize their cutting-edge health care technologies, as part of the $15 million Life Sciences Innovation Fund (LSIF).
This initiative underscores the importance of Ontario’s life sciences sector, which employs over 72,000 people, exports more than $12 billion annually, and has attracted $4 billion in investments over the past three and a half years. These efforts are vital in solidifying Ontario’s position as a global leader in bio-manufacturing and life sciences.
“Ontario is a powerhouse in the life sciences sector from therapeutics to medical devices to digital health, and genomics/modular hospital infrastructure. These investments in homegrown Ontario companies with made-in-Ontario solutions through the Life Sciences Innovation Fund is another testament to the governments strong support for the sector and its growth, including through female-led companies, promoting diversity and inclusion in the sector.”
Raed Kadri, Head of the Ontario Vehicle Innovation Network at the Ontario Centre of Innovation
Innovating Health Care: The Companies and Their Achievements
“These investments signal our government’s continued commitment to promoting the very best of Ontario’s life sciences sector,” said Vic Fedeli, Minister of Economic Development, Job Creation and Trade. “These ambitious companies demonstrate the innovation, talent and expertise that has the potential to improve lives around the world while creating good-paying jobs at home.”
- Apiary Therapeutics in Toronto has engineered cells as advanced drug delivery vehicles, offering a more targeted and cost-effective alternative to traditional methods like repeat injections. This innovation improves patient compliance and outcomes.
- Cohesys Inc., also in Toronto, has developed a special adhesive bone tape for orthopedic surgeons to use in place of plates and screws for non-loadbearing bone fractures. This technology is designed to reduce surgery times and improve patient outcomes.
- Gold Sentinel Inc. in Waterloo has advanced AI-powered technology that enhances the quality of life for seniors in care by identifying early signs of illness and preventing falls.
- HDAX Therapeutics in Mississauga is pioneering next-generation therapeutics for diseases driven by microtubule dysfunction, aiming for better patient outcomes.
- KVR Pharmaceuticals Inc. in Toronto has created products to treat patients with bleeding disorders and related diseases and is exploring coagulation medicines’ potential in cancer treatment.
- Noa Therapeutics Inc., based in Toronto, is developing non-steroidal therapies to revolutionize the treatment of immune diseases.
- Novel Biotechnology Inc. in Vaughan has enhanced the manufacture of plasmid DNA, crucial for vaccines and gene therapies.
- Quthero Canada Ltd. in Toronto has leveraged bio-engineering technology to aid skin healing and regeneration, benefiting dermatology and plastic surgery patients.
- Radialis Inc. in Thunder Bay has developed high-definition positron emission tomography (PET) imagers that provide clear images for accurate diagnoses and treatment plans.
- Realize Medical Inc. in Ottawa employs virtual reality to create 3D models from medical images, enabling remote clinicians to better collaborate and plan surgeries.
- Tenomix Inc. in London uses robotics, ultrasound imaging, AI, and machine learning to improve cancer tissue processing in pathology labs, leading to better-informed treatment decisions.
Apply for More Ontario Government Funding
These investments signal Ontario’s commitment to fostering innovation and growth within the life sciences sector. By supporting these ambitious companies, the province is paving the way for advancements that have the potential to improve lives globally.
If you are an entrepreneur or innovator looking to bring your health care technology to market, we encourage you to apply for grants with us at Mentor Works, a Ryan Company. We can also support you with SR&ED applications. Get in touch with us today!
If your business is performing research & development in Canada, you may be eligible to receive tax credits covering up to 69% of labor and overhead costs, 36% of contractor costs, and 45% of material costs through the Scientific Research and Experimental Development (SR&ED) program. We’ve put together a free SR&ED 101 guide PDF that you can download to learn more about how you lower your R&D project costs.
