Renewed funding from FedDev Ontario to benefit Ontario life science innovators
HAMILTON & HALTON, ON // September 27, 2024 – Yesterday, the Honourable Filomena Tassi, Minister responsible for the Federal Economic Agency for Southern Ontario (FedDev Ontario) announced the renewal of Innovation Factory’s Southern Ontario Pharmaceutical and Health Innovation Ecosystem (SOPHIE) program with an investment of over $5 million from the Government of Canada through FedDev Ontario. This investment will continue to support the commercialization of life science innovations and foster the growth of Ontario’s health and medical technology sectors.
The renewed funding will support the continued delivery of the Southern Ontario Pharmaceutical and Health Innovation Ecosystem (SOPHIE) program, which opened for applications yesterday. Participating businesses will have access to mentorship and advisory services, seed funding, and new partnerships.
The renewal of the SOPHIE program will continue to offer Ontario-based life science companies essential resources, including access to leading clinical and research infrastructure, and top Contract Development and Manufacturing Organizations (CDMOs). The SOPHIE program will support collaborative projects for Ontario life science firms in the advanced stages of commercialization, providing crucial financing for technology validation and initial sales.
Over the past three years, the SOPHIE program has played a vital role in driving innovation and growth within the life science community. Through SOPHIE, over 160 innovative Ontario-based life science start-up and scaling companies in the health, medical device, and pharmaceutical sectors, received support to develop and commercialize new products and services. These companies leveraged just over $15 million in collaborative initiatives through the engagement of over 40 ecosystem partners.
Applications for SOPHIE commercialization project grants and CAMEDA manufacturing project grants are open.
For more information about the SOPHIE program or to apply, please visit sophieprogram.ca.
To learn more about CAMEDA or to apply, please visit cameda.org.
Quotes:
“The renewal of funding for Innovation Factory’s SOPHIE program is a testament to the remarkable impact it has had on Ontario’s health sciences sector over the past few years. By providing crucial commercialization project grants, mentorship, and access to world-class clinical, research, and manufacturing infrastructure, SOPHIE has enabled health science companies to accelerate their growth and bring healthcare solutions to market. This continued support from the Government of Canada enables us to build on this success, driving further innovation, job creation, and global competitiveness in the health sciences industry. We are excited to see SOPHIE continue to transform the landscape for health science entrepreneurs and strengthen Ontario’s position as a leading hub for health innovation.”
— David Carter, CEO of Innovation Factory
“Innovation Factory is undertaking critical work that will support 75 SMEs expand and grow their businesses, all while helping to anchor health sciences companies here in Canada. The investment made today demonstrates the Government of Canada’s dedication to supporting innovators in health sciences and moving towards a healthier future for Canadians.”
— The Honourable Filomena Tassi, Minister responsible for the Federal Economic Development Agency for Southern Ontario
“The SOPHIE program has played a big part in Synmedix’s commercialization journey, connecting us with advisors and establishing strategic partnerships to develop and validate our product. Through successful studies, we developed our first-in-class formulation of the topical therapy for diabetic foot ulcers.”
— Dr. Maya Farha, CEO of Synmedix
About Innovation Factory
Innovation Factory is a not-for-profit business accelerator, serving as the catalyst for technology innovation in the Brant, Halton, Hamilton and Norfolk regions since 2010. Innovation Factory provides business services, training, mentorship, and strategic connections to drive market adoption, leverage intellectual property, and increase revenues, investment, and jobs. Innovators can also access sector-specific resources including exclusive smart transportation test environments and data; and a formal life science and health innovation ecosystem.
www.innovationfactory.ca
About FedDev Ontario
For 15 years, the Government of Canada, through FedDev Ontario, has worked to advance and diversify the southern Ontario economy through funding opportunities and business services that support innovation, growth and job creation in Canada’s most populous region. The Agency has delivered impressive results, which can be seen in southern Ontario businesses that are creating innovative technologies, improving productivity, growing revenues, creating jobs, and in the economic advancement of communities across the region. Learn more about the impacts the Agency is having in southern Ontario by exploring our investment profiles, our Southern Ontario Spotlight, and FedDev Ontario’s X, Facebook, Instagram and LinkedIn.
Contacts
Jennifer Gauvreau
Director of Marketing
Innovation Factory
[email protected]
905-802-7308
Edward Hutchinson
Press Secretary
Office of the Minister responsible for the Federal Economic Development Agency for Southern Ontario
[email protected]
