Ontario Backs Life Sciences Expansion With $61 Million Investment to Support Jobs and Innovation
First round of Life Sciences Scale-Up Fund leverages nearly $75 million in investment and supports more than 660 jobs across Ontario
MISSISSAUGA, Ont. — The Ontario government is investing in the continued growth of the province’s life sciences sector, supporting $61 million in investments by 11 health technology companies through the Life Sciences Scale-Up Fund (LSSUF) as part of a broader effort to strengthen domestic manufacturing, commercialize innovative health technologies and create high-quality jobs.
The announcement marks the completion of the first round of the provincial funding program, which has now leveraged nearly $75 million in total investment across 14 projects and supported more than 660 good-paying jobs throughout Ontario.
The province said the initiative is designed to help small and medium-sized life sciences companies expand production capacity, accelerate commercialization efforts and bring Ontario-developed medical technologies to domestic and international markets.
“Ontario’s life sciences sector plays a critical role in supporting the discovery and development of innovative medicines and technologies, which is why our government is proud to support local companies as they take their Ontario-made products to the next level,” said Vic Fedeli, Minister of Economic Development, Job Creation and Trade. “We congratulate all the recipients of round one and look forward to seeing the renewed Life Sciences Scale-Up Fund further position Ontario as a leading jurisdiction for life sciences investment for generations to come.”
Fund Supports Commercialization and Manufacturing Growth
Launched in 2024, the $24-million Life Sciences Scale-Up Fund operates alongside Ontario’s Health Innovation Pathway and supports the objectives of Phase 2 of the province’s Life Sciences Strategy. The program aims to strengthen Ontario’s competitiveness in the global health innovation market while encouraging companies to scale operations locally.
The latest round of funding includes support for Baylis Medical Technologies, a Mississauga-based manufacturer specializing in medical devices for interventional neurology and radiology.
Baylis is investing $13.1 million to advance an innovative neurovascular access platform and develop technologies designed to assist patients suffering from chronic vessel occlusions, including individuals at risk of limb amputation. The project is receiving $2.5 million through the Life Sciences Scale-Up Fund.
According to the province, the investment will help maintain 190 existing positions while creating an additional 25 highly skilled jobs.
“Through the support of the LSSUF, we can accelerate the launch of our neurovascular access platform, which will help improve brain access for life-saving neurovascular interventions, while expanding advanced manufacturing in Mississauga,” said Laura Conquergood, CEO of Baylis Medical Technologies. “We are proud to develop and commercialize world-class medical technologies in Ontario and are grateful for the Ontario government’s continued support.”
Province Expands Program Following Initial Success
Building on the first phase of the program, the 2026 Ontario Budget allocated an additional $24 million to the Life Sciences Scale-Up Fund. The new funding will support companies developing technologies aimed at improving healthcare delivery and increasing access to connected and convenient care closer to home.
Applications for the second round of funding opened on June 22 and will remain open until Aug. 3, 2026.
Provincial officials said the renewed investment will help accelerate the adoption of innovative healthcare technologies while strengthening Ontario’s life sciences supply chain and manufacturing capabilities.
Life Sciences Sector Remains Key Economic Driver
Ontario’s life sciences industry has become a significant contributor to the provincial economy, employing nearly 76,000 people across more than 2,000 companies. Annual exports from the sector exceed $14 billion, according to provincial figures.
Since 2018, Ontario has attracted more than $6 billion in life sciences investments, reflecting growing demand for health innovation, advanced manufacturing and medical research capabilities.
The province has also continued to invest in talent development. During the 2024-25 academic year, more than 94,000 students graduated from science, technology, engineering and mathematics (STEM) programs across Ontario. In April 2025, the government announced a $750-million investment to expand STEM enrolment by up to 20,500 seats annually at colleges and universities.
Industry and Municipal Leaders Welcome Investment
Health Minister Sylvia Jones said the additional funding will strengthen Ontario’s position in a rapidly growing global industry.
“Under the leadership of Premier Ford, Ontario has become a global hub for health research, technology, and innovation. This additional investment will reinforce Ontario’s position as a leader in the life sciences sector, while delivering made-in-Ontario healthcare solutions that will improve patient outcomes for years to come.”
Deepak Anand, MPP for Mississauga–Malton, said the fund is helping companies bring innovative healthcare technologies to market while creating employment opportunities.
“Ontario’s life sciences sector continues to be a leader in innovation, developing cutting-edge technologies that improve patient care, save lives, and create high-quality jobs across our province. Through the Life Sciences Scale-Up Fund, our government is helping Ontario companies commercialize breakthrough technologies, expand their operations, and bring innovative solutions to market. By supporting the growth of Ontario’s life sciences sector, we are advancing new technologies and treatments that improve health outcomes, enhance quality of life, and help deliver better care for patients across Ontario.”
Mississauga Mayor Carolyn Parrish also welcomed the announcement, highlighting the city’s importance within Canada’s life sciences ecosystem.
“This is great news. The life sciences are an integral pillar of Mississauga’s dynamic economy. This provincial funding will assist innovators like Baylis Medical Technologies to advance research efforts and deepen their connection to our city. Mississauga is home to the second largest life sciences sector in Canada. This investment in companies like Baylis is helping create great jobs and attract even more private investment.”
The province said the program will continue to play a central role in supporting Ontario-based innovators as they scale operations, commercialize new technologies and strengthen the province’s position as a leading North American life sciences hub.