The Southern Ontario Pharmaceutical and Health Innovation Ecosystem (SOPHIE) program, led by Hamilton’s Innovation Factory, has received a $5 million investment from the Government of Canada through the regional development agency, FedDev Ontario.
This FedDev Ontario funding underscores Canada’s commitment to fostering a robust life sciences industry and aligns with goals to position Ontario as a leading hub for healthcare innovation. As the SOPHIE program opens its doors to new applicants, its renewed focus on commercialization and technological advancement promises to reshape the future of healthcare in Canada.
“By providing crucial commercialization project grants, mentorship, and access to world-class clinical, research, and manufacturing infrastructure, SOPHIE has enabled health science companies to accelerate their growth and bring healthcare solutions to market.”
– David Carter, CEO of Innovation Factory
Southern Ontario Pharmaceutical and Health Innovation Ecosystem (SOPHIE) Program’s Impact on Ontario’s Health Sector
Since its inception, SOPHIE has served as a vital bridge between innovation and market readiness, offering mentorship, advisory services, and access to critical resources like Contract Development and Manufacturing Organizations (CDMOs). Over the past three years, it has supported more than 160 Ontario-based start-ups, contributing over $15 million in collaborative initiatives. These partnerships have led to advancements in health, medical devices, and pharmaceuticals, benefiting not just entrepreneurs but the broader healthcare ecosystem.
One notable success story is Synmedix, a business that leveraged SOPHIE’s resources to develop a first-in-class topical therapy for diabetic foot ulcers.
“The SOPHIE program has played a big part in Synmedix’s commercialization journey, connecting us with advisors and establishing strategic partnerships to develop and validate our product. Through successful studies, we developed our first-in-class formulation of the topical therapy for diabetic foot ulcers.”
– Dr. Maya Farha, CEO of Synmedix
Funding Snapshot: SOPHIE Program
The renewed SOPHIE funding aims to support 75 small and medium enterprises (SMEs), enabling them to accelerate growth and create high-quality jobs. Participating businesses gain access to world-class clinical and research infrastructure, bolstering their ability to validate technologies and enter global markets.
Businesses looking to apply for SOPHIE’s commercialization or manufacturing project grants can assess the following criteria to see if they could be a fit for funding.
Funding Amount
- Maximum Funding: Eligible firms can receive up to $100,000 in non-dilutive funding from FedDev Ontario through the SOPHIE program.
- Matching Contribution: Applicants must contribute 1.25 times the amount provided by FedDev, ensuring a strong financial commitment to the project.
- Funding Use: The combined funding supports various Commercialization Project activities, driving innovation and market readiness.
- Total Project Budget: For firms receiving the maximum FedDev contribution, the total project budget can reach $260,000, significantly enhancing the scope and impact of eligible activities.
Eligible Applicants
- Type of organizations: For-profit life sciences firms involved in pharmaceuticals, biotechnology, medical devices, digital health, and other health-related technologies.
- Membership requirement: Applicants must be members of Innovation Factory (membership is free).
- Geographic scope: Primarily for firms in Ontario, but companies from outside Ontario can apply if they collaborate with a principal investigator or clinical champion from partner institutions in Hamilton
Eligible Projects
- Project scope: Projects must focus on commercialization with potential for generating new intellectual property, job creation, and investment attraction.
- Costs covered: Eligible expenses must be directly related to the project’s objectives and be auditable. Federal funding cannot be stacked with SOPHIE funds, while provincial or municipal funding is subject to review.
- Types of projects: Projects must be innovative and demonstrate strong market potential within the life sciences sector
Timeline
- Application period: April 2024 – Fall 2028, or until all funds are allocated.
- Rolling review: Applications are reviewed continuously, and project approvals typically take 2-3 weeks
Applications are evaluated based on their potential to drive innovation and impact the health sector. Similarly, programs like IRAP, CDAP, and SIF offer pathways for companies in various industries to secure funding and support.
Other Canadian Government Programs for Innovation
Canada’s commitment to fostering innovation extends beyond SOPHIE, with numerous programs designed to support entrepreneurs in various sectors, such as:
- IRAP (Industrial Research Assistance Program): Managed by the National Research Council of Canada, IRAP provides funding and advisory services to small and medium-sized enterprises developing innovative technologies.
- Canada Digital Adoption Program (CDAP): This program helps businesses adopt digital technologies by offering grants and loans, along with expert advice to accelerate their digital transformation.
- Strategic Innovation Fund (SIF): Targeting large-scale, transformative projects, SIF supports innovations that strengthen Canada’s technological and industrial capacity, offering funding for R&D, commercialization, and facility upgrades.
Combined with other government programs, the SOPHIE Program initiative can ensure that Canadian businesses have the resources they need to thrive in an increasingly competitive global market.