Toronto, ON (May 11, 2026) – Today, at Synakis, located within the Terrence Donnelly Centre for Cellular and Biomolecular Research at the University of Toronto, Minister Vic Fedeli announced an overall $19.3 million investment into 10 companies, to accelerate the commercialization of made-in-Ontario life sciences innovations.

Delivered through the Ontario Centre of Innovation’s (OCI), Ontario’s Life Sciences Innovation Fund (LSIF) investment includes $5 million from the province, leveraging an additional $14.3 million in private-sector co-investment to support 10 high-potential companies across Ontario. Together, these investments will help transform breakthrough discoveries into real-world health solutions, strengthening Ontario’s global leadership in life sciences.

“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, 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.”

These companies are advancing next-generation technologies in AI-enabled diagnostics, advanced therapeutics, digital health platforms and precision medicine, bringing cutting-edge innovations from lab benches to patients and markets around the world.

“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 (OCI). “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.”

Ontario is home to world-class research institutions, talent, and a growing network of innovators. By connecting these strengths with capital and industry expertise, LSIF is accelerating the journey from discovery to deployment.

The LSIF model continues to demonstrate the power of public-private collaboration, supporting companies that are developing transformative solutions, from AI-enabled diagnostics to next-generation drug discovery and advanced biomaterials.

“Ontario has emerged as a global hub for the life sciences sector.,” said Raed Kadri, Vice President, Strategic Initiatives and Business Development, OCI, and Head of the Ontario Vehicle Innovation Network (OVIN). “Through the Life Sciences Innovation Fund, we are pairing Ontario’s world-class research with industry expertise and private capital to ensure that our companies scale faster, compete globally, and deliver solutions that will define the future of healthcare.”

Since its launch in 2022, the Life Sciences Innovation Fund has invested $20 million across 40 companies, leveraging $62.6M in private-sector co-investment and delivering measurable outcomes, including: 1,399 jobs created and retained, $77.5 million in incremental sales and $82.8 million in follow-on investment.

The newly funded companies span a wide range of innovations, including AI-powered imaging and diagnostics platforms, novel therapeutics and microbiome-preserving antibiotics, digital health and patient navigation technologies, advanced biomaterials and drug discovery platforms.

“It takes a village to turn ideas to inventions to innovations,” said Dr. Molly S Shoichet, PhD, O.C., O. Ont., FRS, Co-Founder, Synakis. “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.”

Together, these investments reinforce Ontario’s position as a leading jurisdiction for life sciences innovation, driving economic growth while improving healthcare outcomes for people across the province and beyond.

The following companies will each receive up to $500,000 to help grow their businesses, commercialize their technologies and create local jobs:

• Esphera SynBio Inc., located in Ottawa and Hamilton, is a in vivo engineering company developing its next-generation ExoGen™ platform to create in vivo immunotherapeutics for cancer and chronic disease.
• Kare Chemical Technologies, located in Mississauga, is a pharmaceutical manufacturer developing a patented platform to produce non-psychoactive therapeutic alternatives to opioids for pain management, obesity and neurodegenerative diseases.
• Myomar Molecular Inc., located in Sudbury, is a health technology company transforming muscle health management by developing the first non-invasive, urine-based test to monitor muscle degeneration.
• MyStoria Inc., located in Kitchener, is a digital health company building a care coordination platform to help patients organize medical records and navigate reproductive healthcare.
• mDETECT Inc., located in Kingston, has developed next-generation DNA-methylation liquid biopsy technology to support earlier, more accurate detection and ongoing management of metastatic cancers including lung, breast and prostate cancers.
• NodeAI Diagnostics Corp., located in Hamilton, is a health technology company developing an AI-powered platform to help clinicians identify lymph nodes, predict malignancy and improve biopsy guidance to better inform treatment decisions and patient outcomes.
• ScriptRunner Innovations Inc., based in King City, is building AI-powered infrastructure for modern pharmacy delivery, enabling pharmacies to improve patient care through streamlined operations and an Amazon-like prescription delivery experience
• Stoked Bio, located in Hamilton, is a biotechnology company harnessing machine learning in a proprietary, biology-first process to discover novel therapeutics to treat drug resistance diseases such as infections, microbiome-related conditions, cancers, and Parkinson’s Disease.
• Synakis Corp., located in Toronto, is a biotechnology company developing breakthrough ocular disease solutions to enhance the quality of life for retinal disease, detachment and glaucoma.
• Synmedix, located in Hamilton, is a biotechnology company developing a new generation of antibiotic therapies that effectively treat crucial drug-resistant infections while preserving the health of the microbiome.

About the Ontario Centre of Innovation

The Life Sciences Innovation Fund, delivered by the Ontario Centre of Innovation, supports high-potential Ontario-based companies by accelerating the commercialization of breakthrough health technologies. Through targeted investments and strategic partnerships, LSIF helps companies scale, attract private capital, and bring innovative solutions to market.

The Ontario Centre of Innovation (OCI) brings industry, academic, and government partners together to invest in collaborative R&D, technology development, and commercialization opportunities that generate the highest return on innovation for Ontarians.

As an ecosystem connector, OCI initiates unparalleled partnership opportunities, develops and manages successful industry-academic collaborations, supports high-potential SMEs in commercializing ground-breaking research, and provides hands-on training and skills development opportunities for the next generation of highly-skilled talent.

OCI drives economic growth and job creation through investments in the development, commercialization, and adoption of advanced technologies. For more information: https://www.oc-innovation.ca