Ontario's leading advocate for the life sciences sector
CryoStasis, a company that brings a combination of chemistry, biochemistry and cooling processes to provide cell preservation that has been proven in nature, recently announced that it has secured Seed financing to pursue its plan to develop next generation sub-zero unfrozen cryopreservation solutions. The company’s first financing round was led by Genesys Capital with significant participation from individual investors and the management team.
Cryostasis is an OBIO® member.
Novo Nordisk, a leading leading global healthcare company, recently announced the acquisition of Inversago Pharma, a private, Montreal-based developer of CB1 receptor-based therapies for the potential treatment of obesity, diabetes and complications associated with metabolic disorders.
Inversago presented at the OBIO® Investment Summit.
FluidAI Medical, a Canadian medical technology company that uses AI to aid with the early detection of postoperative leaks, recently launched their revolutionary AI-powered patient monitoring platform - Stream™ Platform. Through the use of the platform, surgeons have the potential to make a more accurate and timely diagnosis of postoperative leaks which can lead to better treatment outcomes and an improved quality of life for the patients.
Fluid AI is an OBIO® member and an alumnus of all OBIO® programs.
VoxNeuro, which develops software that measures brain performance, has raised $4.5 million CAD in all-equity funding as the company looks to expand across the U.S. With this funding, VoxNeuro plans to accelerate its product development and operational model as it scales clinical installations across the U.S.
VoxNeuro is an alumnus of HealthMINT™ program and presented at the OBIO® Investment Summit.
Vive Crop Protection has been selected for the inaugural cohort of the Government of Canada’s Global Hypergrowth Project (GHP), an innovative initiative that will support growing organizations to become Canada’s next anchor firms. As a GHP firm, Vive will be supported by Innovation, Science, and Economic Development Canada in areas such as funding, international expansion, talent acquisition, navigation of federal regulations, access to procurement projects, mentorship and expertise.
Vive Crop Protection is an alumnus of the BDSP™ and H2BB™ programs.
Vital Biosciences recently introduced VitalOne, their revolutionary blood testing technology on plenary stage at the American Association of Clinical Chemistry (AACC) Annual Meeting and announced total funding of $48 million. The innovative solution reimagines point-of-care testing through VitalOne to create a world where patients will not need to take additional time off from work, travel between their primary care doctor and a lab, or wait for days to discuss their results with their healthcare provider.
Vital Biosciences is an alumnus of the BDSP™ and CAAP® programs.
Management of mechanically ventilated patients can be complex due to the difficulty in directly assessing the impacts to the heart and lung following clinical interventions. Rostrum Medical recently announced the publication of initial validation results of its VQm® System, designed and developed to address these challenges in patient management.
Rostrum Medical is an EAHN™ company and presented at the OBIO® Investment Summit.
Retispec’s AI-driven retinal scan was featured in Global News. The feature showcased an initiative led by the Davos Alzheimer’s Collaborative to assess the feasibility of utilizing RetiSpec’s AI technology in community-based settings for Alzheimer’s disease screening.
Retispec is an OBIO® member, an alumnus of the BDSP™, CAAP®, H2BB™, HealthMINT™ and WiHI programs and presented at the OBIO® Investment Summit.
ImmunoBiochem recently announced a multi-target license and option agreement with ImmunoGen to advance novel, first-in-class antibody drug conjugates. The collaboration will combine ImmunoGen's proprietary linker and payload technologies with ImmunoBiochem's antibodies directed against specific targets.
ImmunoBiochem is an alumnus of the CAAP® program and presented at the OBIO® Investment Summit.
Today, the Ontario government announced that the Ontario Bioscience Innovation Organization (OBIO®) will receive $9.7 million to support their program to help Ontario companies in the life sciences sector to adopt, develop and bring to market critical technologies, such as 5G, ethical artificial intelligence (AI), blockchain, cybersecurity, quantum and robotics.
The new funding, through the province’s Critical Technology Initiatives program, will help OBIO® launch a new Life Sciences Critical Technologies & Commercialization Centre of Excellence alongside its delivery partners. The centre of excellence will use a hub and spoke model to help small and medium-sized businesses in the life sciences sector adopt, develop and bring to market critical technologies, and will include access to two 5G living labs in Ottawa and Toronto.
"We are grateful for this new funding, which will enable us to support companies through the adoption, development and commercialization of critical technologies, a key driver for the Ontario life sciences sector," said Maura Campbell, President and CEO of OBIO®. "We look forward to working with our partners to launch the Life Sciences Critical Technologies Centre of Excellence, ensuring that Ontario-made technology companies are supported in the province to become international market leaders."
We acknowledge the Ontario government for their continued support of OBIO®.
SheBoot, the investment-ready bootcamp that prepares women founders to pitch their business and secure investment, recently announced becoming a national non-profit organization. Building on three years of impact, the program founded in Canada’s Capital is now scaling more broadly to help fuel the growth and success of women founders across the country.
Business Development Bank of Canada (BDC), Canada's bank for entrepreneurs, recently announced the details around the Thrive Lab's first phase, which will be built around a co-investment model with like-minded partners focused on supporting women-led businesses at the earliest stages of development.
BDC is actively seeking partners with a proven history of supporting women entrepreneurs and those committed to providing additional capital, or "sweat equity" in the form of time, training, or resources.
VBI Vaccines recently announced the expansion of its hepatitis B (HBV) partnership with Brii Biosciences. This is a step towards combatting HBV by making improvements in preventing and treating patients with HBV.
Adam Buckley, VBI's Senior Vice President, Business Development, is a member of the OBIO® Board of Directors.
Epineuron recently announced the official launch of an FDA clinical trial for PeriPulse™, breakthrough solution for bioelectronic nerve regeneration therapy. Building on robust research led by its scientific and clinical advisory board, the company has successfully obtained regulatory approval to conduct a multicentre clinical trial in traumatic acute nerve injury for this breakthrough therapy.
Epineuron is an alumnus of the BDSP™, CAAP®, HealthMINT™, H2BB™, and WiHI programs, and presented at the OBIO® Investment Summit.
Recursion recently announced the collaboration and $50 million investment from NVIDIA, bringing together the expertise of both companies. The company also announced plans to accelerate development of its AI foundation models for biology and chemistry, which, in collaboration with NVIDIA, it intends to optimize and distribute to biotechnology companies using NVIDIA cloud services.
Armed with $3.25 million CAD in seed funding, Montréal-based healthtech start-up Ditch Labs wants to help smokers wean themselves off nicotine with its dual hardware-software solution. Ditch Labs’ solution consists of a medical nicotine vaporizer that facilitates controlled delivery and a complementary app that provides personalized support, progress tracking, and behavioural interventions. With this combo, the startup aims to address the physiological and psychological impacts of nicotine addiction simultaneously.
Ditch Labs presented at the OBIO® Investment Summit.
July 12, 2023 (Ottawa, ON) – Eager to implement innovative solutions to save time and money and better serve patients and families, CHEO, a leading pediatric healthcare and research centre in Ottawa, partnered with PolyUnity Tech Inc, a leader in Additive Manufacturing as a Service (AMaaS). With the support of OBIO® through its Early Adopter Health Network (EAHN™), they evaluated how a digital inventory and 3D printing solution could help solve supply chain issues. The solutions explored include printing replacement parts, repairing equipment and medical devices, and creating new product innovations across the CHEO organization (CHEO, CHEO Research Institute and CHEO Foundation).
CHEO wanted to understand if 3D printing could address the cost of managing multiple vendors, complex procurement processes, and the threat of future supply chain disruption to the local healthcare system. PolyUnity’s i3D.Health solution is a fully managed product design, digital inventory and 3D printing manufacturing solution that enables healthcare providers and their networks to design, access and produce what they need on demand.
The EAHN™-supported evaluation started in the fall of 2022 and engaged an impressive 29 departments across seven hospitals, including CHEO, with the involvement of over 110 active users. The results were remarkable, with more than 200 new innovations requested, 1,281 products successfully delivered, and 460 pieces of equipment repaired and returned to service. CHEO estimates that for every dollar spent, 28 dollars were saved when using the PolyUnity solution.
“Embracing transformative technologies like 3D printing is paramount in addressing the current challenges we face and ensuring the continued growth and resilience of our healthcare system,” said Dr. Jason Berman, Chief Executive Officer and Scientific Director, CHEO Research Institute, and Vice-President Research, CHEO. “EAHN™ played a pivotal role in facilitating the PolyUnity evaluation, granting CHEO invaluable insights into implementing innovative technologies like 3D printing as a solution within our organizations.”
A few examples of 3D printing solutions provided by PolyUnity include a critical attachment piece for hammock attaching to a specialized stretcher needed to transport patients by air, a test tube rack to increase efficiencies in the CHEO Research Institute labs, and a mask dispenser system to improve use of space and accessibility.
“PolyUnity’s quick turn-around time from idea to design and printing of the attachment piece for the stretcher hammock enabled me to work in parallel on other repairs, trusting that their team would develop a viable solution,” said Mark Heathcote, Technician, CHEO Clinical Engineering.
Following CHEO’s positive determination of value and a recommendation to proceed with a procurement process, OBIO’s EAHN™ program will now provide support to other healthcare organizations interested in the procurement of a fully managed 3D printing solution.
PolyUnity is at the forefront of bringing AMaaS and its associated benefits to the healthcare sector. Additive manufacturing, commonly known as 3D printing, utilizes a computer-controlled process to create three-dimensional objects by depositing materials, typically layer by layer. By harnessing AMaaS, healthcare providers can leverage rapid and innovative product solutions while simultaneously reducing operational inefficiencies, driving down costs, and enhancing overall patient outcomes. AMaaS empowers healthcare professionals such as clinical engineers, doctors, nurses, and physiotherapists to swiftly transform problems into prototypes and commercial products.
“We’re asking our healthcare organizations to continuously do more with less. Innovation is critical to this and organizations, like CHEO, who embrace innovation will lead the country in delivering extraordinary value-based healthcare services. We’re so proud of the 200+ innovative products created in collaboration with CHEO’s team members and excited to continue creating more solutions together,” said Jacqueline Lee, CEO, PolyUnity.
PolyUnity’s i3D.Health web-based software serves as a hub for all digital product designs, housing a comprehensive product library and an ideas portal for future on-demand production through local/regional 3D print facilities. To date, PolyUnity has collaborated with healthcare partners to develop over 220 problem-solving non-medical and medical (Class 1) devices.
“The evaluation between PolyUnity and CHEO showcases how hospitals can effectively reduce costs and address supply-chain and procurement challenges through the implementation of a 3D printing solution,” said Dr. Maura Campbell, President and CEO of OBIO®. “By bringing a Newfoundland and Labrador-based company to the Ontario market, EAHN™ is advancing a pan-Canadian approach to facilitating adoption of cutting-edge Canadian technologies within our healthcare systems.”
About OBIO®
OBIO®, a not-for-profit, membership-based organization dedicated to advancing health technology innovation and commercialization, is prioritizing the evaluation of new technologies through their Early Adopter Health Network (EAHN™). OBIO® is engaged in strategy, programming, policy development and advocacy to further the commercialization of human health technologies, positioning Canada as a leader in the international marketplace.
For more information, please visit OBIO.ca or contact Bibaswan Ghoshal, Director, Market Acceleration, OBIO®.
About CHEO
Dedicated to the best life for every child and youth, CHEO is a global leader in pediatric health care and research. Based in Ottawa, CHEO includes a hospital, children’s treatment centre, school and research institute, with satellite services located throughout Eastern Ontario. CHEO provides excellence in complex pediatric care, research and education. We are committed to partnering with families and the community to provide exceptional care — where, when and how it is needed. CHEO is a partner of the Kids Come First Health Team, a network of partners working to create a high quality, standardized and coordinated system for pediatric health care that is centred around children, youth and their families. Every year, CHEO helps more than 500,000 children and youth from Eastern Ontario, western Quebec, Nunavut and Northern Ontario.
For more information, please contact Jennifer Ruff, Director of Communications, CHEO Research Institute.
About PolyUnity Tech Inc.
PolyUnity is a Canadian healthcare technology company with a driving purpose to “Improve Healthcare Experiences.” Their mission is to partner with healthcare organizations and use agile manufacturing to provide efficient, less expensive solutions that reduce frustrations. PolyUnity’s i3D healthcare solution significantly reduces the cost and complexity of traditional healthcare procurement, builds supply chain resiliency and reduces its carbon footprint. It enables healthcare providers and their networks to design, access and produce what they need on-demand. Visit PolyUnity for more information and connect with us on LinkedIn, YouTube, and Facebook.
For more information, please contact Mark Gillingham, President, PolyUnity Tech Inc.
July 5, 2023 (Toronto, ON) — Patients are often prescribed opioids after undergoing surgical care to help them manage their post-surgical pain. This intervention often leads to dependency and creates additional burdens on the healthcare system.
AmacaThera, a clinical-stage biotechnology company transforming therapeutics, is developing AMT-143, a long-acting formulation of a non-opioid analgesic designed to be placed directly at the surgical site. Upon injection, the compound would sustain drug release for two to three days, ideally to help patients through the most severe pain window following a surgery. If successful, this approach to pain management would alleviate the need for opioids in the patient’s pain management journey. New opioid sparing products for post-surgical pain management must demonstrate a positive impact on current patient care and the healthcare system.
AmacaThera is pleased to announce a new collaboration with the University Health Network (UHN) to evaluate the health economic impact of opioid use in post-surgical pain management. Funded by OBIO® through its Early Adopter Health Network (EAHN™), the evaluation aims to quantify the economic impact of opioid use on health systems using indicators such as length of hospital stay, overall health care system cost, and self-reported pain levels by patients within the current standard of post-surgical pain management.
“Many patients we see are already experiencing chronic pain prior to surgery and may already have an active opioid prescription; after surgery, their dosage stands to be even higher. We want to come in to give them novel options for managing that pain,” says Dr. Hance Clarke, Medical Director of The Pain Research Unit at Toronto General Hospital, University Health Network. Dr. Clarke is also the President-Elect of the Canadian Pain Society and Co-Chair Knowledge Translation, University of Toronto Centre for the Study of Pain. “Chronic post-surgical pain and persistent post-surgical opioid use is a significant burden to today's health care system, and patients need innovative options to improve their post operative pain trajectories, improve their mobility, and reduce the reliance on opioid analgesic medications,” he added.
“UHN is the largest health research hospital in Canada with a world-class department of anesthesia and pain management,” said Mike Cooke, CEO of AmacaThera. “They are exactly the right partner to access rich data on the current pain management experience for most patients. With that knowledge, we can then use data to illustrate the current patient experience in an opioid context and show how our product may provide improvement.”
This partnership presents a unique opportunity to identify important areas where non-opioid pain management products like AMT-143 may improve pain management practices, with the overall aim of providing alternatives to opioids for post-surgical patients.
“The three days following a surgery are the most difficult for patients. To date, opioids have presented the strongest source of relief, despite their known downstream risks for the patient and the healthcare system,” said Molly Shoichet, AmacaThera’s CSO and Professor at the University of Toronto. “AMT-143 is designed as a non-opioid alternative. Results from this retrospective study will help us to establish a baseline from which we can evaluate AMT-143 in a Phase II clinical trial.”
“OBIO® supports companies driving innovations in key areas, including therapeutics, that can transform healthcare practice,” said Dr. Maura Campbell, OBIO® President and CEO. “This is a first for the EAHN™ program, a therapeutics cost-benefit evaluation project that will help AmacaThera set data-driven benchmarks for future clinical evaluations of new opioid-sparing products currently in development. We are delighted that AmacaThera is forging a path towards commercialization of therapeutics through the EAHN™ program”.
About OBIO®
OBIO®, a not-for-profit, membership-based organization dedicated to advancing health technology innovation and commercialization, is prioritizing the evaluation of new technologies through their Early Adopter Health Network (EAHN™) to provide solutions. OBIO® is engaged in strategy, programming, policy development and advocacy to further the commercialization of human health technologies, positioning Canada as a leader in the international marketplace. For more information, visit OBIO.ca.
About AmacaThera
AmacaThera Inc, is a clinical-stage biotechnology company transforming therapeutics to make a difference in patient health. AmacaGel™, our unique, injectable hydrogel platform provides localized sustained drug delivery for improved patient outcomes across multiple therapeutic areas, including post-surgical pain management, cancer and other hard-to-reach unmet medical needs. For more information, visit: www.amacathera.ca.
About UHN
University Health Network consists of Toronto General and Toronto Western Hospitals, the Princess Margaret Cancer Centre, Toronto Rehabilitation Institute, and The Michener Institute of Education at UHN. The scope of research and complexity of cases at University Health Network has made it a national and international source for discovery, education and patient care. It has the largest hospital-based research program in Canada, with major research in cardiology, transplantation, neurosciences, oncology, surgical innovation, arthritis, vision, infectious diseases, genomic medicine and rehabilitation medicine. University Health Network is a research hospital affiliated with the University of Toronto. For more information, visit: www.uhn.ca.
Media Contacts:
Bibaswan Ghoshal
Director, Market Acceleration
OBIO®
Mike Foorer
VP Business Development & General Manager
AmacaThera
Ania Jones
Sr. Manager, Communications & Partnership Engagement
Commercialization at UHN
Sunnybrook Research Institute (SRI) and INOVAIT recently announced the expansion of Medventions, Sunnybrook’s flagship fellowship training program in health technology innovation. The second Canadian site will be in Nova Scotia, led by the Nova Scotia Health Innovation Hub in Halifax.
The Medventions fellowship program equips budding health technology leaders with the skills and expertise to address current issues within healthcare and grow medical technology companies. Through this new partnership, aspiring entrepreneurs and innovators from Atlantic Canada will gain hands-on entrepreneurial and intrapreneurial experiences in healthcare innovation and technology commercialization.
Recursion, a leading clinical stage TechBio company decoding biology to industrialize drug discovery, recently celebrated the opening of their Toronto site, which will serve as the headquarters for Recursion Canada. In total, Recursion currently employs approximately 100 highly skilled employees in Canada, and the Toronto site is Recursion’s largest site outside of its global headquarters in Salt Lake City, Utah.
