Province Expands Support for Homegrown Medical Technology Companies
TORONTO — The Ontario government is investing $5 million through the fourth round of its Life Sciences Innovation Fund (LSIF) to support 10 companies developing made-in-Ontario medical technologies, as the province looks to strengthen its position as a global leader in life sciences and biomanufacturing.
The funding will help businesses commercialize emerging health technologies, expand operations and create high-skilled jobs across Ontario. The investment forms part of the province’s broader strategy to build a more competitive and self-reliant economy while accelerating the commercialization of innovations ranging from artificial intelligence-powered diagnostics to advanced therapeutics and biomaterials.
“Through strategic investments like the Life Sciences Innovation Fund, our government is advancing Ontario’s leadership in this vital sector by accelerating the path to market for made-in-Ontario technologies,” said Vic Fedeli, Ontario’s Minister of Economic Development, Job Creation and Trade.
“This latest round of recipients demonstrates the strength of the province’s innovation pipeline and sends a clear signal that the breakthroughs of the future will be developed, commercialized and scaled right here in Ontario, by Ontario workers.”
Funding to Support 10 Ontario-Based Companies
Each selected company will receive up to $500,000 through the LSIF program to help scale operations and bring innovative medical technologies to market.
Companies Receiving Funding
Among the recipients is Esphera SynBio Inc., based in Ottawa and Hamilton, which is developing immunotherapeutics for cancer and chronic diseases using its ExoGen™ platform.
Mississauga-based Kare Chemical Technologies is advancing a patented platform aimed at producing non-psychoactive therapeutic alternatives to opioids for conditions including chronic pain, obesity and neurodegenerative diseases.
Sudbury health technology company Myomar Molecular Inc. is developing what it describes as the first non-invasive urine-based test for monitoring muscle degeneration, while Kitchener-based MyStoria Inc. is building a digital platform designed to help patients manage medical records and navigate reproductive healthcare.
Other recipients include Kingston-based mDETECT Inc., which specializes in DNA-methylation liquid biopsy technology for cancer detection, and Hamilton-based NodeAI, which is developing AI-driven tools to improve lymph node identification and biopsy guidance.
King City’s ScriptRunner Innovations Inc. is creating AI-enabled pharmacy delivery infrastructure aimed at streamlining prescription services, while Hamilton biotechnology firm Stoked Bio is applying machine learning to discover treatments for drug-resistant diseases and neurological conditions.
Toronto-based Synakis Corp. is developing therapies for retinal disease, glaucoma and retinal detachment, and Hamilton’s Synmedix is working on a new generation of antibiotics targeting drug-resistant infections while protecting the microbiome.
Ontario Aims to Strengthen Global Life Sciences Position
The provincial government said the LSIF program has already generated nearly $63 million in private-sector co-investments and contributed to the creation and retention of almost 1,400 jobs since its launch.
The initiative is administered by the Ontario Centre of Innovation (OCI), which supports early-stage life sciences and health technology companies across the province.
“Ontario has the research strength, talent and entrepreneurial drive to lead in life sciences and LSIF is helping turn that advantage into real-world impact,” said Claudia Krywiak, President and CEO of the Ontario Centre of Innovation.
“By connecting capital with breakthrough innovation, we are accelerating commercialization, strengthening our domestic supply chains and ensuring that Ontario-made solutions reach patients and markets around the world.”
The province’s 2025 budget included an additional $15 million over the next three years to renew the fund, building on the program’s initial launch in 2022.
Ontario’s Life Sciences Sector Continues to Expand
Ontario remains Canada’s largest life sciences jurisdiction, employing more than 74,000 people across nearly 2,000 companies. Provincial officials said the sector generated more than $86.6 billion in revenue in 2024 and annual exports exceeding $11.8 billion.
Over the past three years, LSIF-supported companies have collectively generated $77.5 million in incremental sales and attracted $82.8 million in follow-on investment, according to government figures.
The province also highlighted Ontario’s talent pipeline, noting that more than 94,000 STEM graduates are produced annually, supporting continued growth in life sciences, biomanufacturing and health technology.
Industry Leaders Welcome Provincial Support
Industry participants said the program is helping emerging companies move from research and development into commercialization.
“It takes a village to turn ideas to inventions to innovations — at Synakis, we are thrilled to be part of the LSIF community where we can bring our expertise in science and engineering together with those of our colleagues in translation and commercialization to build a great Canadian biotechnology company here in Toronto.”
- Molly S. Shoichet, Co-founder, Synakis
Michelle Cooper, MPP for Eglinton-Lawrence, said the investment will strengthen Ontario’s innovation economy while supporting patient care.
“Through the Life Sciences Innovation Fund, our government is empowering Ontario companies to turn breakthrough discoveries into real-world health solutions that benefit patients and communities. This investment will help advance cutting-edge technologies, from AI-enabled diagnostics to next-generation drug discovery and advanced biomaterials, while strengthening Ontario’s leadership in life sciences and creating good-paying jobs.”
- Michelle Cooper, MPP for Eglinton-Lawrence