Life Sciences Innovation Fund
2024 Ontario Life Sciences Innovator Award
The Ontario Centre of Innovation is proud to launch the Ontario Life Sciences Innovator Award, designed to recognize a top entrepreneur leading an Ontario based life sciences company that has demonstrated significant impact in the sector.
More about the award
2024 Ontario Life Sciences Innovator Award Finalists
The Life Sciences Innovation Fund (LSIF) is an early-stage co-investment fund that supports companies in Life Sciences and Healthcare Technologies sectors related to human health. The fund is aimed at addressing the unique challenges faced by life sciences entrepreneurs moving innovative and capital-intensive investments from a conceptual stage through to commercialization. Through the fund, OCI co-invests with angel and other investors to help de-risk the opportunity, assisting start-ups in becoming investor and customer ready and allowing them to attract follow-on investment.
Our investments drive Canadian business development, economic growth, and scalable impact across the life sciences and healthcare technologies sectors related to human health.
About the Fund
Eligible companies will receive up to $500,000 in early stage risk capital to scale their made-in-Ontario health solution both at home and in global markets. This will further grow the sector and strengthen its competitiveness in key areas such as cancer treatment, regenerative medicine, neuroscience and medical technologies.
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Propelling Ontario-generated IP, talent and expertise into new emerging areas of life sciences
Best suited for life sciences and healthcare technologies companies related to human health that:
Are Ontario or Canadian incorporated for-profit companies headquartered in Ontario
Currently raising a pre-seed or seed investments (total round sizes ranging from $1 million to $5 million)
Have raised less than $3 million in third-party capital
Interest Form
Express your interest and see if LSIF is right for your business.
Fund Guidelines
Learn about eligibility, investment criteria, and more.
Portfolio Companies
Contact an Investment Lead
For more information contact oci-portforlio@oc-innovation.ca
Note: OCI Ready for Market (R4M) Portfolio companies are not eligible for investment via the Life Sciences Innovation Fund (LSIF).
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Mike Cook is the CEO and Co-Founder of IDENTOS, an industry leader in enterprise-grade digital solutions securing access to online government and healthcare services. Founded in 2014, IDENTOS is a private Canadian company providing seamless orchestration of verification, authentication, consent management and fine-grained authorization, ensuring secure, convenient and transparent access to sensitive data like health records and citizen accounts.
IDENTOS has experienced remarkable growth over the past decade, with a team of nearly 70 employees, over 80% of whom are based locally in Ontario. Having achieved growth of 240% over the last three years, the company was recently recognized on the Globe & Mail’s Canada’s Top Growing Companies list for the third consecutive year, as well as a Fast 500 winner by Deloitte – contributing to the Ontario economy by creating high-skilled jobs and advancing homegrown intellectual property.
IDENTOS has made a disruptive impact on healthcare, notably through the TrustSphere project, which introduced an app allowing immediate consent for data donation for research and improved data access for care teams. Their Federated Privacy Exchange (FPX) enhances data governance and enables secure partnerships across various organizations, bridging gaps in data access.
Through collaborations with healthcare providers such as Niagara Health, North York General Hospital and others, IDENTOS has successfully implemented patient-centric solutions that enhance health outcomes, reaching over 16 million Canadians. By focusing on digital transformation, IDENTOS is committed to making healthcare more accessible, secure, and efficient.
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Carla Spina is the Co-Founder and CEO of Noa Therapeutics, where she is pioneering the development of novel small molecules for the treatment of complex inflammatory barrier diseases. Her innovative approach addresses the three primary drivers of these diseases—immune dysregulation, barrier dysfunction, and microbial imbalance—offering patients a comprehensive solution that improves outcomes and compliance.
Under Carla’s leadership, Noa Therapeutics raised $3.2M CAD, inclusive of an oversubscribed pre-seed round, and advanced its lead asset through proof-of-concept studies for atopic dermatitis. She has built a robust pipeline targeting a market exceeding $100B, leveraging the knowledge of advisors with experience from top institutions like Vertex, Novo Ventures, and Novartis.
Carla is also a passionate advocate for inclusivity in the workplace. Noa actively hires and trains underrepresented individuals, fostering growth and skill acquisition while contributing to a diverse team. Her commitment extends to mentorship, as she volunteers with various STEM programs and organizations to support the next generation of innovators.
With over 40 publications, patents, and proceedings and having supported the innovation and commercialization of 6 drug-device combinations in over 10 countries globally, Carla has devoted her career to making a significant impact on patients’ lives.
Leveraging this experience and her unwavering advocacy for patients, Carla integrates key stakeholders by engaging with patient advocacy groups like the National Eczema Association, to resolve the uniquely dysregulated immune and barrier pathways which underpin these complex diseases. Bringing meaningful solutions, and hope, to patients struggling with these chronic diseases.
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Dr. Fahima Osman is a surgical breast oncologist in Ontario and the Founder of a groundbreaking breast cancer application. This innovative software suite supports nurses, oncologists, and patients throughout their cancer journeys, revolutionizing breast cancer management. By employing advanced algorithms and machine learning, her application streamlines clinical workflows and provides patients with real-time, personalized insights into their treatment and appointments.
Dr. Osman’s work bridges cutting-edge technology with compassionate care, transforming how clinicians approach breast cancer, ultimately saving lives and reducing healthcare costs. She is driven to enhancing patient outcomes through game-changing innovation.
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Michael Phillips is the Co-Founder and CEO of Vena Medical, a company revolutionizing neurovascular products for stroke treatment. Vena’s innovations, including the world’s smallest camera and the Balloon Distal Access Catheter (BDAC) enable physicians to effectively remove blood clots on the first attempt, significantly improving patient outcomes.
With over 89,000 strokes occurring annually in Canada, Michael’s work addresses a major health crisis, as strokes are a leading cause of disability and healthcare costs in the country. The BDAC has been adopted by The Ottawa Hospital, achieving a First Pass Effect (FPE) rate of 64%, well above the industry average.
Under Michael’s leadership, Vena Medical has raised over $9 million and is projected to save the Ontario healthcare system up to $10 million annually. He holds a B.A.Sc in Mechanical Engineering from the University of Waterloo and has participated in prestigious accelerators like TMCx and Y Combinator. Michael is also a published author and has received multiple awards for his contributions to business and entrepreneurship.