OBIO® Celebrates International Women’s Day with Investment in Three Women-Led Companies and a Successful Graduation of First Seed Funding Cohort

March 14, 2024 (Toronto, ON) – In honour of International Women’s Day on March 8, the Ontario Bioscience Innovation Organization (OBIO®) hosted an impactful networking event and pitch competition to celebrate the achievements of women in the health science sector. The event, supported by EY Canada, Cozen O’Connor and Stem Cell Network, featured video remarks by the Honourable Filomena Tassi, Minister responsible for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), remarks by the Honourable Charmaine Williams, Associate Minister of Women’s Social and Economic Opportunity, and a fireside chat with Sophie Park, Managing Director of Bayer G4A Investments & Partnerships, and showcased 11 women-led companies from the OBIO® Women in Health Initiative (WiHI) Seed Program.

Launched in July 2022 with Government of Canada’s support through FedDev Ontario, the OBIO® WiHI aims to bridge the gender disparity in the health science industry, particularly in senior management roles and leadership positions. The program offers comprehensive training, support and networking opportunities, empowering women with the skills and knowledge required to excel in leadership positions. The OBIO® WiHI has supported more than 325 women in the health science industry through a combination of experiential learning and financial support.

The WiHI Seed Program addresses the significant barriers that women-led health science companies face in accessing financing. The inaugural program cohort, A.I. VALI, Atorvia Health Technologies, Cove Neurosciences, HDAX Therapeutics, ImaginAble Solutions, mDETECT, MoxyPatch, Noa Therapeutics, Paradox Immunotherapeutics, Tenomix, and Vessl Prosthetics, benefited from six months of advisory support, access to expert networks, essential industry resources and trainings, and non-dilutive funding of up to $20,000.

To mark International Women’s Day, the cohort presented their business opportunities in a pitch competition, culminating with the announcement of HDAX Therapeutics, Paradox Immunotherapeutics and Tenomix Inc. receiving investments of $100,000 each from the OBIO® WiHI. The audience also voted ImaginAble Solutions the recipient of a $15,000 non-dilutive Audience Choice Award.

WiHI Seed cohort companies also made several announcements during the March 8 event, including the successful closing of their first financing rounds for Noa Therapeutics and Tenomix. The Ontario Centre of Innovation (OCI) through its Life Sciences Innovation Fund (LSIF), FACIT and Phoenix Fire (part of the Archangel Network of Funds) all invested in Tenomix. OCI LSIF and Phoenix Fire invested in Noa Therapeutics. Representatives from OCI, FACIT and Phoenix Fire were in attendance to celebrate these announcements.

“I am profoundly grateful for the support and recognition from OBIO®, right from our inception. Their backing through various programs and the recent investment via the WiHI Seed Program underscores their commitment to empowering women-led initiatives in health. This support has been instrumental in our journey to revolutionize pathology workflows and make a meaningful impact on cancer care,” said Eveline Pasman, Co-Founder & COO of Tenomix, an emerging company developing innovative technologies that streamline pathology workflows, drive down healthcare costs, and enhance patient care by improving treatment decisions.

“The combination of financial and wraparound supports delivered through the WiHI Seed Program enables women entrepreneurs to achieve critical milestones in their businesses,” said Dr. Maura Campbell, President & CEO of OBIO®. “We are pleased to support these women-led companies alongside our ecosystem partners at OCI, FACIT, and The Firehood. Access to early-stage capital is a critical barrier for women entrepreneurs, especially in the life sciences sector. These contributions are key to creating a more inclusive industry in Ontario.”

“Supporting organizations, like OBIO®, that increase the participation of women in our health sector is vital for our healthcare system,” said the Honourable Filomena Tassi, Minister responsible for the Federal Economic Development Agency for Southern Ontario. “The Government of Canada is pleased to continue to support OBIO® as they drive positive change for the future of women through the Women in Health Initiative (WiHI) Seed Program and in the life sciences sector across Canada and the world.”

Earlier this month, OBIO® and FACIT announced a new partnership to address the barriers faced by women-identifying entrepreneurs in the health science sector. Building on both organizations’ commitments to support women-led companies and advancement of made-in-Ontario intellectual property, the new partnership will advance Ontario’s women-led companies towards commercialization.

"OBIO's dedication to championing women in the health sciences sector, demonstrated through the Women in Health Initiative (WiHI) Seed Program, aligns with our shared goal of creating a more inclusive and equitable industry,” said Claudia Krywiak, President and CEO, Ontario Centre of Innovation (OCI). “By collaborating with partners such as OBIO®, FACIT and The Firehood, we can help women entrepreneurs reach key milestones in their ventures, increasing our impact significantly and making strides toward a future where entrepreneurship is accessible and inclusive for everyone.”

About OBIO®

Founded in 2009, OBIO® is a not-for-profit membership-based innovation organization engaged in strategy, programming, policy development and advocacy to further the commercialization of human health technologies that position Canada as a leader in the international marketplace. OBIO® advances this goal through collaborative partnerships with industry, the investment community, academia, the health care system and government. For more information, please visit www.obio.ca and follow OBIO® on LinkedIn and X (formerly Twitter).

About FedDev Ontario
For 14 years, the Government of Canada, through FedDev Ontario, has worked to advance and diversify the southern Ontario economy through funding opportunities and business services that support innovation, growth and job creation in Canada’s most populous region. The Agency has delivered impressive results, which can be seen in southern Ontario businesses that are creating innovative technologies, improving productivity, growing revenues, creating jobs, and in the economic advancement of communities across the region. Learn more about the impacts the Agency is having in southern Ontario by exploring our pivotal projects, our Southern Ontario Spotlight, and FedDev Ontario’s Twitter, Facebook, Instagram and LinkedIn.

Media Contacts:

Doriane Rey
Manager, Marketing and Events
OBIO®
dorianerey@obio.ca    

Edward Hutchinson
Press Secretary
Office of the Minister responsible for the Federal Economic Development Agency for Southern Ontario
edward.hutchinson@feddevontario.gc.ca

FACIT and OBIO® partner on women-focused seed capital and entrepreneurship program

Synergies combine financing and entrepreneurial development resources to life sciences start-ups

March 8, 2024 (Toronto, ON) – On International Women’s Day, FACIT and OBIO® are pleased to announce a new partnership in the Ontario life sciences ecosystem, built on their common goal to drive entrepreneurial and commercialization mandates to address the unmet needs and barriers faced by female entrepreneurial leaders in STEM.

The partnership arises from OBIO’s and FACIT’s successes in creating value through supporting female entrepreneurs in life science who are driving the advancement of innovations and healthcare communities. Across all sectors, women-led companies face significant challenges when it comes to accessing financing and support systems, receiving only about 2% of venture capital funding. Further, only 16% of Canadian small-to-medium enterprises are majority-owned by women. 

Both organizations have established track records co-investing and working closely with different commercialization groups across Ontario and beyond, striving to increase value for life sciences intellectual property and driving economic impact by providing access to entrepreneurship and business tools as well as domestic capital. Through its Women in Health Initiative, OBIO® has supported more than 325 women in the life sciences industry through experiential learning and financial support. The inaugural cohort of the WiHI Seed Program provided a combination of financial and advisory supports to 11 women-led early-stage companies. Independently, FACIT has been roughly doubling the industry average by investing more than 30% of total investment capital in women-led companies, comprising a third of all FACIT’s portfolio of Ontario start-ups.

OBIO® and FACIT’s independent programs have supported and provided financing to Ontario start-ups founded or led by women, including Hyivy Health, HDAX Therapeutics and Tenomix Inc. The partnership announced today will allow the organizations to leverage their complementary resources and expertise, creating synergies to provide a seamless continuum of support and lower barriers faced by female entrepreneurs in accessing resources, training, connections and venture funding. Capitalizing on these synergies will help position and propel women-founded start-ups and innovations to achieve value inflection and secure next-stage financing for development, sustainability and scale in the province. In doing so, the novel program addresses the governments of Canada and Ontario strong interests to strengthen the entrepreneurial ecosystem for women-led businesses. While diverse and independent seed stage programs and investors are key to addressing the unique needs of early-stage life sciences entrepreneurs, partnerships are critical to driving innovation and making an impact for patients with cancer.

Quotes:

Dr. Maura Campbell, President and CEO of OBIO® – “We are delighted to partner with FACIT in the important work of backing female founders. FACIT specializes in venture building whereas OBIO® provides wraparound supports to established companies. We are very proud of what we have achieved through our Women in Health Initiative over the past two years and this new partnership is a good marriage of the expertise of both organizations and gives us a collective opportunity to strengthen support for women entrepreneurs in oncology.”

Dr. Connie Chen, Senior Director of Strategy and Corporate Development, FACIT – “The synergies of combining entrepreneurial development resources with FACIT’s commercialization expertise and seed capital reflects a novel and inclusive public-private partnership model for Ontario’s early-stage life sciences innovations. Through this collaboration, OBIO® and FACIT will together elevate and increase the equity, representation, and positioning of women-led start-ups.”     

Jill Dunlop, Minister of Colleges and Universities – “Our government is proud to support Ontario-funded commercialization groups like FACIT that have the expertise and resources to create an ecosystem that supports women entrepreneurs and the significant contributions they make to Ontario.”

Vic Fedeli, Minister of Economic Development, Job Creation and Trade – “Through our Life Sciences Strategy, our government is supporting organizations that are excelling in promoting innovation in the life sciences sector. Congratulations to OBIO® and FACIT on their new partnership that will promote female entrepreneurship and help to break down barriers for women in STEM.”

About OBIO®

Founded in 2009, OBIO® is a not-for-profit, membership-based organization 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. OBIO® advances this goal through collaborative partnerships with industry, the investment community, academia, the health system and government. For more information, please visit www.obio.ca and follow OBIO® on LinkedIn and X (formerly Twitter).

Contact

Doriane Rey | Manager, Marketing & Events, OBIO® | dorianerey@obio.ca

About FACIT       
FACIT is an award-winning commercialization venture firm that builds companies with entrepreneurs to accelerate oncology innovation, with a portfolio that has attracted more than $1.6 billion in investment to Ontario. Blending industry experience, capital and the unsurpassed clinician-scientist network of its strategic partner the Ontario Institute for Cancer Research (OICR), FACIT capitalizes on the province’s investment in research and healthcare to the benefit of the local economy and patients worldwide. Cancer Breakthroughs. Realized. facit.ca.

Contact

Connie Chen, PhD | Senior Director, Strategy and Corporate Development, FACIT | connie.chen@facit.ca

A Light at the End of the Toenail

A new medical device uses light to treat difficult infections safely and effectively

March 5, 2024 (Hamilton, ON) – Nail fungus (onychomycosis) affects some 50% of seniors across the world. It becomes more prevalent in aging populations because the nails, and especially toenails, tend to become drier and more fragile, and it can also be more difficult to take care of feet properly when circulation or mobility issues get in the way. In long-term care homes, where many seniors reside, fungal nail infections are not only an esthetic issue, but are often very painful, making it difficult to wear shoes and impeding mobility, ultimately reducing the quality of life.

Ontario-based ToeFX Inc., with support from OBIO’s Early Adopter Health Network (EAHN™), launched a safe and effective, portable device to treat onychomycosis with light therapy at Banwell Gardens Care Centre.

This was a highly successful evaluation. ToeFx’s ClearToe Therapy Light has been authorized by Health Canada as a Class II Medical Device and is a clinically proven treatment to promote clearance of nail fungus on toenails in 10-12 treatments. All the patients at Banwell Gardens Care Centre who underwent this therapy were very satisfied with the outcomes, and reported an improvement in their nails, stating they looked brighter and clearer.

“Banwell Gardens Care Centre was delighted to offer residents and their caregivers a safe, effective therapy for fungal nails,” said Sara Fox, Executive Director of Banwell Gardens Care Centre. “Healthy feet are fundamental for seniors’ mobility and their quality of life.”

“We are so grateful to the EAHN™ program for supporting an evaluation which demonstrated how our product can bring safe and accessible treatment to those who need it, and cost-effectively,” said Monika Yazdanian, CEO of ToeFx Inc. “We are confident that these results will lead to better integration of this easy-to-deliver therapy across institutional settings, and the technology has already been procured for use at other long-term care homes.”

“OBIO® is proud of this valuable collaboration through the EAHN™ program, the first in a long-term care facility”, said Dr. Maura Campbell, President and CEO of OBIO®. “Banwell Gardens Care Centre and ToeFx Inc. evaluated a made-in-Canada therapy that meets a real clinical need, laying the groundwork for future EAHN™ partnerships in the long-term care sector.”

ClearToe Therapy Light is a painless, easy to use treatment and unlike topical applications and oral therapies does not require daily commitment and has no side effects. It is an ideal method to treat nail fungus, particularly in seniors, and is also effective in very severe cases.

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 its 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.

About ToeFx

ToeFX is driven by innovation. Created by scientists, our vision is to create the world’s most effective foot care treatments. We understand that toenail fungus can be embarrassing, hard to treat, and hard to talk about. We want to help the millions of people hiding their feet to “show off their toenails” with confidence. Our commitment to our partner clinicians and their patients is to provide innovative, high-quality products that really work.  Visit ToeFx Inc. for more information.

About Banwell Gardens Care Centre

With 142 long-term care residents, Banwell Gardens Care Centre maintains a warm, inviting atmosphere in the neighbourhood of Tecumseh. We pride ourselves on providing outstanding, compassionate care to our residents and paying close attention to their individual needs. We are pleased to offer French Language Services and strive to meet the needs of our bilingual community. Well-established programs such as pet and music therapy, restorative care and physiotherapy enhance residents physically, mentally and emotionally. Our landscaped courtyard features seating and a walking path for exercise and the enjoyment of all.  Visit Banwell Gardens Care Centre for more information.

Tenomix secures an all-Canadian oversubscribed Seed round of $2M to advance a breakthrough cancer care robotics system

Tenomix, a pioneering medical technology company at Velocity, University of Waterloo’s startup incubator, successfully closed a $2 million all-Canadian seed funding round that will help develop a groundbreaking robotics system designed improve the accuracy of colon cancer staging.

Accurate determination of colorectal cancer stages is crucial to determining the right treatment plan but is often a delicate balance between art and science. Tenomix has invented a robot that uses ultrasound and artificial intelligence to automate the current manual lymph node screening process and significantly improves cancer staging accuracy.

We are very happy to support Tenomix through OBIO’s Women in Health Initiative Seed Program! Tenomix is an alumnus of our BDSP™ and HealthMINT™ programs and presented at the OBIO® Investment Summit.

Canadian technology that could transform how we treat cancer

Read this article, published in the Toronto Star, about Montreal-based start-up Jenthera Therapeutics who are developing in vivo gene editing that can directly modify a person’s DNA and fine tune immune cells to find and attack specific types of cancer.

Jenthera presented at the OBIO® Investment Summit.

HDAX among ten exciting U of T-affiliated start-ups to keep an eye on in 2024

This Entrepreneurship Week, University of Toronto Entrepreneurship is highlighting U of T-affiliated start-ups to keep an eye on in 2024.

HDAX Therapeutics, co-founded by alumnae Pimyupa Manaswiyoungkul and Nabanita Nawar, is looking to tackle the problem with a preventative drug that has delivered promising results in pre-clinical studies.

HDAX Therapeutics is an OBIO® member, an alumnus of the BDSP™ and WiHI Seed programs and presented at the OBIO® Investment Summit.

More recognition for OBIO® member Vena Medical

Read this article, published in The Logic, profiling Vena Medical’s journey of making a breakthrough innovation that sends cameras into human brains. The physicians at The Ottawa Hospital (TOH) were the first in the world to use new stroke technology, the Vena MicroAngioscope™, in a patient procedure. Equipped with the world’s smallest camera, the device goes inside veins and arteries, allowing physicians to see inside the blood vessels of the patient’s brain. 

Vena Medical is an OBIO® member, an alumnus of our BDSP™, CAAP®, EAHN™ and H2BB™ programs and presented at the OBIO® Investment Summit.

MIMOSA Diagnostics receives Health Canada approval

MIMOSA Diagnostics, a medical equipment manufacturing company who is making a medical device for non-invasively assessing tissue damage, has received Health Canada approval six months after it launched its technology in the U.S. The sign-off paves the way for the company to sell its MIMOSA Pro device north of the border, following comments last year by CEO Dr. Karen Cross that pursuing American approval first would ease the Canadian compliance process because the two systems have similar requirements.

MIMOSA is an OBIO® member, an alumnus of our BDSP™, H2BB™ and HealthMINT™ programs and presented at the OBIO® Investment Summit.

Mediphage Bioceuticals closes Seed round financing

Mediphage Bioceuticals, a biotechnology company driving the next generation of genetic medicines, recently announced closing of its Seed financing round. A mix of early Mediphage supporters, including CCRM Enterprises Holdings Ltd, Riverine Ventures, and Bio Med Ventures, as well as new investors participated in the syndicate. The investment will drive the company’s internal therapeutic and manufacturing programs, while enabling Mediphage to continue supporting its growing number of external collaborations with pharmaceutical and biotechnology companies, CDMOs, and national research organizations.

Mediphage is an OBIO® member, an alumnus of our BDSP™, CAAP®, H2BB™, HealthMINT™ and WiHI programs and presented at the OBIO® Investment Summit.

KA Imaging to present on Portable Dual-Energy Tomosynthesis at ECR 2024

KA Imaging’s Team Lead for Spectral Imaging, Steven Tilley, will be presenting at the upcoming European Congress of Radiology (ECR). The study titled “Dual-Energy Tomosynthesis of the Chest using a Triple Layer X-ray Detector”, which yielded promising results, will be part of a Research Presentation Session.

KA Imaging will also be part of the technical exhibition, showcasing the Reveal 35C detector (CE Marked), as well as mobile solutions. The company can be found at Expo X2 (Lower Level), booth #226. The Congress will be held in Vienna from February 28 to March 3.

KA Imaging is an OBIO® member, an alumnus of our BDSP™, CAAP®, EAHN™, H2BB™, HealthMINT™ and presented at the OBIO® Investment Summit.

Eurofins CDMO Alphora announces the completion of a new pilot scale biologics development facility

Eurofins CDMO Alphora Inc., a contract drug and manufacturing organization based in Mississauga, recently announced the successful completion of its state-of-the-art 3,300 square feet pilot-scale Biologics development facility in Mississauga. Specializing in monoclonal antibodies (mAbs) and mammalian-based therapeutic proteins, the facility offers comprehensive services in upstream processing, downstream development, process design, GMP QC testing, with up to 200 L scale for Pre-Clinical and Phase I Supply. Additionally, the facility supports fully integrated conjugation services for antibody drug conjugate (ADC) candidate development, leveraging its extensive experience in active pharmaceutical ingredients (API) and highly potent active pharmaceutical ingredients (HPAPI).

We are pleased to count Eurofins CDMO Alphora as an OBIO® member, and also as a sponsor of the 2024 OBIO® Investment Summit.

The OBIO® Investment Summit reaches new heights, drawing the attention of international capital to Canadian healthcare innovations

Toronto, ON – February 21, 2024 – The OBIO® Investment Summit brings together global investors with emerging Canadian life sciences and health tech companies, technology innovators and ecosystem partners. This year, the Summit was held from February 14-16 at our new home, the Schwartz Reisman Innovation Centre in downtown Toronto. The Summit showcased over 90 of Canada's most promising early-stage companies, top universities and research institutions, giving them the opportunity to convene with international investors, multinational pharmaceutical companies and medtech corporations.

In the words of Dr. Maura Campbell, President and CEO of OBIO®, “The Summit enables Pre-Seed, Seed and Series A life science companies to share their innovative technologies with international investors, highlighting the strength of our industry and investment opportunities across Canada. We are proud of our efforts to support companies in securing investment to develop and commercialize their leading-edge technologies domestically, and we will continue to amplify the success of the Canadian ecosystem through our Summit."

The OBIO® Investment Summit is a catalyst that keeps attracting investors and investment to Ontario and to Canada. Companies that have presented at the Summit have raised over CAD $1.6 billion since 2018. Dr. Campbell continued, "Every year, we build on our past success. The 2024 Summit featured an expanded Business Development Forum, connecting international medtech and pharmaceutical companies with early-stage Canadian companies to explore research collaborations and licensing opportunities for their technologies."

OBIO® is supported by a Government of Canada investment of $10 million, through the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), to help scale up healthcare innovation and create inclusive economic growth in southern Ontario. To date this investment has led to the creation/maintenance of 270 jobs, 159 new intellectual properties have been created or licensed, and over 625 people have received training or mentorship.

“The OBIO® Investment Summit is an important networking opportunity for our healthcare institutions, investors and health science companies to connect and share ideas,” said the Honourable Filomena Tassi, Minister responsible for the Federal Economic Development Agency for Southern Ontario. “Supporting organizations, like OBIO®, that encourage the participation of women in leadership roles in the health sector is critical for the long-term success of our healthcare system. This work is instrumental in ensuring better health care for Canadians now, and into the future.”

The Government of Ontario is also supporting OBIO® with up to $9.7 million to help Ontario companies in the life sciences sector to adopt, develop and bring to market critical technologies, such as 5G and advanced networks, ethical artificial intelligence, blockchain, cybersecurity, quantum and robotics.

“Ontario is home to the largest life sciences sector in Canada, with 1,900 firms employing over 70,000 highly-skilled professionals,” said the Honourable Victor Fedeli, Ontario’s Minister of Economic Development, Job Creation and Trade. “Through the Investment Summit, OBIO® is driving innovation in our life sciences ecosystem and supporting innovators as they develop and commercialize their cutting-edge technologies.”

"The early-stage life sciences companies at the 2024 OBIO® Investment Summit highlighted the vibrant nature and talent present in the Canadian community. With representation across the broader Bayer Radiology and Pharmaceuticals business, the Bayer team was able to connect with current partners, identify new opportunities and also network with a number of public entities,” said Jerry Orban, Country Head, Bayer Radiology Canada. “We could feel the collaboration emanating from the walls of the Schwartz Reisman Innovation Centre. The forum was exceptional with many companies aligned with our strategic offerings and several that brought what we consider to be industry-changing technology. What we have in the Canadian life sciences market is a true gem built on incredible talent, science, public funding and private partnerships, and Bayer is proud to be part of that ecosystem. We look forward to attending again in 2025. Thank you to the entire OBIO® team.”

“OBIO® is an important advocate for the Ontario healthcare technology sector and has been a true friend to AmacaThera since our spinout from the University of Toronto in 2016,” said Mike Foorer, VP Business Development & General Manager, AmacaThera. “AmacaThera has been fortunate to present at the Summit during our initial growth phase and are thrilled to see the next wave of startups doing the same.”

OBIO® will continue to collaborate with its partners, including incubators and accelerators, to foster investment in Canada. The life sciences sector and the OBIO® Investment Summit can only succeed with the backing of a robust, supportive ecosystem with a shared vision of the future.

About OBIO®

Founded in 2009, OBIO® is a not-for-profit, membership-based organization 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. OBIO® advances this goal through collaborative partnerships with industry, the investment community, academia, the health system and government.

For more information, please visit www.obio.ca and follow OBIO® on LinkedIn and X (formerly Twitter).

About FedDev Ontario

For 14 years, the Government of Canada, through FedDev Ontario, has worked to advance and diversify the southern Ontario economy through funding opportunities and business services that support innovation, growth and job creation in Canada’s most populous region. The Agency has delivered impressive results, which can be seen in southern Ontario businesses that are creating innovative technologies, improving productivity, growing revenues, creating jobs, and in the economic advancement of communities across the region. Learn more about the impacts the Agency is having in southern Ontario by exploring our pivotal projects, our Southern Ontario Spotlight, and FedDev Ontario’s Twitter, Facebook, Instagram and LinkedIn.

Media contacts:

Edward Hutchinson
Press Secretary
Office of the Minister responsible for the Federal Economic Development Agency for Southern Ontario
edward.hutchinson@feddevontario.gc.ca

Doriane Rey
Manager, Marketing & Events
OBIO®
dorianerey@obio.ca

Rostrum, Southlake and OBIO® team up to evaluate a non-invasive, real time, bedside monitoring system to manage mechanically ventilated patients in the ICU

January 31, 2024 (Vancouver, B.C.) – Over 350,000 patients in Canada are admitted into the intensive care unit (ICU) annually, with 40% of those patients needing invasive mechanical ventilation. Managing mechanically ventilated patients can be complex due to providers having to simultaneously treat the underlying condition and the potential impacts a ventilator may have on the patient, which can lead to costly complications. The most common ventilator related complications or injuries are to a patient’s heart or lungs. In fact, up to 50% of mechanically ventilated patients experience complications, contributing in part to the ICU’s usage of 20 percent of hospital resources.

Currently, there is no real time, single solution to evaluate the impact on a patient’s cardio-pulmonary health from mechanical ventilation. Current methods are often invasive and time consuming, require extensive training and only provide partial information by focusing on one organ and ignoring the impacts of any intervention on the other.

Through OBIO’s Early Adopter Health Network (EAHN™), Rostrum Medical Innovations, a British Columbia-based medical device start-up, secured a partnership with Southlake Regional Health Centre to evaluate Pulmonary Blood Flow (PBF) when measured by their novel VQm® System as compared to the reference standard in the ICU.

Rostrum Medical Innovation’s VQm® System is a bedside cardio-pulmonary health monitoring system that addresses the gap in clinical monitoring solutions of the heart and lungs for invasively mechanically ventilated patients in the ICU. The VQm® System consists of a standalone monitor, a proprietary sensor and a per patient that connects the monitor to any standard ventilator breathing circuit. Rostrum’s VQm® System also measures dead space, shunt fraction and functional residual capacity, giving providers the information they need to streamline ICU clinical workflows and reduce costs for mechanically ventilated patients.

This evaluation which is the product’s first clinical application in an ICU setting has demonstrated VQm® System’s ability to detect changes in PBF. Compared to the reference standard, the VQm® System showed a concordance of 83% to the standard of care. The VQm® System can also assess the impact of intravenous (IV) fluid on a patient’s heart and lung function allowing point of care adjustments which may reduce the rate of complications. Current ICU methods to generate the same type of data would cost upwards of $43,000 per patient per day, whereas the VQm® System can provide it daily for approximately $250 per patient for the duration of ICU care. Ultimately this solution has the potential to empower the healthcare team by giving them non-invasive, bedside access to valuable clinical measurements.

“We are very grateful to have worked with an amazing team from Southlake and we are proud with what the results are showing,” said Nathan Ayoubi, COO, Rostrum Medical Innovation. “We are committed to continuing our efforts to bring the VQm® System into other sites across the country.”

“The ability of this technology to generate physiological measurements non-invasively and in a semi-continuous manner could prove highly valuable within the ICU setting,” said Dr. Bryn Fell, Critical Care Medicine and Internal Medicine Specialist, Southlake Regional Health Centre. “We need to study this device in the ICU to see if any single or a combination of its four outputs could be used to tailor patient care, whether that be through more effective oxygenation and ventilation titration, fluid and pressor optimization, or another outcome. More study is needed, but preliminary results are promising.”

“We are pleased to provide an opportunity to a B.C.-based company to access the Ontario healthcare market and in turn potentially improve cost efficiencies in our healthcare system,” said Dr. Maura Campbell, President and CEO, OBIO®. “The success of this project truly exemplifies the pan-Canadian nature of EAHN™, which has partnered with companies and healthcare organizations in five provinces.”

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.

About Rostrum Medical Innovations

Rostrum Medical Innovations is dedicated to empowering medical practitioners with new and useful solutions to help solve everyday challenges that medical professionals face. Rostrum was established with a goal to deliver novel solutions to problematic uncertainties in modern day practice. With a team of some of the world’s most progressive clinicians, combined with engineering and business expertise with a history of commercial success, Rostrum is driven by one mission – to address clinical needs in healthcare. For more information, please visit www.rostrummedical.com.

About Southlake Regional Health Centre

Southlake is building healthy communities through outstanding care, innovative partnerships, and amazing people. We deliver a wide range of healthcare services to the communities of northern York Region and southern Simcoe County. Our advanced regional programs include Cancer Care and Cardiac Care and serve a broader population across the northern GTA and into Simcoe-Muskoka.

Our team of 6,000 staff, physicians, volunteers, students and Patient and Family Advisors are committed to creating an environment where the best experiences happen. As a recognition of our commitment to quality and patient safety, we have received the highest distinction of Exemplary Standing from Accreditation Canada.

With an annual operating budget of over $550 million, we are for one of Ontario’s most rapidly growing and aging populations and have developed an exciting plan for new facilities to serve our communities into the future. A member of the Southlake Community Ontario Health Team, we are working with our partners to deliver connected care to northern York Region and southern Simcoe County. For more information, please visit southlake.ca.

Media Contacts:

For more information, please contact:

Bibaswan Ghoshal
Senior Director, Technology Adoption
Ontario Bioscience Innovation Organization (OBIO®)

Nathan Ayoubi
Chief Operating Officer
Rostrum Medical Innovation

Lindsey Furlanic
Communications Strategist, Corporate Communications
Southlake Regional Health Centre

The Ottawa Hospital is the first in the world to use Vena Medical’s breakthrough stroke technology

The physicians at The Ottawa Hospital (TOH) were the first in the world to use new stroke technology, the Vena MicroAngioscope™, in a patient procedure. Equipped with the world’s smallest camera, the device goes inside veins and arteries, allowing physicians to see inside the blood vessels of the patient’s brain. The use of the MicroAngioscope™ marks a significant development in the field of neurovascular care and will pave the way for new, innovative treatments for patients across the region. 

Vena Medical is an OBIO® member, an alumnus of our BDSP™, CAAP®, EAHN™ and H2BB™ programs and presented at the OBIO® Investment Summit.

Virica expands bioprocessing capabilities with Carleton University partnership

Virica Biotech Inc., a leading developer of cell enhancers for scaling of viral vectors and cell and gene therapies, is expanding bioprocessing services through a strategic partnership with Carleton University. Slated to open this spring, Virica’s new facility at the university multiplies the company’s capacity to provide high throughput virology services for customers looking to optimize production of their cell and gene therapies.

Virica Biotech is an OBIO® member, an alumnus of our BDSP™ program and recipient of the WiHI Leadership subsidy.

Swift Medical secures new financing round to further enhance its AI-based wound care technology

Swift Medical, a digital health technology company serving wound care providers, recently announced the successful closing of an $US8M round of financing co-led by current investors BDC Capital’s Women in Technology Venture Fund and funds managed by Virgo Investment Group. Swift utilizes artificial intelligence to improve clinical and economic outcomes in chronic and acute wound care, and this financing will accelerate its pace of technology enhancements.

Swift Medical is an OBIO® member and an alumnus of our BDSP™ and CAAP® programs.

Eurofins CDMO Alphora announces the completion of a new pilot scale biologics development facility

Eurofins CDMO Alphora Inc., a contract drug and manufacturing organization based in Mississauga, recently announced the successful completion of its pilot-scale biologics development facility. Spanning 3,300 square feet, the facility is dedicated to the development and scaling of monoclonal antibodies (mAbs) and other mammalian-based therapeutic proteins.

We are pleased to count Eurofins CDMO Alphora as an OBIO® member, and also as a sponsor of the OBIO® Investment Summit happening this month.

Cohesys awarded $1.62M from MTEC to support BoneTape, a revolutionary fracture fixation technology

Cohesys, an innovative medical device company focused on novel solutions for fracture treatment, has been selected for a $1.62M award by the Medical Technology Enterprise Consortium (MTEC) in collaboration with the Department of Defense (DoD) U.S. Army Medical Research and Development Command (USAMRDC). This award will advance development and clinical validation for BoneTape, a revolutionary resorbable bone fixation device designed to improve fracture treatment.

Cohesys is an OBIO® member and an alumnus of our BDSP™, CAAP® and H2BB™ programs.

AI-Driven Clinical Trial Pre-Screening by K2 Medical Research, Magruder Eye Institute and RetiSpec

K2 Medical Research, a leading clinical research organization committed to advancing medical science, has partnered with the renowned Magruder Eye Institute and Toronto-based medical AI company, RetiSpec, to redefine Alzheimer’s research through AI-driven technology. The partnership aims to leverage advanced artificial intelligence (AI) technology as a pre-screening tool for clinical trials, with the objective of enhancing trial accessibility and reducing the time associated with recruitment of eligible candidates. The collaboration aims to utilize RetiSpec’s AI technology as a pre-screening tool at Magruder Eye Institute.

Retispec is an OBIO® member, an alumnus of the BDSP™, CAAP®, H2BB™, HealthMINT™ and WiHI programs and presented at the OBIO® Investment Summit.

FluidAI Medical announces a $25M manufacturing investment in Ontario

FluidAI Medical has developed an AI-powered monitor that detects post-operative gastrointestinal leaks, preventing complications that can arise from their late detection. The company’s investment will be used to research product improvements, build an automated assembly line to meet growing international demand and will create 38 jobs. In support of FluidAI’s investment, Ontario is providing over $1.4M in funding through the Advanced Manufacturing and Innovation Competitiveness stream of the Regional Development Program.

FluidAI Medical is an OBIO® member, an alumnus of BDSP™, CAAP®,EAHN™, H2BB™, HealthMINT™ and WiHI programs and presented at the OBIO® Investment Summit.