Steadiwear Raises $1.1 Million CAD to Fuel Launch of Glove Designed to Combat Hand Tremors

Toronto-based healthtech startup Steadiwear has secured $1.1 million CAD ($900,000 USD) in seed financing to support the manufacturing and commercialization of its new product, a second-generation glove for people with Essential Tremor and Parkinson’s disease.

Steadiwear has finished developing the Steadi-Two, a smaller, lighter, more versatile version of its flagship glove product, which stabilizes the wrist joints of users, reducing the impact of hand tremors associated with these conditions.

Steadiwear in an OBIO® member.

Canada’s Bio-Economy is Facing a Talent Shortage

Biotalent Canada developed the most in-depth evidence-based labour market report for Canada’s bio-economy, which outlines the steps industry stakeholders can take to ignite the bio-economy’s brainpower.

The analysis suggested that Canada’s bio-economy is likely to require 65,000 additional workers by 2029. Companies will be challenged to fill positions due to a highly competitive labour market, relatively low awareness of bio-economy careers and, in many cases, an ongoing lack of HR capacity or capital to attract and retain candidates. Bio-manufacturing capacity will be a particularly urgent area of need, both in the bio-health sub-sector and more broadly.

KA Imaging Makes Distribution Deal With PT. Intimedika Puspa Indah in Indonesia

On October 19, KA Imaging has entered into a distribution agreement with PT. Intimedika Puspa Indah for distribution of its innovative dual–energy imaging solution Reveal™ 35C in the Indonesian market.

"We’re happy to have initiated this partnership, as dual-energy subtraction can be very helpful in advance studies for tuberculosis and also in finding some other hidden pulmonary diseases, which is crucial to save lives" said Amol Karnick, President and CEO of KA Imaging.

KA Imaging is an OBIO® member and presented at the OBIO Investment Summit in 2018 and 2021.

Treadwell Therapeutics Announces Acquisition of TCRyption Inc., a Novel TCR-Based T Cell Therapy Company and TIO Bioventures Portfolio Company

Treadwell Therapeutics today announced the acquisition of TCRyption Inc., a company focusing on novel approaches to TCR based T cell therapy and a TIO Bioventures portfolio company.

The stock swap brings the unique and powerful TCRypt platform technology as well as a large number of TCR candidates with potential anti-cancer utility into Treadwell’s growing and highly productive R&D organization.

Treadwell presented at the 2021 OBIO Investment Summit.

Highmark Interactive Announces Collaboration with Mayo Clinic to Assess Impact of 'Long COVID' on Cognitive Function

BrainFx, a wholly owned subsidiary of Highmark Interactive, announced on October 5, its collaboration with Mayo Clinicto launch a COVID-19 Cognitive Recovery Tracker to better understand and assess the impact of “Long COVID” or “Post-COVID-19 Syndrome” on cognitive function over time.

Boston Scientific Announces Agreement to Acquire Baylis Medical Company Inc.

Boston Scientific Corporation announced, on October 6, that it has entered into a definitive agreement to acquire Baylis Medical Company Inc. for an upfront payment of $1.75 billion, subject to closing adjustments.

The acquisition will expand the Boston Scientific electrophysiology and structural heart product portfolios to include the radiofrequency (RF) NRG® and VersaCross® Transseptal Platforms as well as a family of guidewires, sheaths and dilators used to support left heart access. These platforms have advanced transseptal puncture and are clinically proven to enhance safety, efficacy and efficiency when crossing the atrial septum to deliver therapies in the left side of the heart, such as atrial fibrillation ablation, left atrial appendage closure (LAAC) and mitral valve interventions.

OBIO Member, PhenoTips, Closes CAD $2.5M Funding Round for Software to Transform Medical Genetics

Genetics software startup PhenoTips® announced on Tuesday, September 21, that it has raised CAD $2.5 million in an oversubscribed seed fundraising round led by the GreenSky Accelerator Fund IV. This round includes the support of the Toronto Innovation Acceleration Partners, Thin Air Labs, Yorkville Partners, and angel investors including members of the GreenSky President’s Club.

PhenoTips® is an OBIO member.

OBIO Investment Summit Participant, MedStack, Raises $3.1M USD in an Oversubscribed Pre-Series A Round to Fuel its Growth Momentum

MedStack, a Toronto-based healthcare security and privacy compliance automation company, announced on September 15, the closing of its latest round of funding, a $3.1 million USD oversubscribed round led by existing investors Blu Venture Investors (BVI) and TELUS Ventures, with participation from new investors York IE, Argonautic Ventures, Archangel Network of Funds, MFD Investments, and existing investor Donville- Kent Asset Management.

MedStack presented at the 2020 OBIO Investment Summit.

Pfizer to buy Canadian ‘blockbuster’ cancer drug developer Trillium Therapeutics in $2.26-billion deal

Pharma giant Pfizer Inc. recently announced it would buy Trillium Therapeutics Inc. in a deal valuing the Mississauga blood cancer drug developer at US$2.26-billion. Pfizer invested US$25-million last year in Trillium, picking up 2.3 million shares. It’s the second-largest deal for a Canadian biotech company on record, after Shire Pharmaceuticals Group PLC’s $5.9-billion CAD purchase of AIDS drug developer BioChem Pharma Inc. 20 years ago.

CellCAN and CCRM partner to launch CATTI – New Institute will tackle gaps in training Canada’s GMP workforce

The fast growth of cell and gene therapies has made it difficult for the global industry to keep up with talent requirements. The volume of clinical trials around the world – approximately 1,200 at this time – puts pressure on manufacturers to scale-up the production of cells and viral vectors. CellCAN, a knowledge mobilization network in cell and gene therapies (CGTs), and CCRM, a leader in developing and commercializing regenerative medicine-based technologies and CGTs, are responding to that challenge by launching the Canadian Advanced Therapies Training Institute (CATTI).

University of Toronto spinout Deep Genomics raises US$180-million from Softbank, CPP, Fidelity to develop drugs discovered by AI

The Canada Pension Plan Investment Board is backing one of the largest financings by aCanadian artificial intelligence company, its second investment in the country’s biotechnologyspace.

Deep Genomics, led by University of Toronto biomedical engineering professor Brendan Frey,said on Tuesday it had raised US$180-million led by Softbank’s Vision Fund 2 to bankroll itsefforts to discover and develop drugs using AI. In addition to CPPIB, Fidelity Management andResearch Co. LLC, plus past Deep Genomics investors True Ventures, Amplitude Ventures, Khosla Ventures and Magnetic Ventures backed thedeal.

Angelini Pharma and Lumira Ventures launch the Angelini Lumira Biosciences Fund (ALBF)

Angelini Pharma, part of the privately-owned Angelini Holding, and Lumira Ventures today announced the launch of the Angelini Lumira Biosciences Fund (ALBF). The fund, which will be managed by Lumira Ventures, a leading North American life sciences venture capital firm, has been established to invest in early-stage companies in Canada and U.S. markets, that are developing pharmaceutical therapies for central nervous system disorders (CNS) and rare diseases.

Lumira raises $220-million for Canadian biotech fund

Lumira Ventures has raised the largest Canadian life sciences venture capital fund in two decades, drawing US$220-million from investors. But Lumira managing general partner Peter van der Velden called out Canada's pension plans outside of Quebec for failing to back the Toronto firm's fourth venture fund, or the teeming domestic life sciences sector as a whole.

Turnstone Biologics Raises $80 Million Series D Financing

Turnstone Biologics Corp., a clinical-stage biotechnology company pioneering the development of cancer immunotherapies, recently announced the successful completion of an $80 million Series D financing co-led by PFM Health Sciences and Point72.

Think Research Announces Definitive Agreement to Acquire BioPharma, a Leading Global Clinical Research Organization

Think Research Corporation, a company focused on transforming healthcare through digital health software solutions, recently announced that it has entered into a definitive share purchase agreement to acquire all of the issued and outstanding shares of Bio Pharma Services Inc., a leading contract research organization to pharmaceutical companies globally.

Swift Medical Raises $35 Million Series B to Transform Wound Care Delivery with AI

Swift Medical, the global leader in digital wound care, announced recently a Series B funding round of $35 million USD. This latest round of funding will help Swift Medical expand their leading market position and scale their digital wound management platform across the care continuum in North America.

Swift Medical is a former OBIO CAAP Company.

Government of Canada launches Jobs and Growth Fund to create jobs and foster economic activity in Canada’s communities

As Canada works to emerge from the COVID-19 pandemic, the vitality of businesses and communities is key to our economic recovery. In a news release published on July 13, 2021, the Government of Canada has made the commitment to create 1 million jobs. This investment aims to support the transition to a green economy, foster an inclusive recovery, enhance competitiveness and create jobs in every corner of the country.

The Honourable Mélanie Joly, Minister of Economic Development and Official Languages, announced that businesses and organizations across Canada can now submit applications through the new Jobs and Growth Fund.

Aifred Health wins $1 million in AI competition

Aifred Health, a Montreal-based startup that uses machine learning to treat depression, has earned second spot and $1 million from the IBM Watson AI XPRIZE competition.

Aifred Health was a presenting company at the 2020 OBIO Investment Summit.

Are changes coming to telemedicine after pandemic growing pains?

The pandemic accelerated the growth of telemedicine in Canada, breaking down barriers to accessibility, but experts question the ongoing level of demand for these services post-COVID-19 and want the industry to be more tightly regulated.

Ontario Launching New $30 Million Surgical Innovation Fund

The Ontario government is launching a new $30 million Surgical Innovation Fund that will directly support Ontario’s hospitals and provide them with the flexibility they need to perform more surgeries and procedures in their communities. This fund is part of the government’s investment of $300 million announced in the 2021 Budget to help the hospital sector recover, expanding access to care and helping to reduce the health service backlog due to the COVID-19 pandemic.