Ontario Supporting Life Sciences Innovations

TORONTO – The Ontario government is investing $6.5 million through the province’s Life Sciences Innovation Fund (LSIF) to help 13 companies in the sector develop and launch made-in-Ontario medical technologies, create good-paying jobs, and strengthen Ontario’s position as a global leader in the industry. LSIF helps companies across the province capitalize on promising medical technologies and unlock new commercial opportunities.

“Ontario’s life sciences sector is a key driver of our province’s economy, which is why our government is making strategic investments to ensure more medical breakthroughs are discovered and developed right here, at home,” said Vic Fedeli, Minister of Economic Development, Job Creation and Trade. “By renewing the Life Sciences Innovation Fund, we are taking decisive action to build a more resilient and self-reliant economy, focused on protecting Ontario workers, businesses and good-paying jobs.”

The following companies will each receive up to $500,000 to help grow their businesses and create local jobs:

• Bao Life Brand Inc., located in Markham, is a biotech skincare company that combines AI-driven skin analysis with proprietary small-molecule formulations to deliver personalized, high-efficacy treatments for conditions like burns, scars, and sensitivity.
• Clinclove Inc., located in Toronto, is revolutionizing clinical trials with a software platform that enables pharmaceutical, biotech, and healthcare professionals to run more efficient trials, reducing costs and accelerating treatment development.
• Cntrl+ Inc., located in Cornwall, has a U.S. Food and Drug Administration (FDA)-cleared and patented reusable female bladder support to prevent incontinence.
• Deep Breathe, located in London, is a lung ultrasound and deep-learning medical technology company.
• PhenoTips, located in Toronto, is a digital health startup that offers a web-based platform that streamlines genomic health record management, saving clinicians time and supporting precision medicine initiatives.
• Grey Matter Neurosciences Inc., located in Toronto, is developing advanced medical devices and drug-device combinations using focused ultrasound to treat age-related brain diseases.
• Moonrise Medical Inc., located in Hamilton, is developing an AI-guided, ultrasound-based system to obtain critical vascular assessments. The automated system can be used by healthcare practitioners with minimal training in any setting.
• Northern Vascular Systems Inc., located in Toronto, is pioneering a new light-activated gel that enables clinicians to perform controlled and precise vessel occlusion. This therapeutic biomaterial puts the power in the hands of the clinicians, creating future treatments for aneurysms, tumours, and beyond.
• Orb Therapeutics Inc., located in Toronto, is a biotechnology company focused on developing innovative RNA-based therapies to treat a range of genetic diseases.
• Vessl Prosthetics Inc., located in London, is a company focused on prosthetics that is driven by the idea of empowering amputees and their champions to overcome challenges.
• VITALL Intelligence, located in Uxbridge, is an app that collects and retains personal medical records, appointments, procedures, imaging, labs, and emergency visits.
• Marlow, located in Toronto, has launched a first-of-its-kind female hygiene product.
• Yellowbird Diagnostics Inc., located in Ottawa, is a biotech company developing novel plug-and-play imaging dyes that enhance disease detection across various medical imaging procedures.

Today’s investment marks an important milestone for the province, as the initial round of funding has generated more than $48 million in private-sector co-investments, supporting the government’s plan to build a more competitive, resilient, and self-reliant economy at a time of growing global uncertainty.

“This renewed investment in Ontario’s LSIF empowers home-grown companies to bring health breakthroughs to market, create jobs, and cement our global leadership in life sciences,” says Claudia Krywiak, President and CEO of the Ontario Centre of Innovation. “The Ontario Centre of Innovation is proud to support these innovators alongside the Government of Ontario.”

Ontario is home to a thriving life sciences sector, employing more than 74,000 people in good-paying jobs across close to 2,000 companies, with annual exports exceeding $11.8 billion. Building on the success of the fund’s initial launch in 2022, the 2025 Ontario Budget: A Plan to Protect Ontario, included a renewal of LSIF with an additional $15 million investment to be delivered over the next three years.

Quick Facts

Quotes

“Investing in Ontario’s life sciences sector is crucial for fostering innovation, creating high-quality jobs, and building a resilient economy. By supporting made-in-Ontario medical technologies through LSIF, we’re not only driving cutting-edge advancements but also ensuring our province remains a global leader in life sciences, ready to meet the challenges of an uncertain world with home-grown solutions.”

– Kinga Surma
MPP for Etobicoke Centre

“Northern Vascular Systems is thrilled to receive support from Ontario’s LSIF, which is helping us accelerate our path to human studies and strengthen our company’s growth. As a spin-off from an Ontario academic hospital, it’s exciting to see investment funds like LSIF backing breakthrough health technologies and supporting companies like ours in bringing innovations from lab to market.”

– Joel Ramjist
CEO & Co-Founder, Northern Vascular Systems