Federal Economic Development Agency for Southern Ontario

Federal Economic Development Agency for Southern Ontario

January 19, 2015 11:00 ET

Harper Government Supports Medical Innovation, Job Creation and Growth in Toronto

TORONTO, ONTARIO--(Marketwired - Jan. 19, 2015) - FedDev Ontario Minister Gary Goodyear, along with Member of Parliament for Don Valley West John Carmichael, today announced up to $2.21 million that will help three medical-related businesses in the Greater Toronto Area.

7D Surgical Inc., which develops surgical navigation systems, will receive funding to bring to market a new surgical navigation system and complimentary surgical tools for use in spinal fusion surgeries. MediResource Inc., which provides patient and consumer web and mobile-based health technology products, will expand sales capacity and enter into the U.S. market. Darcor Ltd., which manufactures casters and wheels used in the medical industry, will introduce a new product line and improve manufacturing productivity.

The Government of Canada's strategic investments, through FedDev Ontario, will enable these companies to attract more business and create local jobs. For more information on these projects, see the backgrounder.

Helping businesses grow and compete globally is part of FedDev Ontario's mandate to develop a strong and diversified southern Ontario economy.

Quick Facts

  • 7D Surgical navigation technologies are derived from prototypes developed by Dr. Victor Yang of Ryerson University, which have been in used in 40 procedures at the Sunnybrook Health Sciences Centre
  • MediResource reaches more than 100 million people each year through its online and mobile products.
  • Darcor Ltd. has operated for more than 80 years as a manufacturer of high-performance casters and wheels.
  • FedDev Ontario funding is currently available to businesses, not-for-profit organizations, post-secondary institutions and angel organizations.

Quotes

"Our Government, through FedDev Ontario, continues to deliver on our commitment to create jobs, economic growth and long-term prosperity by supporting start-up and early-stage businesses. Today, we are making important investments in the medical industry, the results of which will ultimately lead to a better quality of life for Canadians, in the long-term."

  • Gary Goodyear, Minister of State for FedDev Ontario

"This announcement is great news for the companies involved, as they will expand their operations and bring to market innovative and high-quality health care tools and systems. These developments will generate jobs for our region, as well as provide access to more efficient healthcare services."

  • John Carmichael, Member of Parliament for Don Valley West

"It is an honour that we have been chosen to receive this FedDev Ontario investment. With this infusion of capital, we will be able to expedite the development of our next generation surgical navigation technologies, expand our experienced team and deliver affordable patient focused technologies to the Canadian health care sector."

  • Beau Standish, CEO, 7D Surgical

"MediResource targets key consumer and patient healthcare issues, engaging and empowering people to improve their health, while reducing overall healthcare costs. This new funding will enable MediResource to help more Canadians and expand our presence in the US market."

  • Mr. Paul Kostoff, CEO, MediResource

"We are excited that FedDev Ontario will provide financial support towards the purchase of new equipment and the launch of a new innovative medical caster line. These initiatives target a growing market opportunity that will lead to growth and expansion of Darcor's global business."

  • Raymond Simmons, President, Darcor Limited.

Related Products

Backgrounder: Investing in Business Innovation and Investing in Business Growth Productivity Initiative Funding Recipients in Toronto

Speech: Investing in Business Innovation and Investing in Business Growth Productivity Initiative Funding Announcement in Toronto

Associated Links

Investing in Business Innovation initiative

Investing in Business Growth and Productivity initiative

7D Surgical Inc.

MediResource Inc.

Darcor Ltd.

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Backgrounder

FedDev Ontario Invests in Greater Toronto Area Businesses

FedDev Ontario is investing a total of up to $2.21 million in three medical-related companies in the Greater Toronto area.

7D Surgical Inc.

Contribution: up to $997,000

7D Surgical Inc. develops surgical navigation technologies to help doctors achieve greater confidence operating in delicate surgical spinal procedures. These innovations allow the surgeon to visualize the accurate position of sub-surface anatomy to guide the placement of interventional devices, such as pedicle screws in the spine. FedDev Ontario's investment leverages up to $3.5 million in private investment, of which $2.989 million is from angel investors. This will enable 7D Surgical to bring to market a new surgical navigation system and surgical tools for spinal fusion surgeries, with the goal of improving overall patient care. The company anticipates creating up to 19 full-time jobs for highly qualified personnel during the project. The company expects to create at least 20 more full-time jobs by 2018.

The repayable contribution is through the Investing in Business Innovation initiative.

MediResource Inc.

Contribution: up to $964,450

MediResource was established in 1996 to develop web- and mobile-based personal health management solutions to serve a broad range of clients, including: pharmacies, employer health plan providers, labs, electronic medical records providers, and provincial ministry of health. MediResource was the first Canadian company to create a comprehensive suite of bilingual, content-rich digital health and wellness products that impact consumer and patient behaviour. It continues to break new ground with innovations such as digital health coaching, delivering its products through the world's most advanced personalization and tailoring platform. Its technology provides the scalability to deliver more effective disease management at a lower cost with fewer resources and improved interoperability. FedDev Ontario's funding will help the company expand its sales office in Toronto and adapt its health and wellness platform for entry into the United States market, including translation of its extensive health libraries to Spanish and regulatory compliance. The company anticipates creating up to 11 new full-time jobs by project completion.

Darcor Ltd.

Contribution: up to $250,000

Darcor Ltd. manufactures premium, high-performance industrial casters and wheels, which are used in a variety of industries including the medical industry.

FedDev Ontario funding will help the company buy and install new equipment to expand production capacity, improve efficiency, broaden product offerings and diversify markets. Darcor will create an innovative standardized performance caster as well as introduce a new product line. This will improve its overall competitiveness in key sectors such as the medical industry and in global markets. The company anticipates creating up to four new full-time jobs by project completion and three jobs by 2018.

The repayable contributions for MediResource and Darcor are through FedDev Ontario's Investing in Business Growth and Productivity initiative.

Investing in Business Innovation Initiative

The Investing in Business Innovation initiative aims to strengthen the innovation ecosystem in southern Ontario. It helps new entrepreneurs to become investment-ready through seed financing and skills development. It helps early-stage businesses with a minimum viable product or service to further develop and bring it to market. It helps angel organizations to expand their members and services, which increases private sector investment and mentoring opportunities for businesses.
Funding is available for:

  • Not-for-profit organizations that provide skills development and seed financing to new entrepreneurs;
  • Innovative, early-stage businesses with less than 50 employees to help leverage angel and capital investments; and
  • Southern Ontario-based angel investor networks.

Applications are being accepted and assessed on an ongoing basis. Eligibility requirements and further details are available on the FedDev Ontario website (www.FedDevOntario.gc.ca/IBI).

FedDev Ontario's Investing in Business Growth and Productivity initiative

The Investing in Business Growth and Productivity (IBGP) initiative focuses on established businesses that have potential to be global players. It also leverages the expertise of not-for-profit organizations to strengthen the productivity and global competitiveness of southern Ontario businesses.
Funding is available to:

  • Grow established businesses through facility expansion or improvements;
    Increase business adoption of new technologies and processes to improve productivity; and
    Increase business capacity to participate in global markets, diversify markets and integrate in global value chains.

Applications are being accepted and assessed on an ongoing basis. Eligibility requirements and further details are available on the FedDev Ontario website (www.FedDevOntario.gc.ca/IBGP).

Related Products

News Release: Harper Government Supports Medical Innovation, Job Creation and Growth in Toronto

Speech: Investing in Business Innovation and Investing in Business Growth Productivity initiative Funding Announcement in Toronto

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