News Summary

The Federal Economic Development Agency for Southern Ontario (FedDev Ontario) has announced an investment of over $16 million in six life sciences organizations, including McRae Imaging Inc., Nanz Pharma, OBIO, Synaptive Medical, Traferox Technologies Inc., and Toronto Innovation Acceleration Partners (TIAP). This investment aims to address complex health challenges by supporting Canadian life sciences companies and organizations. TIAP, a not-for-profit organization, received $3.5 million to collaborate with academic and research institutions, facilitating the creation, growth, and scaling of life sciences ventures. This funding will enable TIAP to support 50 health sciences businesses, expedite the commercialization of their solutions, and attract further funding. Previously, TIAP had received $6.5 million from FedDev Ontario, which resulted in the creation of 250 jobs and support for nearly 50 businesses. The government of Canada is committed to strengthening the life sciences ecosystem, enhancing the health of Canadians, and promoting economic growth in Southern Ontario.