TORONTO, ONTARIO--(Marketwired - Sept. 14, 2016) - Federal Economic Development Agency for Southern Ontario (FedDev Ontario)
A Toronto-based medical device company is advancing diagnosis and treatment techniques to help improve the lives of prostate cancer patients, thanks to an investment from the Government of Canada.
Focal Healthcare Inc. is receiving an investment of up to $870,000 to help commercialize its innovative prostate imaging technology designed to help physicians better diagnose and provide targeted treatment for prostate cancer.
This FedDev Ontario contribution was announced today by Arif Virani, Member of Parliament for Parkdale-High Park, on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for FedDev Ontario.
The Government's Innovation Agenda aims to make Canada a global centre for innovation - one that creates jobs, drives growth across all industries and improves the lives of all Canadians. This investment is another example of that vision in action.
FedDev Ontario funding will help Focal Healthcare Inc. gain regulatory approval for two prostate imaging medical devices, Fusion MR Viewer and Fusion Bx, and begin commercialization in the United States. Fusion MR Viewer allows radiologists to view magnetic resonance imaging (MRI) and mark regions suspected of cancer, while Fusion Bx fuses MRI and ultrasound images to more accurately identify suspicious tissue during a prostate biopsy exam. FedDev Ontario funding will also help the company manufacture initial units, and prepare for entry into other international markets, including Canada.
Through this project, Focal Healthcare Inc. is expecting to create 17 full-time equivalent jobs and strengthen southern Ontario's medical imaging industry.
"The Government of Canada is committed to improving the lives of Canadians and is doing so by making important investments in the medical industry. With this funding, Focal Healthcare Inc. will be able to grow and bring its innovative medical imaging technology to market, while creating high-quality jobs right here in southern Ontario in the community of Parkdale-High Park."
- Arif Virani, Member of Parliament for Parkdale-High Park
"The Government of Canada's Innovation Agenda aims to not only grow businesses, but to ultimately improve lives. This investment in Focal Healthcare Inc. demonstrates how innovation can be used to advance medical technologies and improve the quality of patient care available for cancer patients."
- The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for the Federal Economic Development Agency for Southern Ontario
"I believe that Focal Healthcare's MRI/Ultrasound fusion imaging technology will help revolutionize the way in which prostate cancer is diagnosed and treated. We are grateful for the support of FedDev Ontario which will allow us to accelerate commercialization and ensure all North American men soon have access to this improved standard of care."
- Chicuong La, President and Chief Executive Officer, Focal Healthcare Inc.
- Focal Healthcare Inc., founded in 2014, is a medical device company committed to improving the lives of prostate cancer patients and their families through innovative technology.
- This project is expected to benefit southern Ontario suppliers by using regional companies for hardware design, prototype development, software development, project management and manufacturing services.
- FedDev Ontario's repayable contribution, under the Investing in Business Innovation initiative, will leverage up to $1.74 million in foreign investment from accredited members of the Canadian Venture Capital Association.
Investing in Business Innovation initiative
Focal Healthcare Inc.
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