A new $7-million fund has been created by the Ministry of Economic Development and Innovation as part of the Ontario Life Sciences Commercialization Fund. The program helps accelerate the growth of life sciences companies established in Ontario. The fund invests up to $1 million in companies that have the potential to be global leaders in their field and provide sustainable economic benefits to Ontario.
The $7-million one-time fund helps innovative Ontario life sciences companies turn their discoveries into new products and services for previously unmet patient needs. The fund provides a comprehensive platform of resources, people, connections and funding that entrepreneurs and innovators can access to launch and grow their new ventures. The $7-million program is managed by MaRS and delivered by the Investment Accelerator Fund (IAF) through the Ontario Network of Excellence, a collaborative network of organizations across Ontario designed to help commercialize ideas.
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An investment from the fund must enable the applicant to achieve a meaningful milestone related to the development stage of the company. Privately-held companies working in the following life sciences sectors are eligible for funding:
Medical device, health care information technologies, management for imaging and molecular modeling for pharmaceutical compounds are not eligible for funding by the fund.
The fund is two-pronged and will invest in both early-stage and investor-backed companies. Financing is available for two types of qualified companies:
In order to be eligible for investment under the fund, the company must meet all of the following criteria:
Selection for IAF investments is highly competitive and successful companies are subject to rigorous due diligence and a prescribed approval process. Not all eligible applicants are successful. For further details, please contact the IAF team.
To learn more about the fund please contact:
Tel: 1.877.862.4411 or 647.258.4290