Ottawa invests $2.1 million in focused-ultrasound firm
September 18, 2019
BURLINGTON, Ont. – FedDev Ontario has contributed $2.1 million to Harmonic Medical Inc. to accelerate commercialization of its innovative, non-invasive ultrasound therapy equipment used to treat uterine fibroids. Using focused ultrasound technology, Harmonic Medical Inc. has developed a safe and effective system to treat uterine fibroids without surgery.
The company’s treatment option for women with uterine fibroids has the potential to yield significant health benefits by minimizing side effects, complications, costs and recovery time for patients.
“Harmonic Medical’s vision is to redefine surgery – making treatments truly non-invasive,” said James O’Reilly (pictured), CEO, Harmonic Medical Inc. “We are poised to bring to market the world’s most advanced therapeutic ultrasound platform that will enable novel treatments for a wide range of diseases from women’s health to cancer.”
FedDev Ontario’s contribution will support final-stage product development activities and the commercial launch of Harmonic Medical Inc.’s focused ultrasound technology in North American and European markets. As a result of this project, the company expects to create up to 26 full-time jobs in engineering, manufacturing, sales, marketing and business.
This investment aligns with the Government of Canada’s Economic Strategy Table on Health and Biosciences, a commitment to grow this sector to support a more sustainable health system for Canadians, while advancing Canada’s economic prosperity.
“Supporting Canada’s health and biosciences sector is critical to both the economic success of our economy, and to solving health challenges facing us today,” said Navdeep Bains, Minister of Innovation, Science and Economic Development, Minister responsible for the Federal Economic Development Agency for Southern Ontario.
He continued, “The Government of Canada is proud to support Harmonic Medical Inc. with the development and commercialization of an innovative healthcare technology that has the potential to significantly improve health outcomes for women.”
Established in 2010, Harmonic Medical Inc. aims to advance the field of non-invasive surgery with its focused ultrasound device. The company’s platform technology is currently in clinical trials for its initial application – the ablation of uterine fibroids, and carries the future potential to treat a broad range of oncological and non-oncological applications.
By incorporating numerous proprietary innovations, Harmonic Medical Inc.’s treatment for uterine fibroids offers an incisionless, lower-risk alternative to traditional surgeries, and is designed to be performed by the treating physician.
Harmonic Medical Inc. has an ongoing research and collaboration partnership with Sunnybrook Research Institute and Health Sciences Centre (Sunnybrook), where its current clinical trial is being held. Sunnybrook is one of seven designated Centres of Excellence in Focused Ultrasound Clinical Research worldwide.
Since 2012, FedDev Ontario provided nearly $27 million to Sunnybrook to support the development and commercialization of image-guided therapy systems. Harmonic Medical Inc. was supported in the early-stage development of its focused ultrasound technology.
In addition to the FedDev Ontario repayable contribution, the project will leverage over $5.5 million in private investment.
This year marks 10 years of FedDev Ontario delivering funding and business services to support innovation and growth in southern Ontario.