TORONTO, ONTARIO--(Marketwire - June 8, 2012) - The Ontario Brain Institute (OBI) has partnered with universities and private sector companies to help accelerate the commercialization of neurotechnologies thanks to a Government of Canada investment of nearly $11 million announced today by the Honourable Gary Goodyear, Minister of State responsible for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario).
"Our government is pleased to support projects and partnerships that will fuel growth and prosperity in southern Ontario," said Minister Goodyear. "Working together to advance the commercialization of innovative neurotechnologies will not only help create high-quality jobs in the region, but it will also support the discovery of new solutions for the diagnosis and treatment of brain-related diseases."
Through this investment, 28 partners will join forces to support 14 projects that will help create innovative neurotechnology devices, develop software to improve cognitive abilities, and enhance imaging technologies to advance and improve neurological disease diagnosis, intervention and treatment. The partners include 12 not-for-profit organizations, and 11 private-sector companies, all located in southern Ontario, in addition to five international companies. This project will contribute to growing Ontario's neuroscience sector, enhancing the competitiveness of local brain technology companies, and bringing innovative brain technologies to market in Canada and abroad. Increased innovation and competitiveness in businesses will contribute to a stronger economy in southern Ontario.
"Our partnership with the federal government demonstrates the collaboration among government, industry and research institutions needed to drive the sustained growth of the neurotechnology cluster in Ontario," said Dr. Donald Stuss, President and Scientific Director of OBI. "Ultimately, these partnerships will increase Ontario's economic development potential through new R&D initiatives, regional health technology creation and increased university-industry partnerships."
This contribution of up to $10,971,133 is being provided through FedDev Ontario's Technology Development Program. In addition to the federal funding announced today, these projects have leveraged more than $11 million in private-sector investments.
For more information on OBI, this project or the Technology Development Program, please refer to the backgrounder.
The investment announced today supports the Government of Canada's science, technology and innovation agenda, which is focused on increasing the country's productivity, creating jobs and growing the economy.
Created in 2009, FedDev Ontario supports the southern Ontario economy by building on the region's strengths and creating opportunities for jobs and economic growth. The Agency has launched a number of initiatives to create a Southern Ontario Advantage and place the region in a strong position to compete in the global economy. These initiatives are designed to encourage partnerships and support projects that help the region's businesses and communities become more competitive, innovative and diversified. To learn more, please visit www.feddevontario.gc.ca or call 1-866-593-5505.
Follow us on Twitter @FedDevOntario.
IF THERE IS A DISCREPANCY BETWEEN ANY PRINTED VERSION AND THE ELECTRONIC VERSION OF THIS NEWS RELEASE, THE ELECTRONIC VERSION WILL PREVAIL.
This news release is available online at: www.actionplan.gc.ca.
About the Ontario Brain Institute
Launched in November 2010, the Ontario Brain Institute (OBI) was established to become an internationally recognized centre of excellence in brain research, translation and innovation. This organization supports large-scale collaborative projects among Ontario's researchers, clinicians and institutions, and serves as a bridge between academia and industry. With a focus on prevention, early diagnosis, treatment and management of brain diseases, the OBI helps Ontario build on significant achievements in neuroscience. The Institute achieves this by working with partners to turn health care discoveries into products and services that will help people who are affected by neurological conditions improve their cognitive abilities.
Contribution to the Ontario Brain Institute
FedDev Ontario is providing the Ontario Brain Institute with a non-repayable contribution of up to $10,971,133 through its Technology Development Program to support 14 neurotechnology projects. The projects will bring together 28 partners from various sectors, including 12 not-for-profit organizations (universities, hospitals, and other research institutes), 11 private sector companies, all located in southern Ontario, and five international companies.
The goal of this project is to accelerate the development of Ontario's neuroscience sector, and contribute to the development of southern Ontario's growing neurotechnology cluster. The focus will be on accelerating the commercialization of brain-related technologies through the development of collaborative partnerships between the private sector and not-for-profit institutions.
The federal funding provided will support 14 neurotechnology projects that will focus on creating innovative neurotechnology devices, developing cognitive training software packages, and enhancing imaging technologies to help advance and improve disease diagnosis, intervention and treatment.
Some of the neurotechnology projects could potentially lead to creating high-tech manufacturing operations in southern Ontario, while others are expected to trigger the launch of a number of new companies, and open up international opportunities for innovative products.
For more information on the neurotechnology projects and partners, please visit www.braininstitute.ca.
Technology Development Program
The Technology Development Program will strengthen southern Ontario's economy by providing financial support to accelerate bringing innovative and transformative technologies to the global market.
Through the program, FedDev Ontario is investing in projects that will significantly contribute to the development of globally-competitive, market-ready technologies with the potential to develop new business opportunities or benefits for an industry, sector or region in southern Ontario.
The Technology Development Program encourages the private and public sectors to collaborate on innovative, breakthrough technologies that are one to seven years from market.
Applications for funding are being accepted and assessed on an ongoing basis. For more information and to apply, please refer to the Program Guidelines available on the FedDev Ontario website at www.feddevontario.gc.ca.