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Ontario Centre of Innovation
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Media Releases

Toronto, Canada, January 24, 2025 – Grey Matter Neurosciences, a neurotechnology company developing medical devices that facilitate therapeutic brain stimulation, is pleased to announce that it has licensed advanced focused ultrasound technology developed at Sunnybrook Research Institute. The technology holds transformative potential in the treatment of Alzheimer’s and other brain diseases and disorders.

The company concurrently secured $14 million in seed financing, with proceeds designated for the development of a unique ultrasound headset and its assessment in clinical trials in individuals with Alzheimer’s disease. The financing was led by the Wittington Innovation Fund, with participation from Ontario’s Life Sciences Innovation Network (LSIF), led by the Ontario Centre of Innovation (OCI) in the amount of $500,000, as well as Toronto Innovation Acceleration Partners and the Ontario Brain Institute.

The technology licensed by Grey Matter was invented by focused ultrasound pioneer Dr. Kullervo Hynynen and his team at Sunnybrook Research Institute. Focused ultrasound is unique among neuromodulation modalities in that it can be used to non-invasively perform precise stimulation anywhere in the brain, offering a promising therapeutic approach for enhancing cognition in patients with Alzheimer’s disease. The Sunnybrook technique is further differentiated by its ability to operate without the need for external image guidance, making it more accessible and enabling its application in non-hospital settings.

The $14 million equity financing will support advanced research on focused ultrasound neuromodulation, build a first-in-class product, and establish the safety and feasibility of the technology in a clinical trial enrolling patients with Alzheimer’s disease. Among other things, investigators will assess the ability of the transcranial focused-ultrasound device to sustainably improve cognitive performance, including memory and concentration.

“Generally speaking, there are no marketed therapies that can significantly and sustainably enhance cognitive function in individuals with dementia,” said Dr. Jeffrey Coull, Founder and CEO of Grey Matter. “I believe that our technology, which can reach the deepest recesses of the brain that control memory and learning, holds massive potential to boost cognition and, more generally, revolutionize how Alzheimer’s and other diseases of the brain are treated.”

“The Ontario Centre of Innovation is proud to support Grey Matter Neurosciences in advancing focused ultrasound technology, demonstrating the power of Ontario’s innovation ecosystem to transform Alzheimer’s treatment and elevate global health outcomes,” said Claudia Krywiak, President and CEO of the Ontario Centre of Innovation (OCI).

“Ontario is a global leader in life sciences and healthcare-related technologies with innovative companies like Grey Matter Neurosciences commercializing cutting-edge research to address critical health challenges,” said Raed Kadri, Vice President, Strategic Initiatives, Business Development and Head of the Ontario Vehicle Innovation Network at OCI. “This investment and others through Ontario’s Life Sciences Innovation Fund exemplify how our province’s innovation ecosystem can drive transformative solutions, positioning Ontario as a leader in advancing technologies that improve lives globally.”

About Grey Matter Neurosciences
Grey Matter Neurosciences is a Toronto-based neurotechnology company developing innovative medical devices and drug-device combinations to treat age-related diseases of the brain, including dementia. The company’s innovations are based on unique transcranial focused-ultrasound technology, which was invented by ultrasound pioneer Dr. Kullervo Hynynen at Sunnybrook Research Institute.

About the Ontario Centre of Innovation
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

For media inquiries, please contact:
Alicia Pereira, apereira@oc-innovation.ca

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