Ontario Invests $5 Million to Accelerate Life Sciences Innovation and Job Creation

Ontario’s government has allocated $5 million in its fourth round of the Life Sciences Innovation Fund (LSIF) to support 10 companies working on made-in-Ontario medical technologies. The funding will help these businesses scale operations, commercialize innovations, and create high-skilled jobs, aligning with the province’s strategy to boost its life sciences sector and reduce economic reliance on external dependencies. Among the recipients is Esphera SynBio Inc., which is developing immunotherapeutics for cancer and chronic diseases using its ExoGen™ platform. Kare Chemical Technologies, based in Mississauga, is advancing a patented platform for non-psychoactive opioid alternatives to treat chronic pain, obesity, and neurodegenerative diseases. Myomar Molecular Inc. from Sudbury is creating the first non-invasive urine-based test for monitoring muscle degeneration, while Kitchener’s MyStoria Inc. is building a digital platform for managing medical records and reproductive healthcare. Other funded companies include mDETECT Inc. from Kingston, which specializes in DNA-methylation liquid biopsy technology for cancer detection, and NodeAI from Hamilton, developing AI-driven tools to improve lymph node identification. ScriptRunner Innovations Inc. in King City is creating AI-enabled pharmacy delivery infrastructure, and Stoked Bio in Hamilton is using machine learning to discover treatments for drug-resistant diseases and neurological conditions. Synakis Corp. in Toronto is working on therapies for retinal diseases, while Synmedix in Hamilton is developing new antibiotics targeting drug-resistant infections while preserving the microbiome. The LSIF program has already generated nearly $63 million in private-sector co-investments and contributed to the creation or retention of almost 1,400 jobs since its launch. Administered by the Ontario Centre of Innovation (OCI), the initiative supports early-stage life sciences and health technology companies across the province. Claudia Krywiak, President and CEO of OCI, stated that Ontario’s research strength and entrepreneurial talent are being leveraged to turn innovations into real-world solutions, ensuring Ontario-made technologies reach global markets.