FOR IMMEDIATE RELEASE

TORONTO, ON [June 09, 2025] — The Ontario Centre of Innovation (OCI) is proud to announce the successful full deployment of Ontario’s Life Sciences Innovation Fund (LSIF), with $15 million in public investment catalyzing more than $48 million in private sector co-investment, for a total of $63 million invested into 30 high-potential life sciences companies across the province.

“Ontario’s life sciences sector is a key driver of our province’s economy, which is why our government is making strategic investments to ensure more medical breakthroughs are discovered and developed right here, at home,” said Vic Fedeli, Minister of Economic Development, Job Creation and Trade. “By renewing the Life Sciences Innovation Fund, we are taking decisive action to build a more resilient and self-reliant economy, focused on protecting Ontario workers, businesses and good-paying jobs.”

Launched to accelerate the commercialization of made-in-Ontario medical technologies, the LSIF has supported a diverse portfolio of ventures in medical devices, therapeutics, and health IT, including in Northern and rural communities. Each of the 30 companies received a $500,000 investment, helping to drive job creation, early sales traction, and global follow-on capital.

“This renewed investment in Ontario’s LSIF empowers homegrown companies to bring health breakthroughs to market, create jobs, and cement our global leadership in life sciences,” says Claudia Krywiak, President and CEO of the Ontario Centre of Innovation. “The Ontario Centre of Innovation is proud to support these innovators alongside the Government of Ontario.”

Program Results to Date:

• $63 million total investment across 30 Ontario life sciences companies
• $48 million in private sector co-investment (1:3.2 leverage)
• 349 jobs created
• $29 million in new sales
• $51 million in follow-on investment

“The Ontario government’s continued investment in the LSIF underscores their commitment to building homegrown Ontario companies that drive economic development and job creation in our province,” said Raed Kadri, Vice-President, Strategic Initiatives and Business Development and Head of Ontario Vehicle Innovation Network at the Ontario Centre of Innovation. “By supporting domestic companies developing transformative medical technologies, we’re not only improving healthcare outcomes but also strengthening Ontario’s position as a global leader in the life sciences sector.”

The announcement comes as 13 new LSIF investments—totalling $6.5M with $22.8M in private co-investment—are finalized, further strengthening Ontario’s position as a global health innovation leader.

“Northern Vascular Systems is thrilled to receive support from Ontario’s LSIF, which is helping us accelerate our path to human studies and strengthen our company’s growth,” said Joel Ramjist, CEO & Co-Founder, Northern Vascular Systems. “As a spin-off from an Ontario academic hospital, it’s exciting to see investment funds like LSIF backing breakthrough health technologies and supporting companies like ours in bringing innovations from lab to market.”

For more information on LSIF, visit: https://www.oc-innovation.ca/programs/life-sciences-innovation-fund/

Media Contact:
Alicia Pereira, (416) 888-4088, Ontario Centre of Innovation

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