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Ontario Government Invests $5.5 Million in Life Sciences Sector

MISSISSAUGA – The Ontario government is making a significant investment in the province’s life sciences sector, allocating $5.5 million to support the development and commercialization of health care technologies by 11 innovative companies. This initiative reflects the government’s commitment to nurturing local talent and creating high-quality jobs.

“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 have the potential to improve lives globally while creating good-paying jobs at home.”

The funding is part of the $15 million Life Sciences Innovation Fund (LSIF), established in 2022 to help entrepreneurs and innovators bring their ideas and prototypes from the lab to the marketplace. Each of the 11 companies will receive $500,000 to aid in commercializing their technologies.

The 11 companies receiving funding include:

  1. Apiary Therapeutics (Toronto) – Developing engineered cells for advanced drug delivery, offering a more targeted and cost-effective alternative to traditional methods.
  2. Cohesys Inc. (Toronto) – Creating adhesive bone tape for orthopedic surgeons, aiming to reduce surgery times and improve patient outcomes.
  3. Gold Sentinel Inc. (Waterloo) – Utilizing AI-powered technology to identify early signs of illness and prevent falls in senior care facilities.
  4. HDAX Therapeutics (Mississauga) – Pioneering next-generation therapeutics for diseases driven by microtubule dysfunction.
  5. KVR Pharmaceuticals Inc. (Toronto) – Developing treatments for bleeding disorders and exploring coagulation medicines for cancer treatment.
  6. Noa Therapeutics Inc. (Toronto) – Innovating non-steroidal therapies for immune diseases.
  7. Novel Biotechnology Inc. (Vaughan) – Enhancing the manufacture of plasmid DNA used in vaccines and gene therapies.
  8. Quthero Canada Ltd. (Toronto) – Leveraging bio-engineering technology for skin healing and regeneration.
  9. Radialis Inc. (Thunder Bay) – Developing high-definition positron emission tomography (PET) imagers for better diagnosis and treatment planning.
  10. Realize Medical Inc. (Ottawa) – Employing virtual reality technology to create 3D models from medical images, enabling improved surgical planning.
  11. Tenomix Inc. (London) – Using robotics, ultrasound imaging, AI, and machine learning to enhance cancer tissue processing in pathology laboratories.

“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 LSIF is a key component of the province’s “Taking Life Sciences to the Next Level” strategy, which aims to establish Ontario as a global hub for biomanufacturing and life sciences. The Life Sciences Council, convened by the government, will provide guidance for the next stages of this strategy.

For more information, visit the Ontario Centre of Innovation’s website and stay updated on Ontario’s life sciences initiatives.

Samantha Deschamps

Samantha Deschamps serves as the Queens Park Reporter, offering insightful coverage of provincial politics with depth and accuracy. With a keen understanding of legislative intricacies, Deschamps provides invaluable perspectives on matters affecting Ontario. For inquiries or feedback, contact Samantha at samantha.deschamps@gtaweekly.ca.

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