Ontario Welcomes over 18.7M in Life Science Investments to the Province

July 08, 2024

LSIF Announces 11 new investments

Mississauga, ON (July 8, 2024) – The Ontario government is investing $5.5 million to help 11 life sciences companies develop and bring to market made-in-Ontario medical innovations and health care solutions. These companies are the second round of recipients to receive early-stage support from the province’s Life Sciences Innovation Fund (LSIF) to drive Ontario’s competitiveness.

“These investments signal our government’s continued determination to partner with Ontario’s life sciences industry to improve healthcare and grow the economy,” said Vic Fedeli, Minister of Economic Development, Job Creation and Trade. “These ambitious early-stage companies demonstrate the innovation, talent and expertise that has the potential to improve lives around the world while creating well-paying jobs at home.”

Minister Fedeli made the announcement today in Mississauga at HDAX Therapeutics, one of the recipient companies. The 11 life sciences and health technologies companies will each receive $500,000 to help commercialize their pioneering technologies:

• Apiary Therapeutics, located in Toronto, has engineered cells that act as advanced drug delivery vehicles for a patient, offering advantages over traditional methods like repeat injections. Cell-based delivery can be more targeted, cost effective and result in better patient compliance.
• Cohesys Inc., located in Toronto, has created a special adhesive bone tape used by orthopedic surgeons in place of plates and screws for non-loadbearing bone fracture repairs. The technology aims to reduce surgery times with better patient outcomes.
• Gold Sentintel Inc., located in Waterloo, has advanced AI-powered technology that improves quality of life for seniors living in care by identifying early signs of illness and detecting and preventing falls.
• HDAX Therapeutics., located in Mississauga, is pioneering next-generation therapeutics solutions for diseases driven by microtubule dysfunction in an effort to achieve better patient outcomes.
• KVR Pharmaceuticals Inc., located in Toronto, has developed products to treat patients with bleeding disorders and related diseases. The company is also exploring how coagulation medicines could be used in the treatment of cancer.
• Noa Therapeutics Inc., located in Toronto, is developing non-steroidal therapies to transform the treatment of immune diseases.
• Novel Biotechnology Inc., located in Vaughan, has created technology that enhances the manufacture of plasmid DNA, which is used to make vaccines and gene therapies.
• Quthero Canada Ltd., located in Toronto, has leveraged bio-engineering technology that helps skin healing and regeneration for dermatology and plastic surgery patients.
• Radialis Inc., located in Thunder Bay, has developed high-definition positron emission tomography (PET) imagers. The technology creates a very clear image of an area of concern in a patient’s body, which helps the clinical team make the best diagnosis and treatment plan.
• Realize Medical Inc., located in Ottawa, is employing virtual reality technology that uses a patient’s medical images to create 3D models, enabling clinicians working remotely to collaborate and better plan surgeries.
• Tenomix Inc., located in London, is using robotics, ultrasound imaging, AI and machine learning to improve the way cancer tissues are processed in pathology laboratories, leading to better-informed treatment decisions for patients.

Today’s announcement, together with the first round of LSIF announced July 2023, results in$8.5 million invested through the fund to date across 17 companies that has leveraged over $25 million in private sector co-investment.

“The Life Sciences Innovation Fund demonstrates Ontario’s commitment to advancing the life sciences sector,” said Claudia Krywiak, President and CEO of the Ontario Centre of Innovation. “The achievements to date underscore the importance of strategic investment in fostering innovation, economic growth, and societal impact. OCI remains committed to fostering a vibrant and dynamic ecosystem that supports groundbreaking research, commercialization, and job creation.”

The $15-million LSIF is part of Taking Life Sciences to the Next Level, the government’s life sciences strategy to establish Ontario as a global biomanufacturing and life sciences hub. Ontario has also convened a Life Sciences Council, whose work will help inform Phase II of the life sciences strategy through exploring challenges and opportunities to drive sector growth and competitiveness.

QUICK FACTS

• Ontario’s life sciences sector is a key economic driver, employing more than 72,000 people in high-value jobs across 2,000 firms with annual exports exceeding $12 billion.

• Over the last three and a half years, Ontario has attracted $3 billion in investments by global biomanufacturers and life sciences companies.

• More than 70,000 STEM students graduate annually from post-secondary programs across the province, producing one of the most highly skilled life sciences workforces in the world.

• The Life Sciences Innovation Fund is delivered by the Ontario Centre of Innovation.

• Ontario also recently announced a life sciences-focussed investment of $40 million from the Venture Ontario Fund, which was unveiled at the 2024 BIO International Convention in San Diego where Ontario led a delegation of 29 companies and organizations.

QUOTES

“Ontario is a powerhouse in the Life Sciences sector from our world-class post-secondary institutions and teaching hospitals to our highly skilled workforce and innovative companies. These investments in homegrown Ontario companies and their Made-in-Ontario solutions through the Life Sciences Innovation Fund are another testament to the Ontario government’s strong support for the sector and their commitment to its growth including through female-led companies, promoting diversity and inclusion in the sector.” — Raed Kadri, Vice President, Strategic Initiatives, Business Development and Head of the Ontario Vehicle Innovation Network at the Ontario Centre of Innovation

ADDITIONAL RESOURCES

• Taking Life Sciences to the Next Level
• Life Sciences Innovation Fund
• 2024 Ontario Budget: Building a Better Ontario

Media Contact
Alicia Pereira
apereira@oc-innovation.ca

About the Ontario Centre of Innovation
The Ontario Centre of Innovation (OCI) brings industry, academic, and government partners together to invest in collaborative R&D, technology development, and commercialization opportunities that generate the highest return on innovation for Ontarians.

As an ecosystem connector, OCI initiates unparalleled partnership opportunities, develops, and manages successful industry-academic collaborations, supports high-potential SMEs in commercializing ground-breaking research, and provides hands-on training and skills development opportunities for the next generation of highly skilled talent.

OCI drives economic growth and job creation through investments in the development, commercialization, and adoption of advanced technologies.

For more information: https://www.oc-innovation.ca