FedDev invests $16 million in life sciences

TORONTO – The Federal Economic Development Agency for Southern Ontario (FedDev Ontario), announced over $16 million in funds for six life sciences organizations: McRae Imaging Inc., Nanz Pharma, OBIO, Synaptive Medical, Traferox Technologies Inc. and Toronto Innovation Acceleration Partners.

“Canadian life sciences companies and the organizations that support them have the potential to address complex health challenges impacting people at home and abroad. By investing in these organizations our government is investing in bettering the lives of Canadians while strengthening our economy,” said Ruby Sahota (pictured), minister responsible for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario).

Toronto Innovation Acceleration Partners received $3.5 million to work with academic and research institutions to create, grow and scale life sciences ventures. With this federal investment, TIAP will support 50 health sciences businesses by providing them with the resources to succeed, speed up the commercialization of their solutions, and attract funding for continued growth, all while strengthening their presence across southern Ontario.

“For the past 15 years, TIAP has proudly partnered with our member institutions, industry, investors, and other ecosystem collaborators to transform Ontario’s leading health research into Canadian-made innovations and successful commercial ventures.

Now, through this additional FedDev Ontario support, we will be able to build on our success and maximize these benefits for all Ontarians and Canadians – as well as for patients around the world,” said Parimal Nathwani, president and CEO of Toronto Innovation Acceleration Partners.

Toronto Innovation Acceleration Partners previously received $6.5 million through FedDev Ontario to provide incubation and acceleration services for emerging health and life sciences companies leading to anchor small- and medium-sized businesses in Ontario, which resulted in 250 jobs and support for nearly 50 businesses.

By expanding production capabilities, commercializing new products, creating accessible support and resources, and new programming for life sciences SMEs, these innovators are meeting the growing demand for quality, home-grown medical products and laying the foundation for a healthier future.

Additional information on these projects is included in the backgrounder.

The government of Canada is committed to working together with organizations and businesses to support the health of Canadians through solutions, promoting a strong and thriving life sciences ecosystem into the future.